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Elon Musk Vows To Resign As Twitter Head Once he Finds Someone “Foolish Enough To Take The Job”

Billionaire founder of Tesla Inc., Elon Musk has announced that he will resign as Twitter’s chief executive officer when he finds someone “foolish enough to take the job”.

Musk tweeted this on Wednesday morning.

He said he would still run the software and servers teams after his replacement is found.

“I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software and servers teams,” Musk tweeted.

Commenting on the development, Dan Ives, managing director of Wedbush Securities, described Musk’s announcement as a step in the right direction.

“Musk announces he will resign as CEO once successor is found. Finally a good step in the right direction to end this painful nightmare situation for Tesla investors,” Ives wrote on Twitter.

The billionaire had promised to abide by the result of a Twitter poll which saw 57.5 percent of 17.5 million users vote “yes” to him stepping down from the position.

“Should I step down as head of Twitter? I will abide by the results of this poll” he had asked Twitter users when he launched the poll on Monday.

In the past, Musk has used Twitter polls to take decisions including the reinstatement of the account of former US president Donald Trump, selling Tesla stock to clear his tax bill, among others.



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US Tech Giant, IBM To Sack 3900 Workers

IBM, a US multinational technology company, has become the latest tech giant to slash thousands of jobs.

The data giants announced on Wednesday that 3,900 job positions would become void, or 1.5% of its global workforce.

The company explained that this layoff was not due to poor employee performance in 2022 or a fear for the new year, saying they were related to the previously announced sale of two business units.

According to a spokesperson, these job cuts will cost IBM about $300 million this quarter.

While the layoff trend has persisted, IBM has explained that they are not downsizing in response to the gloomy global economic outlook.

IBM CEO, Arvind Krishna, expressed utmost confidence in the upcoming year in a call with the CNN on Wednesday.

The units affected by this development are; Kyndryl, an IT infrastructure services business that was officially separated from IBM in November, and IBM’s healthcare analytics business, which an investment firm is in the process of acquiring.

(Culled from Technext)

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Citing Surge In ‘Operating Expenses’, Spotify Announces Plans To Layoff Over 6% Of Staff

Online mega music streaming platform, Spotify has announced its plans to cut 600 jobs due to possible recession.

Disclosing this in a statement on Monday, Daniel Ek, chief executive officer (CEO), Spotify, said the cut represents 6 percent of its general workforce

He said Dawn Ostroff, the company’s chief content and advertising business officer, will depart as part of a broader reorganisation.

According to Ek, the decision to reduce the number of employees was “difficult, but necessary.

Further giving reasons for the job cut, the CEO said Spotify’s operating expenses (OPEX) outpaced its revenue growth by two-fold.

“That would have been unsustainable long-term in any climate, but with a challenging macro environment, it would be even more difficult to close the gap,” he said.

“I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us.

“In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about 6 percent across the company. I take full accountability for the moves that got us here today.

“My focus now is on ensuring that every employee is treated fairly as they depart.”

The company’s move to retrench workers comes at a time when tech companies are facing a demand downturn.

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Google To Lay Off 6% Of Staff

Alphabet Inc (GOOGL.O), Google’s parent firm, has announced the elimination of approximately 12,000 jobs, or 6% of its staff, in the latest round of layoffs to rock the technology industry.

Sundar Pichai, CEO of Alphabet stated in a staff note seen by Reuters that the company had rapidly increased employees in previous years “for a different economic reality than the one we confront now.”

“I take full responsibility for the decisions that led us here,” he said.

The layoffs come just days after rival Microsoft Corp (MSFT.O) announced 10,000 layoffs.

The job reductions at Alphabet touch teams across the organization, including recruiting, some corporate operations, and some engineering and product teams.

The cutbacks are global in scope and have a direct impact on US employees.

According to the message, Alphabet has already emailed concerned employees, but the procedure would take longer in other countries due to local employment rules and norms.

The announcement comes at a time of economic instability as well as technological promise, with Google and Microsoft investing in generative artificial intelligence, a booming area of software.

“I am confident about the huge opportunity in front of us thanks to the strength of our mission, the value of our products and services, and our early investments in AI,” Pichai said in the note.



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