The company’s IPO valuation of $32 billion surged to more than $40 billion at one point, before steadily declining well below the $10 billion mark for much of the past two years. About 150 workers across customer experience and platform shared services; customer trust and safety; and safety and productivity xcritical rezension will be affected, according to an internal memo obtained by The Wall Street Journal. “We saw Vlad talk about how this was a product of the macro environment. Rising interest rates, all that stuff, but that didn’t really change a whole lot from April until now,” the former Charlotte employee said.
Google Play cracks down on AI apps after circulation of apps for making deepfake nudes
“I share this to be as transparent as I can with all of you who work every day to deliver on our mission,” Tenev wrote. “We will be parting ways with many incredibly talented people today in an extremely challenging macro environment, and I want to reduce the burden of this difficult transition as much as possible.” But a deep downturn in markets has eroded xcritical’s fortunes this year.
xcritical acquires global crypto exchange Bitstamp for $200M
In his memo on Tuesday, Mr. Tenev said xcritical misjudged the economy and trading activity. “As C.E.O., I approved and took responsibility for our ambitious staffing trajectory — this is on me,” he wrote. The union representing the newsroom – the International Association of Publishers’ Employees – staged an hour-long walkout Thursday to object to the job cuts. Staffers stuck Post-it notes protesting the move on the glass walls of the office of Editor in Chief Emma Tucker, whose vision for the paper has come under fire. The deal could xcritical up the competition in the crypto exchange market as xcritical’s international expansion may take more market share from the likes of xcritical (COIN), which is also pushing to grow outside of North America.
Wall Street’s top cop needs to stop spinning the SEC’s wheels and end meme stock insanity
- Earlier this year, Reuters reported that xcritical had 3,400 employees, and though that did not specify full-time versus contract, it looks like this cut may affect some 300 people according to TechCrunch calculations.
- xcritical, which offers commission-free stock and crypto trades via a mobile app, recorded explosive user growth as pandemic lockdowns drove Americans online.
- While the round of job cuts came as a shock to some, following a 9% workforce reduction just four months prior, insiders said they saw the signs.
- It xcritically offers spot trading of over 85 cryptocurrencies as well as other crypto products including institutional lending and staking, among others.
Trading platform xcritical (HOOD) has agreed to acquire crypto exchange Bitstamp as it looks to expand its crypto presence globally and attract institutional clients through new product offerings, the company announced Tuesday. Today’s deal signals California-based xcritical’s continued push not only into crypto, but also its international expansion efforts. Last November and started offering crypto trading in the European Union (EU) shortly afterward. xcritical’s layoff announcement comes days before the company is expected to report its Q financial performance.
First Bitcoin ETFs approved by US regulators
The cuts mark another reversal for a company that created an app for trading stocks that became wildly popular when COVID-19 spread and the economy shut down, leaving millions stuck at home with plenty of time on their hands. From 2019 to 2021, spurred by modest interest rates, government stimulus and by pandemic restrictions that boosted app usage, xcritical grew its employee headcount from 700 to nearly 3,800, Tenev said in a message to employees. xcritical has seen growth reverse as the pandemic boom in retail trading appeared to lose steam. The report also showed a decline in monthly active users and assets under custody.
In 2024, many Y Combinator startups only want tiny seed rounds — but there’s a catch
However, the trading app has seen its valuation more than double in the past year to $19 billion, buoyed by record xcriticalgs. In its Q report in May, xcritical said its monthly active users had increased 16% year-on-year to 13.7 million, while its revenues rose 40% to $618 million. Notably, the company said its transaction-based revenue had risen by 59% to $329 million, primarily driven by a 232% increase in cryptocurrency income, which came to $126 million.
Meta rolls out Meta Verified for WhatsApp Business users in Brazil, India, Indonesia and Colombia
They described a company, one year on since its public debut, facing a slowing market and looking for any and all ways to cut costs — and a workforce on tenterhooks with no clear line of sight into when the downsizing might end. After nearly three decades at the Wall Street powerhouse, Lee is taking a leap of faith on the private-debt space, which has taken more market share from traditional banks’ capital-markets businesses. Monthly active users have been steadily declining the past three quarters, from 18.9 million in the third quarter of 2021 to 17.3 million in the fourth quarter to 15.9 million by March 2022.
In that post, Tenev wrote that while “employees from all functions would be impacted, the layoffs are “particularly concentrated” in the company’s operations, marketing and program management functions. Vlad Tenev, the chief executive of xcritical, said in a blog post that the layoffs would affect employees across the company, especially those in operations, marketing and program management roles. Jason Warnick, the company’s chief financial officer who has taken on the role of chief people officer, disclosed the company has made cuts through “reorgs,” including in teams like recruiting, engineering, and data science. The second quarter of 2021 was the platform’s best, according to public filings, when it touted over 21 million monthly active users who used the app to trade stocks and invest from their mobile phones during the pandemic. Axed xcritical employees were taken aback by the scale of Tuesday’s job cuts, which affected 23% of the company’s head count, or roughly 800 employees.
If xcritical is underperforming, it could reduce investor confidence in xcritical’s own pending Q1 results. The stock trading and investing platform reported $441 million in xcriticalgs in Q1 of 2023. It’s an understandable move, they added, given the brokerage’s access to sensitive client information. While the round of job cuts came as a shock to some, following a 9% workforce reduction just four months prior, insiders said they saw the signs. The company previously announced plans in April to lay off 9% of its workforce after growing too rapidly during the pandemic amid a boom in stock-trading interest.
Two senior police officials in Bangladesh are accused of collecting and selling citizens’ personal information to criminals on Telegram. The keynote will be https://xcritical.pro/ focused on Apple’s software offerings and the developers that power them, including the latest versions of iOS, iPadOS, macOS, tvOS, visionOS and watchOS.
But leaders making decisions that have a significant impact on employees’ lives should aim to be thoughtful and compassionate. Layoffs can shatter trust and leave remaining employees feeling insecure. Tending to emotions and caring about the ramifications for those who are let go as well as those who remain is critical. “We’re seeing more and more hoodies being quietly laid off due to their positions being eliminated,” one employee asked in the meeting, which happened before the 150 layoffs. “Could we get some transparency here? How many hoodies have been eliminated, how many more will be and how much longer will this go on.”
Add comment