OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Instagram Outage Disrupts Thousands of U.S. Users 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
PayPal Holdings, Inc. is set to terminate over 2,000 workers this year. This move was confirmed by the company’s chief executive officer, Alex Chriss, on Tuesday, Jan. 30.
The financial technology company, headquartered in San Jose, California, is preparing to cut around 2,500 jobs which is equivalent to nine percent of its total workforce worldwide. PayPal Holding’s CEO released a memo addressed to the employees stating the reason for the decision.
Preparation for the Future of PayPal
In the internal memo, Chriss told the staff that the management is implementing the new layoffs to trim the workforce to the “right size.” He said that this would be carried out in two ways - one is by direct cuts and the other is by elimination of open job roles throughout 2024.
As per Reuters, PayPal also published the memo on the company’s official website after the market close and its shares ended the day with a decrease of 0.13%. All the employees who will be affected by the cuts are set to get notifications starting today until the end of this week.
Assurance of Support for Affected Staff
PayPal’s chief told everyone that all the decisions they make, including the job terminations are subject to consultation as required by law. He added that true to the values of PayPal and its management, the company will provide support to affected employees. They will be assisted in their transitions “with the utmost respect, support, and compassion.”
“Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 9% through both direct reductions and the elimination of open roles over the course of the year,” PayPal’s president and CEO Alex Chriss wrote in a corporate memo. “We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth. At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth.”
He went on to say, “These decisions were not easy to make, and we are undertaking these actions with tremendous care and consideration.”
Photo by: Sagar Savla/Wikimedia Commons (CC BY-SA 3.0)
