Top Tech News Today: Elon Musk Encourages Employees “Not to Get Worried” As Tesla Stock Drops By 70% This Year! The Judge in The FTX Fraud Case Stepped Down, But Why?
Tesla stock drops by 70% and Elon Musk encourages staff not to get worried! Read more tech news
Good morning tech fam, here are some quick tech updates for you to catch on to!
What’s New Today: When It Comes to Working Conditions for Gig Workers, Amazon, Uber, And Ola Are Among the Lowest Ranked.
Fast-Track Insights: According to The Founder of a Cryptocurrency Company That Just Laid Off 40% Of Its Workforce, The Crypto Winter Will Last “At Least Another Year.”
Elon Musk, the CEO of Tesla Inc., advised staff not to be “bothered by stock market madness” after the company’s shares dropped over 70% this year due to concerns over waning interest in electric vehicles and Musk’s diversion from running Twitter. Musk expressed his opinion that Tesla will eventually be the most valuable firm on the planet in an email to colleagues that was sent on Wednesday and examined by Reuters. Additionally, he asked staff to increase deliveries at the end of this quarter after the carmaker provided discounts on its automobiles in China and the US.
Even though businesses like Ola, Uber, and Amazon Flex may be successful on their own, they are not the best places for gig workers to work. According to a recent survey, Ola, Uber, Dunzo, PharmEasy, and Amazon Flex received a score of zero out of ten in the evaluation of the working conditions of gig workers in comparison to the minimum requirements of fair labour. In general, the survey discovered that platforms are still indifferent to the worries of employees and worker organisations, who have “repeatedly stressed” the significance of a steady income for gig workers.
Up to 7,500 next-generation Starlink satellites, which might soon enable the company’s internet service to beamed to cellphones, are launched by Elon Musk’s SpaceX in the first batch. This morning, Space X launched 54 of its newest Starlink broadband satellites into orbit from Florida’s Cape Canaveral Space Force Station. This is the first shipment of up to 7,500 pieces of the Gen 2 model, an enhanced version, that will be launched into space by a Falcon 9 rocket. As they are rumoured to be more powerful than first-generation models, they can reportedly handle more traffic while also possibly beaming internet access to cell phones.
Due to the fact that her husband works for a company that provided advice to FTX last year, the judge in the FTX fraud case withdrew from the case. Judge Ronnie Abrams of the US District Court for the Southern District of New York announced her resignation in a filing on Friday. She said that her husband is a partner at New York City-based law firm Davis Polk & Wardwell LLP, which last year advised FTX and represented parties “that may be adverse to FTX and Defendant Bankman-Fried in other proceedings.”
According to Louis Liu, the founder of Octopus Network, a multichain cryptocurrency network, the current crypto winter has caused the company to fire 40% of its core team and slash salaries for the remaining employees. The number of businesses in the cryptocurrency industry that have announced layoffs while blaming persistently unfavourable market conditions is only growing. Octopus Network, one of the most recent, launched a series of restructuring measures and something it called the “Voluntary Separation Program.” Twelve of the core team’s thirty members would depart from the project as part of this programme, and they would get “appropriate remuneration.”
