Coinbase, Scale AI make deep staff cuts - San Francisco Business Times

  • 📰 SFBusinessTimes
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 68%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Two more San Francisco tech firms — one publicly traded and the other a unicorn — each slashed 20% of their workforce on Tuesday bayarea layoffs

The company estimates that it will incur approximately $149 million to $163 million in total restructuring expenses, consisting of about $58 million to $68 million in cash charges related to employee severance, and roughly $91 million to $95 million in stock-based compensation expenditures relating to the vesting of outstanding equity awards, according to the filing.

The news also comes on the heels of Coinbase's $100 million agreement with the New York State Department of Financial Service, which consists of paying a $50 million fine after financial regulators there found that it violated anti-money-laundering laws by letting customers open accounts without sufficient background checks, as well as investing another $50 million in the state's compliance function over the next two years.

Also cutting 20% of its staff this week was San Francisco artificial intelligence data-management startup Scale AI — last valued at $7 billion in 2021 — which confirmed the layoffs in a blog post. Prior to the layoffs it employed about 700 people, which would mean about 140 layoffs.and Lucy Guo, Scale AI was a member of Y Combinator's summer 2016 cohort.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 78. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

San Francisco economic forecast - San Francisco Business TimesHere's the Business Times' annual look at what to watch for in 2023.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Tyler Rose to end 26-year-tenure at Kilroy Realty Corp. - San Francisco Business TimesA top Kilroy Realty Corp. executive is set to end his tenure, which spans more than a quarter of a century.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Bed Bath & Beyond warns of potential bankruptcy - San Francisco Business TimesThe company has a dozen locations in the Bay Area, and others have already closed over the past year.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »