In a Securities and Exchange Commission (SEC) filing on Tuesday, Robinhood said it would cut 10% of its full-time workforce of 2,900 and close a “small number” of open roles. The Menlo Park, California-based financial services platform is joining the ranks of companies that have flattened middle management roles to save costs and slim out bureaucracy. Robinhood CEO Vlad Tenev sent an internal email to staff regarding the layoffs, which the company posted on X. “I want to be transparent about why this is happening now,” Tenev said in the memo. “Robinhood’s business has never been stronger. But to achieve…
Author: Staff Writer
SpaceX will move forward with its $60 billion acquisition of artificial intelligence startup Cursor as Elon Musk‘s space exploration and AI company seeks a competitive edge against rivals Anthropic and OpenAI after its Wall Street debut last week. SpaceX said in April that it had the rights to buy Cursor, or pay $10 billion to “work together” with the company. In a regulatory filing Tuesday, SpaceX said that Cursor will become a wholly owned subsidiary when the deal closes in the third quarter. Cursor, made by San Francisco startup Anysphere, is a popular AI coding assistant. What SpaceX has described as Cursor’s wide “distribution to…
Snap’s cofounder and CEO, Evan Spiegel, gave this morning’s keynote at AWE, the augmented reality industry’s big annual conference. He came with news: Snap, best known for its Snapchat ephemeral messaging app, is releasing a pair of AR-enabled glasses called Specs. It intends to ship them this fall for $2,195, and is taking preorders. Though Specs are new, Snap’s investment in smart glasses as a computing and communications platform is anything but. Depending on how you figure, it all began nearly a decade ago, when the company shipped its first product in the category, which, like four subsequent versions, was…
A tentative deal to end the Iran war makes it reasonable to ask how soon prices will drop for gasoline, groceries, airline tickets and other items that got more expensive during the conflict.Not so fast, experts say.Even after oil starts flowing again from the Middle East, it could take a while for consumers to see a difference at local fuel pumps, supermarkets and other places they shop, according to economists and industry analysts.Fighting over the Strait of Hormuz disrupted not only supplies of crude and refined fuel but also the supply chains for fertilizer, food and even footwear. Businesses expect…
A light saber with Luke Skywalker’s severed hand from “The Empire Strikes Back” that is expected to sell for seven figures headlines an upcoming auction of valuables from movies, music and other corners of pop culture.The Hollywood & Entertainment Signature Auction presented by Heritage Auctions announced Tuesday and held July 13-17 also includes hats from “The Wizard of Oz” and “Willy Wonka and the Chocolate Factory,” hoverboards from “Back to the Future II,” rugs from “The Big Lebowski” and a pair of Rocky’s boxing boots. [Image: Heritage Auctions] A major Beatles artifact will also be up for sale: John Lennon’s…
Every major enterprise is running an AI program. Almost none of them are ready for it. Genpact, in partnership with HFS Research, surveyed more than 2,000 enterprise executives across industries and functions as part of our study on how four enterprise debts will make or break your AI future. The findings are confirming and clarifying: Ambition is high, readiness is low, and the gap between the two is compounding. The data is unambiguous: 85% of leaders say their underlying foundations, fragmented data, ungoverned processes, aging systems, and undertrained talent are actively working against their AI investments. Enterprises are directing 13%…
Among this year’s crop of Fast Company‘s World Changing Ideas are organizations and initiatives with an unmistakably people-forward impact. For Aon and Mona, that meant getting money in the hands of people that need it—in Aon’s case, building a catastrophe bond in the event of devastating hurricanes, and for Mona, giving underserved entrepreneurs access to financial support. Edesia Nutrition and PharmaBox also helped get critical resources to people in need, whether it is emergency food aid or medical supplies. Field Operations proved the community-altering benefits of dynamic public spaces in both the Bay Area and Seattle. Read about all of…
A number of Subway restaurants have closed their doors after their owner filed for bankruptcy, the latest wave of store closures to impact a large franchisee of a major fast-food chain this year. Affiliates of MTF Subs, which together operate dozens of Subway restaurants across four states, have rejected the leases for six locations, court records reviewed by Fast Company show. Additional stores could also close, as the franchisee has been in the process of evaluating the remainder of its store footprint. A bankruptcy judge recently gave the franchisee until August to decide if it will reject additional store leases.…
Most people believe they are far more capable of changing their personality than they actually are. This is hardly surprising. Humans are deeply invested in flattering illusions about themselves. We routinely overestimate our intelligence, morality, attractiveness, and future prospects. Psychologists refer to this as the “better-than-average effect,” though “wishful narcissism” might be more precise. Unsurprisingly, personality is no exception. We like to imagine ourselves as unfinished masterpieces rather than stubbornly repetitive creatures of habit who have already maxed out on their limited potential. (Not sure about you but, in my case, the former is definitely true!) And yet all it…
Microsoft is reportedly considering a spinoff or restructuring of its Xbox gaming unit, as the division’s bets on subscriptions and cloud gaming have come up short and console sales have continued to decline. Sales of Xbox hardware were down 33% year over year, the company reported in its most recent earnings. That’s a long way from the unit’s heyday. Xbox launched in 2001 and came close to outselling Sony during the Xbox 360 era. Sony regained dominance in the last console generation and has extended its lead in the current one. Microsoft, meanwhile, has leaned heavily into cloud gaming in…