Latest trending news about Netcore, Layoffs, Reliance, Bitcoin and Twitter news.
Netcore, a SaaS business, delays its IPO due to "uncertain market conditions."
According to founder and group MD Rajesh Jain, Mumbai-based bootstrapped SaaS business - Netcore Cloud has postponed its initial public offering on Indian stock exchanges due to uncertain macroeconomic conditions and a perceived "softness" in client decision-making in the SaaS sector.
The IPO process for Netcore had initially begun in August of this year, with the listing scheduled for February or March of the following year.
Employees can now exercise their stock options and get payment for the difference between the allotted price and the company's internal notional value thanks to a stock option liquidity programme that Netcore has launched. We made this decision to allow our employees the flexibility to realise ESOP benefits, according to Jain.
Stripe, Lyft, Twitter Launch Big Layoffs
Since the economy has become considerably tighter, those businesses are suddenly more concerned with their bottom lines, which necessitates cuts.
Elon Musk, CEO of Tesla and SpaceX, reportedly cut around 3,700 jobs from the social media giant's workforce, or about half, a week after purchasing it for $44 billion.
In the meantime, Lyft declared it would lay off 680 employees, or 13% of its workforce.
Stripe, a company in the payments industry, intends to reduce its personnel by 14%. According to the corporation, "Our business is fundamentally well-positioned to withstand challenging circumstances."
In a 4,060 crore agreement, Reliance is expected to purchase METRO Cash and Carry India.
According to industry insiders, Reliance Industries is planning to buy the Cash & Carry division of German retailer METRO AG in India for 500 million euros (4,060 crores).
Reliance Retail, the biggest retailer in the nation, would be able to increase its market share in the B2B sector thanks to this.
The billionaire Mukesh Ambani-led Reliance Industries and METRO had been in talks for a few months before the German parent company last week accepted the offer from Reliance Retail, they continued.
Bitcoin Hits 2-Year Low After FTX Implosion as Crypto Crash Deepens
Wednesday saw a low of $15,625 for bitcoin. Since November 2020, the biggest cryptocurrency had not dropped below $16,000. The price of BTC fell 14% on the day, the largest since over five months earlier.
Following a statement from Binance CEO Changpeng Zhao that the FTX drama "severely" undermined industry confidence and a Coindesk article with an unnamed source that Binance is considering terminating its FTX arrangement, the market fell on Wednesday.
Bloomberg reported late Wednesday morning that the Securities and Exchange Commission is looking into whether FTX breached the law when handling customer withdrawal requests earlier this week. This bombshell story stunned the cryptocurrency market.
Twitter launched official tags for some accounts, but Elon Musk quickly killed them.
The 'official' tag experiment by Twitter, which replaces the current blue verified checkmark, isn't working out well, adding additional turmoil and confusion to the already confusing verification procedure. Elon Musk, the business's new owner, "killed" the initiative after receiving the official badge under his profile name, according to some reports.
Twitter said both verified and non-verified members would have to pay $8 per month in order to receive the renowned blue checkmark next to the profile name following Musk's takeover almost two weeks ago.
To allay these worries, Musk declared that some accounts, including those associated with the government, the media, and certain businesses, would immediately receive an official, ostensibly without the need for a subscription. More users were misinformed about the verification process due to the ambiguity around the official tag's acquisition method.