'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
India's largest edtech firm Byju's will fire 1,000 employees in a fresh round of layoffs across departments. With the latest round, total job cuts at the company have mounted to around 3,500. According to sources, fresh job cuts are an attempt by the company to improve its finances and work towards a path to profitability.
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
Social media giant Facebook is planning to rebrand the company with a new name next week. As per The Verge, the company is planning to change its name to reflect its focus on building the metaverse, according to a source with direct knowledge of the matter. The name change, which CEO Mark Zuckerberg plans to talk about at the company's annual Connect conference on October 28, but could unveil sooner, is meant to signal the tech giant's ambition to be known for more than social media and all the ills that entail.
Three senior executives have resigned from Byju's at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors. Prathyusha Agarwal, the chief business officer of Byju's, has quit, according to sources. They said Himanshu Bajaj, business head of Byju's tuition centres, and Mukut Deepak, business head for Class 4 to 10, have also moved on.
'If Threads doesn't become a distinct identity, and just a text version in the shadows of Instagram, then it may fizzle out.'
US media reports that Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, could be the latest technology giant to downsize its workforce have triggered trepidation among its 300-400 employees in India, according to people familiar with the matter. "We have not heard much about the impact (of downsizing) on India. "It's a wait-and-watch situation. Certainly, there is uncertainty," said a source.
India witnessed a 12 per cent year-on-year (YoY) jump in total household wealth last year, at $14,225 billion, according to the Global Wealth Report 2022 by Credit Suisse. The report also forecasts the number of millionaires in the country to more than double from 796,000 in 2021 to 1.6 million in 2026. According to the report, which is based on data for the wealth holdings of 5.3 billion adults across nearly 200 countries, global household wealth rose 9.8 per cent in 2021 to $463.6 trillion, driven by widespread gains in share prices and a favourable environment created by central bank policies in 2020 to lower interest rates but at the cost of inflationary pressure.
The CEOs of four tech giants -- Amazon, Apple, Facebook and Google -- appeared before the House Judiciary Subcommittee on Antitrust, Commercial, and Administrative Law on Wednesday to address concerns that their businesses may be harming competition.
Mark Zuckerberg, founder and CEO of Meta, summed it up well as he explained the reason for the company sacking 13 per cent of its employees. He said no one predicted that the boom for digital services during the Covid pandemic would die out. "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended.
The government wants a collaborative model with a public-private partnership to fact-check social media content.
Facebook CEO Mark Zuckerberg has said steps taken by the social media giant have helped protect the integrity of more than 200 different elections around the world, including in India, and have also played an important role in stopping abuse ahead of US elections.
Audit firm Deloitte has resigned as auditors of Byju's citing a delay in submission of financial statements while almost simultaneously three of the edtech firm's board members have quit in what is being seen as a deepening crisis at the decacorn. Deloitte Haskins & Sells, which was slated to audit Byju's until 2025, stepped down with "immediate effect" mid-term stating that "the financial statements of the company are long delayed. In a letter sent to the board of Think & Learn Pvt Ltd (known as Byju's), Deloitte said it has not been able to start an audit due to the delays and that will have a "significant impact" on its ability to "plan, design perform and complete" the audit as per standards.
'The Congress is not pragmatic about politics or about people.' 'Rahul's intention is good, but good intention does not win you elections.'
Microsoft will lay off 10,000 workers, about five per cent of its total workforce, its CEO Satya Nadella announced on Wednesday, terming it a hard choice that the tech giant had to make to remain a "consequential company" amid global economic uncertainties. Microsoft is the latest company after Facebook and Amazon to cut jobs as the bloodbath continues in the technology sector in 2023. Describing the current times as "significant change", Indian-origin Nadella said customers who accelerated their digital spend during the Covid-19 pandemic, are now optimising their digital spend to do more with less.
Half Pants Full Pants will instantly warm your heart, Divya Nair tells us.
TMC MP writes to Mark Zuckerberg, raises issue of Facebook's alleged bias towards the BJP.
The Congress accused Facebook of interfering in India's democratic process and social harmony and being soft on members of the ruling BJP on applying its hate-speech rules.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
Google will lay off 12,000 jobs across the globe, its CEO Sundar Pichai announced on Friday, becoming the latest tech giant after Microsoft, Facebook and Amazon to retrench staff en mass amid the global economic downturn. In an email to employees, the Indian-origin CEO said: "I have some difficult news to share. We've decided to reduce our workforce by approximately 12,000 roles." Pichai said the layoffs at Google were carried out after a "rigorous review" of its operations.
The Congress on Friday alleged that Facebook was being used as a weapon by the Bharatiya Janata Party to spread hate and fake news in the country and demanded that a joint parliamentary committee probe be conducted on the issue and laws be enacted to restrict Facebook and WhatsApp.
The tech creators, or the ones who made billions, asks Ajit Balakrishnan.
As per official estimates, India's population currently is 1.3 billion people. Facebook pages on Thursday reflected that Modi is followed by 44 million people, while the account of Trump by 27 million. The US population is estimated to be 325 million.
Every brand and company in India too will soon need a metaverse strategy, notes Sandeep Goyal.
'A start-up with 100 people has reduced the strength to 60-80 people to reduce cost.' 'Even if there is attrition, they prefer not to replace them.'
Meta Platforms Inc, the parent company of WhatsApp, will partner with Reliance JioMart for a service where WhatsApp users can buy groceries on the messaging platform from the Indian retail firm. Mark Zuckerberg, chief executive officer (CEO) of Meta Platforms, said in a Facebook post, "[I am] Excited to launch our partnership with JioMart in India. "This is our first-ever end-to-end shopping experience on WhatsApp--people can now buy groceries from JioMart right in a chat." "Business messaging is an area with real momentum and chat-based experiences like this will be the go-to way people and businesses communicate in the years to come," he said in an announcement coinciding with the annual general Meeting (AGM) of Reliance Industries the parent company of JioMart.
'This is the first time there has been an attempt to use market forces to counter disinformation on social media,' notes Devangshu Datta.
The first step to keeping your job safe, experts tell Rediff.com's Divya Nair, is understanding why layoffs happen.
Taking to Twitter, he claimed to be the number one on Facebook, citing a remark of Mark Zuckerberg, co-founder and Chief Executive Officer of the social media company. This is not the first time that the US President has claimed to be the number one and Prime Minister Modi number two on their popularity on Facebook.
Facebook CEO Mark Zuckerberg said that it will take years for Facebook to fix the problem.
'Enterprises have become more demanding in terms of their productivity expectation from their employees.'
Zuckerberg, in an interview with The New York Times, referred to the artificial intelligence tools deployed by Facebook to detect fake accounts trying to manipulate news and influence the elections.
Facebook launches video chat powered by Skype.
Richest Indian Mukesh Ambani on Tuesday said India will grow to be among the top three economies in the world in the next two decades and per capita income would more than double. At a fireside chat with Facebook head Mark Zuckerberg, he said India's middle-class, which is about 50 per cent of the nation's total number of households, will grow three to four per cent per year.
Surprisingly, Jeff Bezos is the new entrant to the list and ends up holding the first position.
The company says hackers exploited the "view as" feature on the service.
'We must all commit to sharing less nonsense and quarrelling less on social media.' 'We could use that time instead to meeting and speaking to our friends and family instead of 'liking' their posts.' 'Zuckerberg will be the poorer for that, but our lives will be so much richer,' says Rahul Jacob.
Indian Prime Minister Narendra Modi at the Facebook headquarters in California's Silicon Valley.
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