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Spotify to Cut ✂️ Hiring by 25 Percent Amid Economic Uncertainty

By June 16, 2022No Comments

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Spotify to Cut ✂️ Hiring by 25 Percent Amid Economic Uncertainty

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Music streaming platform Spotify is reducing its new hiring by 25 percent, according to an email sent by CEO Daniel Ek to employees.

During Spotify’s investor presentation earlier this month, CEO Daniel Ek stressed the company’s growth comes not only from the subscriptions but also from other verticals like podcasting and audiobooks.

However, CFO Paul Vogel indicated that the company is evaluating staffing due to uncertain economic conditions.

“We are clearly aware of the increasing uncertainty regarding the global economy,” Vogel said.

“And while we have yet to see any material impact to our business, we are keeping a close eye on the situation and evaluating our headcount growth in the near term,” he added.

This move comes as several tech companies, many of which grew significantly over the early stages of the pandemic, are cutting back on staff growth as economic uncertainty and recession fear loom.

While it is unclear which parts of Spotify’s business will be most affected, the cutback will specifically see the company reduce the number of team members that it brings on by a quarter.

General Motors Invests $81 Million to Build Cadillac Celestiq EV Flagship 🚗

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General Motors (GM) is investing over $81 million to build the Cadillac CELESTIQ at the company’s Global Technical Center in Michigan, Detroit.

The automaker will use the capital to buy and install related equipment to hand-build the CELESTIQ, a new electric flagship car from the company that will be produced in limited quantities.

Mark Reuss, president of the company, said, “As Cadillac’s future flagship sedan, CELESTIQ signifies a new, resurgent era for the brand.”

He added, “Each one will be hand-built by an amazing team of craftspeople on our historic Technical Center campus, and today’s investment announcement emphasizes our commitment to delivering a world-class Cadillac with nothing but the best in craftsmanship, design, engineering and technology.”

GM will officially unveil the car in next month. The CELESTIQ will be based on GM’s new Ultium electric vehicle platform, which was first used on the GMC Hummer EV.

The vehicle is slated to go on sale in 2025, with production starting at the end of next year.

ECB Board Member Proposes to Limit Digital Euro at Maximum 1.5T

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Fabio Panetta, an executive member of the European Central Bank (ECB), has proposed that the central bank should limit the total holdings of a digital euro between 1 and 1.5 trillion tokens.

He says that the proposed limit would prevent the digital currency from being used as a form of investment.

While addressing the Committee on Economic and Monetary Affairs of the European Parliament, Panetta hinted the ECB could cap the number of digital euros between 1 and 1.5 trillion tokens.

Panetta said, “Our preliminary analyses indicate that keeping total digital euro holdings between one trillion and one and a half trillion euro would avoid negative effects for the financial system and monetary policy.”

He added, “This amount would be comparable with the current holdings of banknotes in circulation. As the population of the euro area is currently around 340 million, this would allow for holdings of around 3,000 to 4,000 digital euro per capita.”

Panetta also insisted that private sector businesses should probably coordinate with public authorities for the effective deployment of a digital euro.

Market Intelligence And Search Platform AlphaSense Nabs $225 Million in Funding 💰

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AlphaSense, a U.S.-based market intelligence platform used by the world’s leading companies and financial institutions, has raised $225 million in its Series D funding round.

The funding was led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) and Viking Global Investors. The round also includes an undisclosed debt commitment from BlackRock.

Founded in 2011, AlphaSense’s platform leverages AI-based technology to extract relevant insights from an extensive universe of public and private content, including company filings, event transcripts, news, trade journals, and equity research.

The company has a base of 3,500 customers, which includes more than 78% of the S&P 100, 97% of the Dow 50, 70% of the top asset management firms and banks, and leading companies in wide-ranging industries such as energy, industrial, consumer goods, and technology.

AlphaSense plans to use the capital to further invest in product development, content expansion, and customer support and to drive organic growth as well as strategic transactions.

Around the Web 🌐

Web3 Infrastructure Platform Ankr Adds Ethereum’s L2 Optimism to its Platform Stack: Ankr, a U.S.-based company that provides one-click nodes for various blockchains, has announced that it is partnering with Optimism, a layer-2 scaling solution for Ethereum. As part of the partnership, Ankr will become an RPC (Remote Procedure Call) provider for the Ethereum-adjacent scaling solution.


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