Tech Brew Ride Home Fri. 07/15 – The “Vibe Shift” At Amazon
Jul 15, 2022
Big changes are happening at Amazon, as the company slashes its private label offerings amidst weak sales and regulatory pressures. Stripe is facing a notable valuation cut, while Celsius reveals a staggering financial deficit. Twitter is stepping up its game, allowing developers to create custom timelines, enhancing user experience. Plus, the latest on battery innovations promises lighter and faster charging tech, and insights from the James Webb Space Telescope indicate remarkable data transmission advances.
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OpenSea Layoffs
- OpenSea, an NFT marketplace, laid off 20% of its employees, retaining 230 staff members.
- This highlights the vulnerability of even market leaders during market downturns, like the recent NFT bubble burst.
Stripe's Valuation Cut
- Stripe, valued at $95 billion, cut its internal share price by 28%, effectively lowering its valuation to $74 billion.
- This decision was likely influenced by the declining share prices of publicly traded fintech companies like PayPal.
Celsius Bankruptcy
- Celsius Network declared bankruptcy with a $1.19 billion deficit, owing $439 million to Equities First.
- Celsius initially borrowed from Equities First but became a creditor when the latter couldn't return collateral.