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Cloud communications software maker Twilio is cutting 17% of its workforce, or roughly 1,500 positions, as part of another companywide restructuring. To cut costs and increase efficiencies, the company is dividing its operations into two new business units, Twilio Data & Applications and Twilio Communications. More: - In a memo to staff, CEO Jeff Lawson said Twilio needs to make "significant structural changes" in order to execute its strategy better.
- These include layoffs as well as some office closures and the elimination of perks, such as a books allowance and paid sabbatical program.
- Twilio previously laid off 11% of its workforce, or about 900 employees, in September.
- At the time, Lawson attributed the move partially to a lack of focus on core priorities and Twilio’s rapid expansion in recent years, saying it "was too fast."
- The customer engagement platform, known for its direct-to-consumer text messaging services, also owns toll-free messaging services provider Zipwhip and data security platform Ionic Security.
Zoom Out: - The cuts add to the growing number of layoffs at U.S. tech companies as they grapple with a slowdown in growth and economic uncertainty.
- Dell, eBay, and Zoom were the latest to announce workforce reductions last week.
CNBC 
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Stablecoin issuer Paxos Trust Co. has been ordered by New York's chief financial regulator to stop minting the Binance-branded stablecoin known as BUSD. Paxos will now end its partnership with Binance, a major cryptocurrency exchange, as it faces a likely lawsuit from the U.S. Securities and Exchange Commission. More: - BUSD, the seventh-largest cryptocurrency and third-largest stablecoin worldwide, has around $16B in circulation.
- Binance traders have regularly used the token, which is backed by U.S. Treasuries and cash reserves.
- Paxos said it will stop issuing new BUSD as of Feb. 21. The newly issued order from New York's Department of Financial Services stems from "several unresolved issues" tied to Paxos’ oversight of its Binance partnership via Paxos-issued BUSD.
- In addition to the state order, the SEC is said to be preparing charges against Paxos over the alleged breaching of investor protection laws, per a report by the Wall Street Journal.
- The heightened scrutiny places the future of BUSD — and the larger stablecoin market — in a state of uncertainty.
THE WALL STREET JOURNAL
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Meta is reportedly planning another round of layoffs, the Financial Times reported. The parent company of Facebook and Instagram has reportedly postponed finalizing teams' budgets as it makes plans for a restructuring. More: - According to the Times, Meta could announce the job cuts after it completes staff performance reviews in March.
- Reports did not specify the projected scope of the layoffs. In November, Meta laid off 11,000 people or 13% of its workforce.
- Meta staffers also told the Times that employees have done "zero work" in recent days as managers are unable to plan schedules due to a lack of clarity.
- Internally, Meta is said to be asking some middle managers to shift to new roles or leave the company as part of a "flattening" or "calibration" effort.
Zoom Out: - Earlier this month, Mark Zuckerberg said Meta's management theme for 2023 is the "Year of Efficiency."
- During an earnings call, the CEO said Meta plans to be "more proactive" in making cuts to underperforming projects or those that aren't as "crucial."
FINANCIAL TIMES
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According to Bloomberg's Mark Gurman, Apple has experienced ongoing delays of its planned iPhone hardware subscription program, which could now launch in March or April. A prior description of the service said customers would pay a recurring fee, similar to a monthly app fee, to eventually own the hardware and upgrade to new models at little to no cost. More: - According to Gurman, the program has faced technical and engineering setbacks, impeding its progress.
- For example, Apple missed a deadline to launch the program alongside the release of the iPhone 14 in September.
- According to prior reports, the program could combine Apple's services and monthly iPhone payments into one subscription.
- Customers would pay for their hardware costs as a bundle with other services. It could cover the iPhone as well as other Apple products.
- The company has also faced delays in launching an Apple Pay Monthly Installments project, which it has yet to announce, according to Gurman.
BLOOMBERG
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At a press conference later today, Ford Motor Co. is expected to announce plans to build a $3.5B EV battery factory in Michigan. The automaker is reportedly partnering with China’s Contemporary Amperex Technology (CATL) to produce lithium iron phosphate battery cells at the plant. More: - At a conference starting at 1:45 PM ET, Ford will share plans to “rapidly scale EVs and make them more accessible to customers.”
- The plant, expected to be located in the city of Marshall, would employ about 2,500 workers as part of a 1,900-acre “megasite” in the southwest part of Michigan.
- It would exclusively produce cobalt-free batteries, which are cheaper to produce but have less energy density than lithium-ion batteries.
- Last month, it was reported that Ford initially chose Virginia for the site, but was turned down by Governor Glenn Youngkin over concerns about CATL's ties to China.
REUTERS
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Microsoft is preparing to integrate AI features with Office apps such as Word, PowerPoint, and Outlook. The company is tentatively scheduled to reveal the plans publicly in March. More: - Microsoft is reportedly integrating OpenAI's new Prometheus AI model and language technology into the Office productivity apps.
- Prometheus, which also underpins the AI in Microsoft's new Bing search engine, is based on a next-generation OpenAI model more powerful than ChatGPT.
- In Outlook, AI could be used to improve search results and suggest replies to emails.
- GPT technology in Word could suggest alternative words and phrases while the user types.
- Microsoft could add AI capabilities to other applications in the Microsoft 365 Office productivity suite.
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Community Corner I'm Kiani from Inside.com, and last week, we asked our community, "How can tech companies handle layoffs ethically and compassionately?" Here are some highlights from the dozens of responses we received: - Nicholas Whitaker (p/nicholaswhitaker), Coach and Consultant at Nicholas Whitaker Coaching, answered, “Communication should be clear, personal, and include a human element, such as a face-to-face conversation, rather than a cold, automated email. Companies should show gratitude for the contributions and hard work of the individuals being laid off, and offer support and resources to help them transition, and provide ways for them to maintain connection with their work colleagues. It's important to remember that employees drive the success of a company and their well-being should not be overlooked in the pursuit of profit.”
- Liz Dunn Carroll (p/liz-dunn-carroll), Angel Investor at LCDC, LLC, answered, “The best experience I have ever had with a pending layoff is when my boss basically tipped me off to oncoming changes (a month before they happened). She offered to write me referrals on LinkedIn and introduce me to her network for her connections for my next job. I think that the worst thing for a worker is to be surprised by a layoff. Don't be secretive, be transparent.”
- Gregory Heller (p/gregory-heller), MBA Career Management at the University of Washington, answered, “Companies should rethink layoffs completely … A better way to demonstrate that a company values all of its employees would be something more like a compensated furlough with the opportunity to pursue additional education and training, and then re-allocation of these talented and upskilled people into new roles when business conditions change.”
Join the conversations at Inside.com, and we may shout out your name and business! ⭐️
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QUICK HITS - Athletic Brewing is pioneering a non-alcoholic craft beer revolution and donating 2% of sales towards protecting and restoring local trails.*
- Meta announced that its Chief Business Officer, Marne Levine, will depart the company later this year.
- Panel production has reportedly started on Apple's 15.5-inch MacBook Air laptop, which could release in early April, according to display industry analyst Ross Young.
- Opera will integrate ChatGPT into its web browser, starting that an AI feature that automatically summarizes web pages and articles.
- Private equity firm Mercato Partners has closed on a $400M investment fund for high-growth technology companies.
- IBM announced Vela, its AI supercomputer on its public cloud service.
*This is a sponsored post.
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Upcoming Events: - February 13 - Inside Marketing Coffee Break (Register Here)
- February 14 - Inside Startups Coffee Break (Register Here)
- February 16 - Inside Marketing w/ Kate Chernis (Lately) (Register Here)
- March 01 - Webinar on the changing privacy landscape in the US by Vanta and Osano (Register Here) *
- March 02 - AI Quality Workshop: Driving ML Performance and Trustworthiness (Register Here) *
- April 18 - Human Resources Summit'23 (Register Here)
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 |  | Beth is a writer and editor at Inside.com covering artificial intelligence and daily technology news. She has written the Inside AI newsletter since 2019. You can reach her at Beth.Duckett@inside.com. |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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