Amazon’s “Get Paid To Leave” Program

After laying off 10,000 corporate and technology employees earlier this week, Amazon is stepping up its efforts to reduce headcount further. βœ‚οΈ

This time they’re using a “voluntary severance” program to incentivize employees to resign by November 29th. And if they change their mind, they’ll have until December 5th to withdraw their application. How about that for an awkward conversation?

The package includes a “lump-sum” payment of three months’ pay plus one week of salary for every six years with the company. Their insurance will continue through the end of December, and they’ll also receive a weekly stipend for twelve weeks to help offset COBRA premiums. πŸ’°

Meanwhile, a memo from CEO Andy Jassy warned that the company will continue to lay off employees in 2023. However, it won’t know the extent of further cuts until after the company completes its annual operating planning process.

What is clear is that Amazon and other tech giants remain in slim-down mode. And how the holiday-focused fourth quarter shakes out will likely inform its decisions about the year ahead. πŸ“†

China Puts $FUTU’s Future On Hold

Last year, Chinese officials began looking to crack down on mainland clients using offshore trading services. Many believed New York-listed Futu Holdings and UP Fintech Holdings would face regulatory risks because they lack licenses in China. 🚨

Unfortunately for investors, that risk has come to fruition.Β Today, China’s securities regulator banned the companies from opening new accounts with mainland Chinese investors.

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Retailers’ Rocky Start To ’23

As companies and investors alike shake off their holiday slumber, the time for results has come. Earnings season is kicking off on Friday with the banks, but in the meantime, several retailers have already preannounced that their holiday quarter didn’t go as well as they had hoped. πŸ‘Ž

Kicking off the weakness was Lululemon, which told investors at the ICR conference that its Q4 net revenue will be between $2..66 to $2.70 billion. This was marginally higher than its previous guidance, but its higher earnings per share range of $4.22 to $4.27 missed expectations.

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A Vote Of Confidence?

Blackstone shares have been under pressure because of fears around their BREIT Real-Estate Vehicle, which we discussed in December. πŸ“°

For those who aren’t up to speed, the private real estate investment saw redemptions cross their quarterly limit in November as investors worry about real estate values. The uptick in redemption requests caused the fund to limit redemptions, sparking broader fears about the fund’s (and Blackstone’s) overall health.

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Headed For A Bankless Future?

When crypto and fintech enthusiasts talked about a bankless future, we don’t think this is what they meant… πŸ€”

Yesterday Silvergate Capital plunged after hours because it told investors it would shut down its operations and liquidate the bank. This comes just a week after the company filed a notice that it would delay its annual report filing due to business and regulatory challenges. πŸ“°

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