The pandemic is still disrupting young people’s careers 
Wall Street Futures Steady as AI Rally Offsets Middle East Tensions 
Elon Musk Explores Possible Tesla-SpaceX Merger Amid Growing AI Investments 
Want to cut your energy bills? Here’s how five experts are doing it 
Synopsys Q2 FY2026 Earnings Beat Driven by AI and Semiconductor Demand 
Debate over H-1B visas shines spotlight on US tech worker shortages 
Why have so few atrocities ever been recognised as genocide? 
S&P 500 Hits Record High as Tech Rally Slows Amid Iran Peace Uncertainty 
Can your cat recognise you by scent? New study shows it’s likely 
Glastonbury is as popular than ever, but complaints about the lineup reveal its generational challenge 
SpaceX Delays Starship V3 Launch Ahead of Potential Record IPO 
What’s the difference between baking powder and baking soda? It’s subtle, but significant 
Salesforce Q1 FY2027 Earnings Beat Expectations Despite Soft Q2 Revenue Outlook 
Meta AI Push Could Add $26 Billion in Revenue by 2027, Wolfe Research Says 
Australia Urged to Simplify Regulations to Revive IPO Market and Boost Innovation 
Nikkei Hits Record High as AI Chip Stocks Power Japan Market Rally 
Columbia Student Mahmoud Khalil Fights Arrest as Deportation Case Moves to New Jersey 
Online marketplace Etsy is facing backlash from frustrated sellers and a declining market value as it announces an underdefined policy change to address concerns about frozen funds.
This decision was prompted by sellers holding 75% of their money for a lengthy 45-day period. While Etsy stated that they are "substantially decreasing" the money held, no specific details were provided regarding the new rate or timeframe.
Sellers like Dan, who currently has £7,000 of his earnings on hold, found the announcement lacking necessary details. This has led to calls for a boycott and increased pressure on Etsy, which recently reported a decline in profits. From April to June, profits decreased by 15% compared to the previous year. Additionally, the company's projected revenue for the next three months is lower than expected.
The decline in growth is also evident in the UK market, where Etsy owns the fashion marketplace app, Depop. Consequently, the company's shares fell more than 5% after the US stock markets closed.
Liz Barclay, Small Business Commissioner, expressed disappointment over the lack of clarity in Etsy's statement regarding sellers' funds. She has urged the company to explain the reduction in reserves and its timeline clearly.
Etsy has faced significant criticism for treating sellers and withholding funds. This was highlighted when hundreds of sellers received an email discussing implementing Etsy's "reserve system." Sellers like Dan expressed frustration as their earnings were withheld, forcing them to rely on credit cards and family loans to sustain their businesses.
Rachel Collyer, a ceramics seller, stated that Etsy was holding £899 of her funds, preventing her from purchasing materials necessary for production. In response to the ongoing complaints, the head of payment policy, Chirag Patel, assured sellers that improvements would be made to the reserve system and communication with new sellers.
Minister for Enterprise, Markets, and Small Businesses, Kevin Hollinrake sent a letter to Etsy's CEO, Josh Silverman, requesting that the company address the issue due to the escalating number of seller inquiries and complaints.
Photo: Kelly Sikkema/Unsplash
