Virgin Orbit funding plans fail, will halt operations and make layoffs

Virgin Orbit funding plans fail, will halt operations and make layoffs

Virgin Orbit is ceasing operations “for the foreseeable future” after failing to secure a funding lifeline, CEO Dan Hart told employees at a town hall meeting on Thursday. The company will lay off all but 100 employees, according to audio of the 5 p.m. ET meeting obtained by CNBC. Shareholders unloaded the stock in extended … Read more

Redesign to make the company more “agile” with market changes

Redesign to make the company more “agile” with market changes

“We believe this will enable all of our businesses to become more agile, improve their business decision-making, and respond more quickly to market changes,” CEO Daniel Zhang told investors. Hong Kong-listed shares of Alibaba rose nearly 3% at market open about an hour after the call ended. China’s regulatory crackdown on its tech companies, which … Read more

Beijing appears to be easing control over giants like Alibaba

Beijing appears to be easing control over giants like Alibaba

Alibaba’s major reorganization is seen as a sign that the Chinese government may ease its scrutiny of the domestic tech sector. Alibaba founder Jack Ma returned to public engagements, in another welcome sign for investors. China is looking to achieve 5% growth this year, after two years in which its economy has been battered by … Read more

Disney lays off more than 300 streaming workers in China

Disney lays off more than 300 streaming workers in China

waltz disney Co. SAY 2.16% laid off more than 300 employees in Beijing who worked on its streaming services, according to people familiar with the situation, as part of an effort to cut costs and restructure the entertainment company. The layoffs in China come as Disney this week began making the first wave of job … Read more

After the collapse of SVB, stricter rules for banks?

After the collapse of SVB, stricter rules for banks?

Sen. Tim Scott, RS.C., right, greets off-camera Michael Barr, Vice Chairman for Oversight of the Federal Reserve Board of Governors, in the Dirksen Building on Tuesday, March 28, 2023. tom williams | Cq-roll Call, Inc. | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates … Read more

Google failing to preserve cats in Epic case deserves penalties, judge says

Google failing to preserve cats in Epic case deserves penalties, judge says

Google “adopted a ‘don’t ask, don’t tell’ policy to preserve messages, to the detriment of its retention obligations,” a federal judge ruled. The court ordered Google to pay the attorneys’ fees involved in the litigation, but is still deciding on the remedies. A Google sign is pictured during the company’s presentation of a detailed investment … Read more

Micron reports biggest ever loss but stock gains as executives say stock issues have peaked

Micron reports biggest ever loss but stock gains as executives say stock issues have peaked

Micron Technology Inc. reported its biggest ever quarterly loss from an inventory write-down of more than $1.4 billion on Tuesday, but shares held steady as executives suggested the memory market could reach a low. “We now believe that customer inventory has declined in several end markets, and we see a gradual improvement in the balance … Read more

Jack Ma’s life after Alibaba took him to a fish farm, in Fiji and beyond

Jack Ma’s life after Alibaba took him to a fish farm, in Fiji and beyond

He was the boss of a tech giant. Now he studies fish and rice. After appearing to fall out of favor with Chinese leaders following a 2020 speech he made criticizing financial regulation, Jack Ma, co-founder of Alibaba Group Holding ltd. generally kept a low profile. Far from the public eye, the 58-year-old multi-billionaire, who … Read more

Alibaba to split into six groups and explore IPOs breaking with the Jack Ma era

Alibaba to split into six groups and explore IPOs breaking with the Jack Ma era

Chinese e-commerce giant Alibaba Group Holding ltd. BABA 13.70% said it plans to split into six independently run companies that could seek separate IPOs, dismantling a business empire built over two decades by charismatic entrepreneur Jack Ma just as the tycoon reappeared in China . The reorganization of one of China’s largest private companies, once … Read more

Disney is eliminating its Metaverse division as part of the company’s layoff plan

Disney is eliminating its Metaverse division as part of the company’s layoff plan

Mickey Mouse has left the Metaverse. waltz disney Co. SAY 1.64% eliminated its next-gen customer experiences and storytelling unit, the small division that was developing metaverse strategies, according to people familiar with the situation, as part of a broader restructuring that is expected to reduce the number of employees of about 7,000 in the business … Read more