The reason is a new initiative to reduce costs. Also, open source password manager Bitwarden is buying Passwordless and Genesis is reportedly planning to file for bankruptcy this week.
Good morning! While you slept, work continued elsewhere in the digital scene.
The top topics:
Job cuts in the tech industry are entering the next round: Microsoft announced on Wednesday that it will lay off 10,000 employees, or less than five percent of the company, by the end of the third quarter. CEO Satya Nadella said in a statement that the software manufacturer is adjusting the cost structure to sales and demand. It is not known which areas are affected. Nadella stressed that the software maker will continue to make hires in key strategic areas. Microsoft shares started US trading on Wednesday with slight gains, but then fell into the red.
Amazon also began Wednesday with previously announced layoffs. This is the largest job cut in the e-retailer’s 28-year history. More than 18,000 employees are expected to lose their jobs. [Mehr bei Axios, Bloomberg, CNBC, Handelsblatt, Reuters und Wall Street Journal]
On start-up scene: What do young professionals earn in startups, what do team leads earn? which Jobs are particularly lucrative financially? We’ll tell you all that and more today with an exclusive salary analysis, which we made on the basis of discussions with investors and data from the salary platform Figures.hr. Spoiler: Six digits is possible. [Mehr bei Gründerszene+]
And here are the other headlines of the night:
Der Open Source Password-Manager Bitwarden has the Swedish startup Passwordless bought. It is the company’s first known acquisition from California. The details of the deal were not disclosed. Passwordless specializes in helping developers integrate passwordless authentication technology into their software. Only recently had the rival of 1Password and Lastpass, announced its first debt financing since its inception in 2015, raising $100 million from PSG and Battery Ventures. The details of the deal were not disclosed. [Mehr bei Techcrunch]
The cryptocurrency lender Genesis Global Capital plans to file for bankruptcy later this week. This is reported by the Bloomberg news agency, citing insiders. A bankruptcy filing has been expected for weeks. Genesis, the parent company Digital Currency Group and creditors have exchanged several proposals but have not yet come to an agreement, the Bloomberg report said. [Mehr bei Bloomberg und Reuters]
the Bitzlato-Co-founder Anatoly Legkodymow has been arrested in the US on charges of money laundering. The majority shareholder and co-founder of the crypto exchange is said to have moved hundreds of millions of dollars. According to the Russian, who lives in China, customers of the stock exchange were also “known crooks”. Legkodymov was arrested in Miami on Tuesday. The Bitzlato website was blocked on Wednesday. [Mehr bei Handelsblatt und Techcrunch]
Spotify and other technology companies have called on the EU Commission to Apples App Store practices to stop. Apple is a pity for developers and end customers because the regulators are far too hesitant to act, according to a statement. In association with other companies, including the streaming service Deezerturned Spotify now again with an open letter to the EU Competition Commissioner Margrethe Vestager and called on her to intervene quickly. [Mehr bei The Information]
investments: wallapop, a peer-to-peer marketplace based in Barcelona, has raised €81 million. The money is to be invested in activities in Spain, Italy and Portugal. Wallapop described the round as an extension of its Series G round it held in February 2021. The valuation of the Spaniards should now be 771 million euros. Sequoia Capital, a long-established venture capital firm, has raised a new $195 million seed fund. The funds are to be used to support founders in the USA and Europe. [Mehr bei Techcrunch und Techcrunch]
Our reading tip on Gründerszene: Person is one of the most valuable startups in Germany. Founder Hanno Renner is now planning an IPO. [Mehr bei Gründerszene]
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A nice Thursday!
Your Gründerszene editors