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Meta mass layoffs hit Canada less than a year after major expansion plans (BETAKIT)
Meta’s broad reductions affected every organization within the corporation, spanning Facebook, Messenger, Instagram and WhatsApp. The cuts also affected Meta’s Canadian employees as multiple LinkedIn posts have indicated.
A Verifiable Mess: Twitter Users Create Havoc by Impersonating Brands (THE NEW YORK TIMES)
The social media service, which is currently undergoing a slew of rapid changes from its new owner Elon Musk, has descended into a messy swirl of spoof messages and parody accounts. This follows what has been a particularly chaotic two weeks for the company since Musk took over.
GoTo plans to cut more than 1,000 jobs in bid to reach profit (BNN BLOOMBERG)
The reduction, equal to more than 10% of the workforce, will affect all divisions, said the people, who asked not to be identified as the deliberations are private. Shares of the company rose as much as 9.6% in Jakarta, the biggest intraday gain in almost two months.
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With Passage acquisition 1Password prepares to battle tech giants for passwordless future (BETAKIT)
Most tech companies aspire to achieve unicorn status. For 1Password CEO Jeff Shiner, however, becoming one of the largest tech companies in the country was never part of the plan.
EU passes gaming strategy, probing Activision & Microsoft merger (VENTURE BEAT)
On Thursday, the legislative body passed a resolution recognizing the cultural and economic value of both video games and esports. By passing the legislation, the members of European Parliament (MEPs) will be tasked with developing a long-term regulatory and investment strategy to promote the industry in Europe.
Xero appoints Canadian native Sukhinder Singh Cassidy as new CEO (BETAKIT)
Xero hired Cassidy to lead the company as it focuses on its international expansion initiatives. Cassidy is bringing over 25 years of global leadership experience into Xero, with past executive roles in Silicon Valley and the United Kingdom (UK).
Unacademy cuts another 350 jobs in second round of layoffs (THE ECONOMIC TIMES)
Unacademy CEO Gaurav Munjal said employees being laid off will receive severance pay equivalent of their notice period and an additional two months, accelerated one year vesting period, a year long medical insurance and a dedicated placement support.
Customer experience platform Alida secures $60 million USD credit facility (BETAKIT)
The debt financing was led by the National Bank of Canada through its Technology and Innovation Banking Group. Co-lenders include BMO, Comerica, and Silicon Valley Bank.
According to Alida, the funding will support “capital requirements and strategic initiatives” in line with its growth strategy, but was vague in exact details about its plans.
Tech company Dye & Durham cuts jobs, orders employees back to office full-time (THE GLOBE AND MAIL)
In a memo to its 1,500 employees sent Thursday, the Toronto-based software company said all of its workers would have to return to the office on a full-time basis starting Feb. 1 next year, and cited empty offices and the inability of employees to “effectively collaborate with each other” as reasons for the reversal of the company’s hybrid work policy.
Q4 Inc. CEO confident in 2023 profitability despite continued slow growth (BETAKIT)
Since the first quarter of 2021, Q4 Inc. has seen its revenue growth slow. The company, which has historically increased its revenue by around 30 percent quarterly, is now forecasting growth of about half that.iness development within the next two years.
General Atlantic values media tech Amagi at $1.4 billion in new funding (TECHCRUNCH)
General Atlantic led a new round of over $100 million, which included about $20 million in secondary buybacks, the New York and Bengaluru-headquartered startup said in a statement. The Series F funding has propelled Amagi’s valuation to $1.4 billion, up from $1 billion in March this year.
How Poseidon Ocean Systems pivoted internationally when domestic opportunity dried up (BETAKIT)
Speaking with BetaKit, Clarke explained Poseidon’s journey, how she stumbled upon her big opportunity, and how she managed the process of commercializing two products globally.
Salesforce cut hundreds of employees Monday (CNBC)
Protocol reported earlier on the cuts, saying they could affect up to 2,500 employees. One person familiar with the matter said Salesforce let go of fewer than 1,000 people Monday. At the end of January it employed 73,541 people. In August Salesforce said in a filing that headcount rose 36% in the past year “to meet the higher demand for services from our customers.”
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The post S|W: The SaaS Weekly – Verified trolls cut Musk’s work out for him first appeared on BetaKit.