DISNEY LAYOFFS
Disney CEO Bob Iger has announced plans to lay off 7,000 workers as part of a companywide effort to reduce costs. There has been speculation about the cuts since Iger returned as CEO last November to take over from Bob Chapek, who had lost the faith of many shareholders. The entertainment giant has faced multiple economic challenges, and Iger took over with a mandate to shake up the organization. Along those lines, Disney is also restructuring itself into three divisions: Disney Entertainment, ESPN, and a Parks, Experiences and Products unit.
TWITTER GLITCH
Twitter experienced a series of technical glitches on Wednesday that cut some users off from their direct messages and forced others to schedule their tweets to post. CEO Elon Musk soon acknowledged the issues, but was fairly vague about their cause, saying there were "multiple internal & external issues simultaneously." As of Thursday, the problems appear resolved, but the incident has stoked fears that Musk's recent firings have left Twitter without necessary resources.
NETFLIX PASSWORD RULES
Netflix has finally revealed its new password sharing rules, laying the groundwork for the end of an era for many streaming users. The company said more than 100 million households share accounts globally, but many are confused about who can (and cannot) share. Users in Canada, New Zealand, Portugal, and Spain will see changes first. Here's a quick breakdown of how it will work:
BED BATH & BEYOND CLOSURES
Embattled retailer Bed Bath & Beyond has announced it's closing 149 stores just one week after shutting down 87 other locations. The company is teetering on the brink of bankruptcy and is pulling out all the stops to stay solvent, including seeking additional capital and paring down its operations. The chain's total number of stores has fallen from 760 to 360.
