Despite some late-week respite in the stock market on Friday, many tech firms are facing an increasingly tough reality: Interest rates are going up, as are prices, and the economy may be heading for a serious slowdown.
We may be seeing the initial signs of a weakened economy manifest in the once-frothy tech sector, too, as companies start to lay off employees. Among them are online used car retailer Carvana, which cut 2,500 employees last week, roughly 12% of its staff, according to data sourced from Layoffs.fyi, an online tool created by entrepreneur Roger Lee after the onset of
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Cogent Communications told its Russian customers on Friday it has disconnected its high-capacity internet service because of Russia’s invasion of Ukraine and the resulting economic punishment much of the rest of the world has begun. The Washington, DC-based company made the move primarily to protect against possible Russian cyberattacks.
“In light of the unwarranted and unprovoked invasion of
Apps like Uber, Instacart and Postmates initially drew in gig workers with the promise of easy money (pick up a shift on your lunch break!), flexible hours, and unlimited earning potential. The reality, however, is that the apps’ workers face increasing challenges like low wages, scams, and penalties, all of which have been getting worse in recent weeks.
According to a report from Motherboard, Instacart has been temporarily suspending the accounts of Instacart workers who cancel deliveries, even in “no fault” special cases where no one was home or a minor ordered alcohol. Instacart says the suspensions happen when