What's New Today: Unacademy will reduce its workforce by 12% in a second round of layoffs.
Fast-Track Insights: Despite additional US lawsuits, the crypto market cap did not change this week.
Despite widespread concerns that artificial intelligence will replace jobs, bengaluru-based company has offered to reimburse employees who have signed up for a ChatGPT Plus subscription. Capitalmind's chief operating officer Vashistha Iyer tweeted on Wednesday that the chatbot had nearly five times increased overall productivity. He also said that "without code," all employees could now use ChatGPT to do complex analyses.
According to an internal memo by CEO Gaurav Munjal on Thursday, Edtech startup Unacademy is cutting 12% of its workforce in a second round of layoffs. ET has seen the memo. Munjal let representatives know that the Bengaluru-based test-planning stage has taken "each positive development" to benefit its center business, yet the endeavors were insufficient. He added that the decision would assist the business in achieving its current objectives.
Munjal wrote, "I have conducted detailed reviews with every leader in the organization to determine the size of the team by a sustainable cost structure, the skills required for today's business needs, and the direction each team must take to work towards our key business goals and achieve profitability."
Generative artificial intelligence (AI) describes algorithms (such as ChatGPT) that can be used to create new content such as audio, code, images, text, simulations, and videos. Recent breakthroughs in the industry could radically change the way we approach content creation. The way we approach content creation could be drastically altered by recent breakthroughs in the field. Read more
Assuming you thought last week was insane with the U.S. Protections and Trade Commission bracing down on major crypto organizations like Coinbase and Tron, you ought to lock in during the current week's news. According to a Monday filing, the U.S. Commodity Futures and Trading Commission (CFTC) is suing Binance, the largest crypto exchange by volume, its CEO Changpeng Zhao, and Chief Compliance Officer Samuel Lim.
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