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Spotify to cut six per cent of workforce

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Spotify is set to to cut 6,000 jobs, or six per cent of its workforce, adding to the massive layoffs in the tech space over recent weeks

The Stockholm-based company had benefited from pandemic lockdowns because more people were looking to be entertainment, when they were stuck at home.

Ek indicated that the company’s business model – which had long focused on growth – had to evolve, and bring costs in line.

“To bring our costs more in line, we’ve made the difficult but necessary decision to reduce our number of employees,” Ek wrote.

Spotify made “considerable effort” to rein in the costs over the past few months, “but it simply hasn’t been enough,” he said.

Spotify saw businesses pull back on advertising as factors including soaring interest rates pressured global demand.

Layoffs have since picked up steam over the past few weeks, with Alphabet, Microsoft and Amazon axing jobs recently.

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TikTok could be banned in the United States

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TikTok in the firing line after Chinese balloon was shot down

 
China has hit back at the U.S. after officials shot down a suspected Chinese spy balloon off the coast of South Carolina.

Washington says it was being used to monitor strategic sites.

But Beijing rejects this – claiming the balloon was a civilian airship used to monitor the weather.

The incident is just the latest in a long line of diplomatic disputes between the two countries.

Now, TikTok could be banned in the U.S. in the wake of the incident.

Republicans are now pushing for Washington to distance itself from the Beijing-based app. #trending #featured

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Companies to pay extra for verified Twitter accounts

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Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

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BMW to invest €800 million in Mexico

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BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

 
The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

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