Faraday Future Employees Face Layoffs, Pay Cuts

socalTECH

Employees of Los Angeles-based Faraday Future have been laid off--without severance--and pay has been cut by 20 percent for those that remain, after renewed financial troubles over at the electric car maker. 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.

Zynga Layoffs Hit LA Office

socalTECH

A widespread layoff at social games maker Zynga has hit Los Angeles, with around 55 employees being let go from the location, according to tweets from the company''s employees. The move is not surprising, given the wholesale departure of Zynga executives who have jumped ship to Los Angeles based videogame developer Scopely, to cloud storage firm Nirvanix, and others in the last few months. zynga angeles office videogame jobs layoff scopely

Rubicon Project In Major Layoff, Chops 19 Percent Of Staff

socalTECH

Los Angeles-based online advertising marketplace Rubicon Project is in a major layoff, saying in its quarterly results on Wednesday that it is cutting 125 employees, or roughly 19 percent of its workforce. rubicon project advertising marketplace layoff jobs employmentAccording to the company, its Q3 was a "challenging quarter" for its industry and "our business in particular". According to Rubicon Project, the cuts will save it approximately $18.0M

Topspin In Major Layoffs, Says Report

socalTECH

Los Angeles-based music software startup Topspin has laid off a "significant" amount of staff, according to reports , with a majority of the company''s staff getting the pink slip. Topspin did not detail the reason for the layoffs, or how many employees were affected by the move. topspin music media layoff jobs employment software

Nasty Gal In Major Layoffs

socalTECH

Los Angeles-based Nasty Gal , the online women''s wear retailer led by Sophia Amoruso, has reportedly laid off 10 percent of its staff, or over 20 employees, according to fashion industry reports. Nasty Gal said in a statement that the moves are part of a move to "strategically re-organize" its business. READ MORE>>. nastygal nasty sophia amoruso fashion retailer ecommerce women

BetterWorks Goes From Feast To Famine With Layoffs

socalTECH

The move is an abrupt shift from feast to famine for BetterWorks, the high profile employee fringe benefits startup headed by prolific angel investor Paige Craig. betterworks layoffs employment employee silicon beach paige craig resources human fringe benefitsA report today from PandoDaily said that Santa Monica-based BetterWorks has terminated all of its sales and marketing staff, and half of its operations team.

Report: Veoh Planning Major Layoffs

socalTECH

San Diego- and Los Angeles-based online video site Veoh is reportedly in the midst of a "major restructuring," according to a report from VentureBeat. Quoting a "source close to the company" VentureBeat said that the layoffs would be "drastic." Tags: veoh layoff jobs video content An email to Dmitry Shapiro, CEO of Veoh, this morning, asking for comments on the rumor was not returned. Veoh laid off 20 percent of its employees in November.

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Layoffs Hot Keyword for Second Half of January 2009

SoCal CTO

Last month we Launched Los Angeles Tech and in the announcement we provide the Hot List for the first half of January 2009. But, in running it now for the second half of January, the keyword that popped to the top was: Layoffs And this is definitely a sign of the times. This hot list is based on various social signals of what people are writing about, reading, bookmarking, searching, etc. You can go to the Hot List post to see what was hot then.

HuffingtonPost Abandons Los Angeles Video Streaming Effort, Says Report

socalTECH

The Huffington Post is abandoning its video effort, HuffPo Live , in Los Angeles, according to a report today, and is laying off around 20 staffers from its office here. huffingtonpost video streaming livestream talk television content hollywood huffpo live layoff jobs

Elon Musk says Tesla Model Y will be revealed at its LA design studio on March 14

TechCrunch LA

Tesla will pull back the curtains and unveil its Model Y crossover vehicle at an event in Los Angeles on March 14th, according to a tweet from chief executive Elon Musk. There will be some layoffs as a result.

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Report: Faraday Future Sells HQ To Keep Afloat

socalTECH

Los Angeles-based electric car maker Faraday Future , in a bid to stay afloat, has sold off its headquarters to a real estate investor, according to a report on Wednesday. Faraday Future has been facing financial issues due to a dispute with its lead investor, which has resulted in layoffs at the company, numerous lawsuits from vendors, and executive departures.

Angel Investing: Skill 3 – Relationships with VCs

Both Sides of the Table

This is the third article in a series on what it takes to be a great angel investor (and why this should matter to entrepreneurs). But while I prefer a certain naive optimism in founders I can’t see the logic that this extends to angel investors.

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

TechCrunch LA

The company has yet to enter mass production five years after its launch, mainly as a result of a series of financial issues that have ended in layoffs, unpaid wages, furloughs, property selloffs and much more.

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Report: Faraday Future Now Has 11 Lawsuits Filed Against Firm

socalTECH

A new report says that there are now a total of 11 lawsuits filed against troubled Los Angeles-based electric car maker Faraday Future , as it struggles to restart its operations after massive layoffs after its main investor, Evergrande Health, pulled its support from the firm. faraday future legal lawsuit auto automotive cleantech bankruptcy chinese evergrande jobs employment layoff

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Report: CityGrid Lays Off Two Thirds Of Staff

socalTECH

The layoffs--reported by TechCrunch-- reportedly affected 130 people. It''s unclear how many of those staff are based in Los Angeles, but CityGrid has a significant presence in the LA area. The new cuts follow an earlier layoff in October of 2012, which also resulted in the loss of a number of positions in Los Angeles. citygrid urbanspoon citysearch insiderpages jobs employment layoff angeles guide online publishing

TTM Technologies Shuts Los Angeles Facility, Lays Off 347

socalTECH

Santa Ana-based TTM Technologies , a printed circuit board manufacturer, announced late Tuesday that the firm is closing both its Los Angeles and Hayward, California facilities, resulting in the layoff of 347 employees. TTM said that it had employed 263 full-time employees in Los Angeles, and 84 full-time employees in Hayward. Tags: layoff employment electronics technologies

Angel Investing: Skill 3 – Relationships with VCs

Both Sides of the Table

This is the third article in a series on what it takes to be a great angel investor (and why this should matter to entrepreneurs). But I prefer a certain naive optimism in founders but I can’t see that this extends to angel investors.

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Bird Cuts Five Percent Of Staff, Says Report

socalTECH

Bird is in a battle with a large number of "last-mile" scooter companies, including Lime, and which now also includes Uber, Lyft, and even scooter manufacturer Razor, which launched its own scooter rental service in December in Los Angeles. limebike lime transportation ondemand rental scooter employment jobs layoff bird

Friday roundup: More layoffs, venture roundup, growth at firms, and more

socalTECH

For more on the economy, Janine Davis, a guest contributor and recruiter in Los Angeles, talks about The State of Technical Recruiting in Los Angeles in our Insights and Opinions section. And, on a sad note, Martin Schaedel -- well known to many in the Los Angeles technology community, and a contributor of photos to socalTECH-- has died in a plane crash at the Santa Monica airport.

Jaunt Abandons VR, Makes Big Cuts To Staff

socalTECH

Virtual reality studio and content producer Jaunt --which has a virtual reality content development effort in Los Angeles--said on Monday that it is "winding down" a number of its virtual reality products and content services, and switching its focus to augmented reality. jaunt virtual reality content augmented layoff jobs employment deadpool hollywood

Boulder Electric Vehicles Shuts LA Facility

socalTECH

boulder electric vehicles shutdown angeles cleantech truck auto transportation layoff Boulder Electric Vehicles , a startup developing electric powered has shut down its production facility in Chatsworth, as the company looks for a buyer. The move was originally reported by The Daily News. The DailY News reports that the family laid off around 50 people at the Chatsworth plant as a result of the shutdown, as the company has "mothballed" its operations.

Machinima Cuts 10 Percent More

socalTECH

Los Angeles-based YouTube network Machinima announced Wednesday afternoon that it has laid off 10 percent of its employees, or 22 employees out of a current staff of 206, as part of a shift in its programming plans. The company said the layoffs come as part of an "increased commitment to premium programming". The layoff is not the first for Machinima, which also cut around 10 percent of its staff back in December.

Machinima Chops 10 Percent

socalTECH

News of the layoffs first trickled out via Twitter from many of the firm's former employees. Los Angeles-based Machinima has been one of the most highly watched of a crop of local companies tackling creating and distributing content on YouTube. machinima jobs employment layoff content hollywood youtube network streaming videoHigh flying, YouTube network Machinima has laid off 10 percent of its staff, as part of a reorganization, according to reports Friday evening.

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Activision Blizzard Cutting Jobs in Los Angeles, According to Filings

socalTECH

Computer game maker Activision Blizzard is apparently cutting jobs in El Segundo and Los Angeles, according to a filing with the California Employment Development Department. According to layoff filings, required in California of certain companies, Activision Blizzard is looking to lay off 4 employees in El Segudno, and 23 employees in Los Angeles on December 19th. California requires companies to give employees at least 60 day notice of mass layoffs.

LivingSocial Shuts Torrance Facility, Cuts 400

socalTECH

In a major Los Angeles area layoff, daily deals and offers service LivingSocial is closing a sales facility in Torrance, and cutting 400 employees throughout the company, as part of a restructuring. livingsocial torrance layoff jobs employment daily deals restructuring marketing LivingSocial did not say how many employees cut were specifically in Torrance, but said the move cuts the company''s total workforce by approximately 20 percent.

NantHealth Slashes Staff, Sells Some Assets To Allscripts

socalTECH

Los Angeles-based NantHealth , one of the biotech companies run by billionaire Patrick Soon-Shiong, has slashes its staff and sold off some of its assets, as part of a major restructuring. nanthealth allscripts biotech lifescience soon shiong layoff jobs employment biopharmaAccording to NantHealth, it has reduced its headcount by approximately 300, and sold off its provider/patient engagement assets to Allscripts.

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Demand Media Cuts 15, Says Report

socalTECH

Los Angeles-based Demand Media has juts cut fifteen members of the company''s research and development unit, according to a report from Variety. demand media layoff jobs employment richard rosenblatt turnover content According to the report , the cuts included Chief Innovation Officer Byron Reese, and were a result of the abrupt resignation of CEO Richard Rosenblatt last week. READ MORE>>.

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CityGrid Slashes Staff

socalTECH

In the latest cuts among Silicon Beach's high tech community, CityGrid , which runs Citysearch, Insider Pages, and Urbanspoon--has laid off a chunk of its staff, including a significant number of Los Angeles employees. It's unclear why there's been such a recent increase in layoffs in the area, which over the last year or two has been booming, with companies struggling to find staff among an upsurge in startups and technology growth. citygrid layoff jobs employment online

Honest Company Cuts 80 Employees

socalTECH

Los Angeles-based Honest Company , the online provider of eco-friendly baby, personal care, and other household goods led by Brian Lee and co-founded by Jessica Alba, has quietly let go of 80 employees --or nearly 14% of the company--in what the company has billed as a "growth positioning". honest company layoff jobs employment jessica alba baby personal care products ecommerce

Zynga Details Job Cuts

socalTECH

Those cuts have resulted in the shutdown of Zynga''s Los Angeles office. zynga cuts layoffs employment jobs angeles content videogame video mobile social San Francisco-based Zynga has detailed the cuts at the company, saying it has laid off approximately 520 employees, or 18 percent of its global workforce. Zynga is also cutting its Dallas and New York operations as part of the move.

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Machinima Lays Off 42

socalTECH

Los Angeles-based online content developer Machinima said Thursday that it has laid off 42 people at the company, all from its sales force, as the company continues to struggle with low ad rates and the large chunk of revenues that are claimed by Google from multi-channel networks. Machinima has had a series of layoffs , as the MCN has struggled to find the right formula to sustain its content development business.

MySpace Chops 47 Percent

socalTECH

Amid rumors for weeks that Los Angeles-based MySpace has been planning massive layoffs, the firm said today that it is cutting 47 percent of its staff globally, or roughly 400 employees. myspace layoff jobs employment social networking content entertainment

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., investment employment jobs layoff warner capital venture machinima along with Redpoint Ventures, MK Capital, Coffin Capital and Allen DeBevoise. However, the company also made some big cuts in its staff on Friday, following the funding round.

Zynga's Loss, SGN's Gain

socalTECH

One of those companies, Los Angeles-based SGN , is already benefiting from the turmoil over at Zynga, saying Monday afternoon that it has hired a new pool of talent from Zynga, including a number of artists, an executive, game designer, and UI/AX artist.

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Report: ShoeDazzle Cuts Staff

socalTECH

Los Angeles-based ShoeDazzle has cut a significant amount of its staff, according to sources, saying that the company had "major layoffs" Thursday morning. shoedazzle layoff employment jobs ecommerceShoeDazzle's public relations firm could not comment on the report, and the company had yet to reply to requests forwarded to them at press time.

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