Twitter Sued as Elon Musk Starts Mass Lay offs

Here are the top trending stories from the world of technology. News that we feel every tech enthusiast should keep a tab on.

1)

Twitter sued as Elon Musk Starts Mass lay offs

Microblogging company Twitter has been sued for laying off employees on a mass scale, according to Bloomberg. Bloomberg has claimed in its report that sacked Twitter employees have filed a class action lawsuit in San Francisco Federal court. The law suit alleges that mass layoffs that has been allegedly carried out without serving proper notice to the employees. A scene of chaos and paranoia has taken over the Twitter employees ever since Elon Musk became the new owner of the company. The mass lay offs are actually in line with the broad predictions made across the American media as Musk inched closer towards takeover deal.

2)

Binance CEO Warns India over Crypto Taxes

Binance’s CEO Zhao Changpeng has warned India that unbearably high tax levelled by the Indian government on the Crypto transactions will potentially destroy the nascent crypto industry. Zhao’s statement comes in the wake of recent drastic fall in the crypto trading volumes as India’s crypto industry struggles to grapple with the high taxations. Earlier this year, Indian government announced a 30% taxation on all crypto transactions. Owing to the high taxations, several Indian crypto companies are now looking more and more towards overseas markets for growth. As part of the crackdown on the crypto industry, few months back several crypto companies were raided by India’s ED department.

3)

Ukraine says it is looking for Starlink Alternative

Ukraine’s Deputy Prime Minister Mykhailo Fedorov has said that his country has started looking for Starlink alternatives for receiving uninterrupted internet services during its ongoing war with Russia. However, Ukraine’s Deputy PM said that he is confident Elon Musk won’t stop Starlink’s internet services in Ukraine. This latest statement has come almost a month after Musk said that providing free internet service in the war ravaged Ukraine is proving to be infeasible and the American government should bailout the company. But Musk immediately backtracked from his stance and said that Starlink will continue to provide internet services in Ukraine despite the growing financial loss.

4)

Stripe lays off 1,000 Employees as Recession bites

American payment giant Stripe has announced that it is laying off nearly 1,000 employees, accounting for nearly 14% of its entire workforce. The payment company cited worsening macro-economic conditions, difficulty in raising funds and rising inflation as the reason of opting for mass layoff. The company further added that it had over hired employees during the pandemic and overestimated growth targets. Stripe is the world’s third most valued startup, commanding a market valuation of nearly $95 Bn. Mass layoff has almost become a trend in the American corporate sector as American economy continues to reel under economic recission.

5)      

Meta’s India Head Steps down, joins rival Snap India

Meta announced on Thursday that its India head Ajit Mohan has officially resigned. Mohan had joined Meta in 2019, which was back then known as  Facebook. During his reign Meta’s popular platforms WhatsApp and Instagram managed to more than add 200 Mn subscribers in India. Mohan will now join Meta’s popular rival Snap where he will overlook Snap’s business in the Asia Pacific region. Snap has also officially confirmed Mohan’s appointment.