3700 Layoffs at Twitter

6

Looks like Startups are laying off across the board. Since the start of November 2022, six big companies have announced their layoffs so far. Chime, an American financial company, has told that their cuts are going to affect 160 out of 1300 employees. Lyft, the rideshare giant, will lay off 13% of its staff which will be the company’s second layoff this year. Stripe, an online financial services company, announces to cut 14% of its staff after the company over hired and underestimated the impact of a broader slowdown. Twitter plans to cut 50% of its staff after Billionaire Ellon Musk took over. Open door, an online real estate company, will cut 18% of its staff. Lastly, Upstart, an AI lending platform, is expected to lay off 7% of its workforce.  

3700 

According to a Bloomberg report, Ellon Musk has targeted layoffs for 3,700 out of 7,500 employees since the purchase of Twitter. Employees on Friday, November 4, 2022, at 09:00 am PT will find out if they still have the job or not, via email.  The former and current employees at the company have filed a lawsuit against Musk over a massive wave of layoffs in the federal district court in San Francisco on November 03, 2022. They alleged that Twitter failed to provide advance notice of huge layoffs as per the requirement of federal and state law. The California WARN Act clearly states that employers are required to provide 60 days advance notice. 

60,000

UPS, United Parcel Service, will be conducting a 60,000 seasonal hiring spree which is known as Brown Friday. Millions of people from across the country will do online shopping for their loved ones. Deloitte, projects that retail sales during the holiday season will go up to $1.4 trillion. Starting from Friday, November 04, 2022, they will hire full-time, and part-time drivers and package handlers.  

5

Social media is great to reach out to your friends and discuss politics but might not be in a corporate setting. Forbes, in a recent article, warns organizations about the five worst-case scenarios, for companies to be worried if their employees are on social media. This includes, when an employee’s social media account goes viral, employees feel uncomfortable but pressured to be friends on social media, high-level inappropriate posts on the employee’s social media, customers and employees following each other on social media, and lastly, employees past social media activity unexpectedly resurfaces. Key takeaway is to develop a Social Media strategy before it is too late. 

$17 Million

The California Department of Justice reported that a former employee named Dhirendra Prasad, 52 pleaded guilty after he successfully swindled the company out of more the $17million. In federal court, he was charged with conspiracy to commit fraud and conspiracy to defraud the United States. He was employed by Apple from the year 2008-2018 as a buyer for Apple’s Global Service Supply Chain and was responsible to purchase parts and services for Apple from various vendors. According to him, he defrauded Apple in 2011 by inflating invoices, taking kickbacks, and charging Apple for the services they never received and inflating invoices. The schemes continued through the year 2018 which made a total of approximately $17million. His act can sentence him to up to 20 years in prison. He is further scheduled for a hearing on March 14, 2023, and will remain out of custody until that time.