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.
Bambu Ventures's Kyle Pretsch dives into Lemonaid’s $10M buyout, down from 23andMe’s $400M price tag, and what’s next after Chrome Co.’s dramatic pivot.
Former Cisco Systems CEO John Chambers learned all about technology’s volatile highs and lows as a veteran of the internet’s early boom days during the late 1990s and the ensuing meltdown that followed the mania. And now he is seeing potential signs of the cycle repeating with another transformative technology in artificial intelligence. Chambers is trying take some of the lessons he learned while riding a wave that turned Cisco into the world's most valuable company in 2000 before a crash hammered its stock price and apply them as an investor in AI startups. He recently discussed AI's promise and perils during an interview with The Associated Press.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.
