😳 TikTok Plans Significant Layoffs

‎ ‎

Hey Waivly Crew! 🌊 In today’s edition, TikTok gears up for major layoffs impacting its operations and marketing divisions. Meanwhile, a London High Court judge finds Craig Wright guilty of misleading courts in his claim to be Bitcoin's creator.

‎‎Here’s what’s on the horizon today:

• TikTok plans layoffs in operations and marketing

• Humane is reportedly looking to sell

• U.S. House passes landmark crypto bill

• Craig Wright lied about creating Bitcoin

Let’s dive in!

STORIES MAKING A SPLASH

^_TECH
TikTok plans layoffs in operations and marketing

TikTok is set to undergo significant layoffs, focusing on its operations and marketing divisions, current employees briefed on the plans told The Information.

The layoffs will target user support, communications, content, and marketing teams. The global user operations team will be dissolved, with remaining staff integrated into trust and safety, marketing, content, and product units. Employees learned of the layoff plans Tuesday evening through a message from Adam Presser, head of operations, and Zenia Mucha, Chief Brand and Communications Officer.

The restructuring, in the works for nearly a year, was delayed due to recent turnover in marketing, trust and safety, and operations teams. Notably, the layoffs are unrelated to ongoing legal challenges in the United States, potentially leading to a nationwide ban of the TikTok app.

^_AI
Humane is reportedly looking to sell

Humane, the startup behind the poorly-reviewed AI Pin wearable computer, is seeking a buyer for its business, aiming for $750 million to $1 billion, according to a Bloomberg report. Founded by ex-Apple employees Imran Chaudhri and Bethany Bongiorno, Humane faces a tough sell due to the AI Pin's disappointing performance, including slow responses and a poor user experience.

The $699 AI Pin, designed to reduce smartphone dependency, uses Humane's CosmOS and integrates various AI models for voice queries and camera analysis, projecting a laser display onto the wearer's palm. A monthly subscription is required to maintain the device.

Despite raising $230 million from investors like OpenAI CEO Sam Altman, the AI Pin's software and hardware issues have led to universal criticism. Humane is working on firmware updates, recently incorporating OpenAI’s GPT-4o model to improve functionality.

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WEB3 SPECIAL

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U.S. House passes landmark crypto bill

The House of Representatives voted 279 to 136 in favor of the FIT21 Act, aimed at providing regulatory clarity for digital assets. The bill, if passed by the Senate, will define the roles of the SEC and CFTC regarding digital assets. Seventy-one Democrats joined 208 Republicans in supporting the bill.

Representative Patrick McHenry argued that the current regulatory framework stifles digital asset innovation. Conversely, Representative Maxine Waters opposed the bill, warning it could deregulate crypto and traditional securities, potentially leading to a market crash and recession.

The House will also vote on the CBDC Anti-Surveillance State Act, which would prevent the Federal Reserve from issuing a digital dollar through intermediaries. Democratic leadership is not actively opposing these bills but has expressed concerns.

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Craig Wright lied about creating Bitcoin

Australian computer scientist Craig Wright was found by a London High Court judge to have misled courts and forged documents in an attempt to falsely assert he created Bitcoin, using the pseudonym Satoshi Nakamoto.

Despite Wright's persistent claims, little is known about the true identity of Satoshi, who is presumed to hold a significant amount of the cryptocurrency. Reports linking Wright to Satoshi emerged in 2015 but were later scrutinized for inconsistencies by various media outlets.

Wright vigorously defended his claim over the years, challenging developers and filing lawsuits against those who disputed his assertions. His latest legal confrontation with the Crypto Open Patent Alliance (COPA) concluded in March, with the court ruling against him. COPA rejected Wright's settlement offer in January, citing concerns over potential future litigation loopholes.

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THE WAVES

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More Stories Surfing The Web

⚖️ Apple fights $2B antitrust fine over Spotify complaint

🕶️ Meta's Ray-Ban glasses will post Instagram stories for you

🤝 ‎‎‏‏OpenAI signs content agreement with News Corp‎ ‎‎

📈 GPT-4o drives revenue surge for ChatGPT mobile app

Discover more Waves in the Waivly Community. Click here to get onboard and join the community! 🌊

SAIL INTO A NEW CAREER

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Waivly Work Highlights

👩‍💻 Head of Sales (Food & Beverage / Restaurants) at Invisible

👩‍💻 Sr. Privacy Counsel at Stack Overflow

👩‍💻 Senior React.js Developer at ília

👩‍💻 C Developer at CloudLinux

BACK TO THE SHORE

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