January 20, 2023, 11:25 AM

Top News

Memo: Alphabet plans to cut around 12,000 jobs, more than 6% of its global workforce; Sundar Pichai says he takes “full responsibility” for the need to cut jobs  —  Google parent Alphabet Inc. said it will cut about 12,000 jobs, more than 6% of its global workforce …
Kevin Simauchi / Bloomberg:
Crypto lender Genesis Global Capital files for Chapter 11 bankruptcy in New York, listing the estimated range for both assets and liabilities between $1B-$10B  —  Cryptocurrency lender Genesis Global Capital filed for bankruptcy, the latest firm to collapse in the aftermath of FTX's swift downfall.
Karissa Bell / Engadget:
Twitter quietly updates its developer agreement with a clause banning third-party clients, after claiming the company was “enforcing long-standing API rules”  —  In case there was any doubt about Twitter's intentions in cutting off the developers of third-party apps …
Anna Nicolaou / Financial Times:
Netflix co-founder Reed Hastings steps down as co-CEO but plans to stay on as executive chair; the company promotes COO Greg Peters to co-CEO with Ted Sarandos  —  Streaming company names new leadership as it looks to reset after ‘tough year’ in 2022  —  Reed Hastings is stepping …
Sarah Whitten / CNBC:
Netflix Q4: revenue up 1.9% YoY to $7.85B, $55M net income, down from $607M YoY, 231M paid memberships, adding 7.66M subscribers vs. 4.57M est.; stock is up 8%+  —  - Netflix added 7.66 million paid subscribers during the fourth quarter, more than the 4.57 million Wall Street expected.
Emma Roth / The Verge:
Catherine Larkin / Bloomberg:
SEC filing: T-Mobile says a hacker stole the data of ~37M customers, including names, addresses, and phone numbers, but not passwords, SSNs, or credit cards  —  T-Mobile US Inc. said a hacker obtained data for 37 million customer accounts, though it didn't include payment card information or personal identifying numbers.
Nico Grant / New York Times:
Sources: Google executives met with Larry Page and Sergey Brin last month to discuss Google's AI efforts, as the company seeks to combat OpenAI's ChatGPT  —  A rival chatbot has shaken Google out of its routine, with the founders who left three years ago re-engaging and more than 20 A.I. projects in the works.
Sources: Nintendo plans to increase production of its six-year-old Switch console in the coming fiscal year, starting in April 2023, as demand remains strong  —  Nintendo Co. plans to increase production of its six-year-old Switch console in the coming fiscal year after shipping roughly 21 …
The Block:
Crypto lender Nexo agrees to pay $45M in penalties to settle SEC and US state charges for failing to register the offer and sale of its Earn Interest Product  —  - The SEC charged Nexo for failing to register the offer and sale of its crypto asset lending product, called the Earn Interest Product.
Dean Takahashi / VentureBeat:
A survey of 2,300+ game developers: 45% don't buy the promise of the metaverse, 53% support unionization, 91% say harassment by players is an issue, and more  —  Game developers are more skeptical of metaverse and blockchain projects, according to a new survey by the Game Developers Conference.
Iris Deng / South China Morning Post:
Canalys: Xiaomi shipments in India fell 40% YoY in Q4 2022 amid government scrutiny, falling behind Samsung and Vivo after being the top seller for 20 quarters  —  Chinese smartphone giant Xiaomi was dethroned in India for the first time in five years by Samsung Electronics and Vivo …
The Verge:
Source: CNET owner Red Ventures has used AI tools like Wordsmith to write stories for at least a year and a half, causing unease amid layoffs and restructuring  —  Fake bylines.  Content farming.  Affiliate fees.  What happens when private equity takes over a storied news site and milks it for clicks?
Jagmeet Singh / TechCrunch:
India releases rules on social media influencers and virtual avatars promoting content without disclosing payment, adding an up to ~$12.3K fine for violations  —  As the market of social media influencers is getting bigger in India, the South Asian nation has introduced endorsement guidelines …

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