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Faraday Future Employees Face Layoffs, Pay Cuts

socalTECH

According to information leaked from employees within the company, the pay cut and layoffs started this week, as Faraday has run out of funding due to a legal spat with the Chinese company that bailed out the company last year.

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The Station: Via hits $2.25B valuation, letters from readers, layoffs in a time of COVID-19

TechCrunch LA

A few of the highlights include biking as one of the few bright spots, how some companies have pivoted to providing rides to healthcare workers and insights on how the industry and cities might have reacted had the pandemic occurred two years in the future. Via isn’t the only company shifting its attention to emergency services.

Layoffs 136
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Struggling EV firm Faraday Future gets another financial lifeline with new $225M investment

TechCrunch LA

The company, famous for lavish promotions but little substance , has received yet another financial lifeline in the wake of a dispute with key investor Evergrande. billion capital raise that the company believes it can close before the end of this year. Faraday announced on Monday that it had received $225 million in bridge financing.

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Almost 25% of Laid-off Tech Workers Start Their Own Businesses

Tech.Co

A huge number of tech companies have made layoffs in 2022 , whilst others have taken advantage of video conferencing software and other remote collaboration tools to offer flexible working arrangements and retain the best talent. That’s even higher than “funding” (43%), “time” (41%), and “cash flow” (40%). Quick out the Blocks.

Layoffs 142
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Take advantage of the good times to build stakeholder loyalty.

Berkonomics

If there is no closer connection to the corporation, when times are tough for any reason, it is these employees that make it tough for management to gain understanding and consent for actions that must be made such as missing payrolls, making layoffs, or abandoning pre-announced plans. Investor loyalty is most tenuous of all.

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Blippar, Backed by Qualcomm Ventures, Calls It Quits

socalTECH

UK-based augmented reality technology developer Blippar , which had been backed by Qualcomm Ventures, has gone into administration in the UK--their equivalent of bankruptcy--after failing to obtain new funding for the company. READ MORE>>.

Layoffs 133
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Machinima Gets $24M, But Chops Staff

socalTECH

Los Angeles-based YouTube network Machinima revealed last week that it has raised $24M in a funding round from Warner Bros., However, the company also made some big cuts in its staff on Friday, following the funding round. The company has now raised nearly $100M in funding over its lifetime. READ MORE>>.

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