Investing

The social media company joins Microsoft, Zoom, Okta and others that have laid employees off in the new year.

Never mind the recent rally, for a decade the crypto industry has been selling the promise of decentralisation, a new financial system without middlemen, but many blockchain projects have recreated the very elements they tried to overthrow, and regulators are adamant about keeping the status quo.

But Apple (shares down 5% this year) and Tesla (down 26%) have watched on the sidelines as their big tech peers have won over investors in 2024.

The company is attempting to sell most of its remaining stock of Yeezy footwear at cost, instead of writing it off.

Last January, PayPal laid off some 2,000 people.

Amazon’s proposed acquisition of Roomba maker, iRobot, has been scrapped over EU antitrust regulatory concerns.

The China Evergrande Group has US$300-billion in liabilities and was put into liquidation by a Hong Kong judge yesterday. Once the largest property developer in China, the fate of Evergrande is expected to impact Australian exports.

A Hong Kong court on Monday ordered Evergrande to be wound up after more than two years since defaulting on its debts, marking another grim milestone for Hui Ka Yan, once Asia’s richest person.

Microsoft joined Apple in the highly exclusive $3 trillion club Wednesday.

About a fifth of all Americans and Canadians subscribe to Netflix, boosting the streaming titan to record 2023 profits.