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Lyft confirmed its plans Thursday to lay off 13% of its workforce, equivalent to about 700 employees, as the broader downturn in once high-flying tech companies persists. In a company-wide email obtained by NBC News, Lyft executives said the cuts were necessary as the company becomes "leaner" amid “several challenges playing out across the economy.” “We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up,” the executives said, adding the cuts would occur throughout the company. Lyft is preparing to report its latest quarterly earnings Monday. Despite the layoffs, the company is holding the line on its third quarter and full-year earnings outlook. "We are confident in the overall trajectory of the business," the company said Thursday in a filing. An emerging trend Still, Lyft's announcement adds to the broader trend of hiring freezes and job cuts across the tech industry. Amazon announced Thursday it will pause hir...

In this article TWTR Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 1:22 01:22 Bank of America CEO says he doesn't lose sleep over Musk's Twitter deal Squawk Box Europe The CEO of Bank of America , one of the financiers of Elon Musk's Twitter takeover, doesn&#x27 ;t appear worried about the deal. CNBC reported on Thursday that Musk is now in charge of Twitter. Binance, one of the investors in the deal, told CNBC the acquisition has closed. After Musk first announced plans to buy Twitter in April, he secured equity financing from an array of investors, including technology firms, as well as debt financing from a number of investment banks. One of those was Bank of America. But with the rout in technology stocks this year and investors cautious on risky assets, that debt could be hard to sell on to investors, meaning the banks may have to hold onto the debt. The Wall Street Journal reported Wednesday that the investment banks may hold onto the debt unti...

Elon Musk is now leading Twitter, according to CNBC. Two top Twitter executives, CEO Parag Agrawal and Chief Financial Officer Ned Segal, were also out, CNBC reported. Musk first made his $44 billion offer to acquire the social media platform in April, then sought to pull out of the deal weeks later over concerns about its volume of fake and spam accounts. Twitter ultimately sued Musk for breaching the original agreement, and Musk countersued, alleging fraud. The two sides had been scheduled to meet in a Delaware courtroom this month to settle the dispute before Musk resubmitted his original $44 billion offer, without explanation. Musk could not be reached for comment, but he said in a tweet late Thursday "the bird is freed." In a statement, Twitter said it planned to close the deal at the original agreed-upon price. What happens after Musk gets the keys The deal promises to reshape a major forum for speech online just before the Nov. 8 midterm elections. Musk, from the star...

Sam Bankman-Fried speaks onstage during the first annual Moonlight Gala benefitting CARE - Children With Special Needs at Casa Cipriani on June 23, 2022 in New York City. Craig Barritt | Getty Images Sam Bankman-Fried's crypto conglomerate FTX is in talks with investors to raise up to $1 billion in new funding that would keep the company&#x27 ;s valuation at roughly $32 billion, according to people with knowledge of the discussions. Negotiations are ongoing and the terms could change, said the sources, who asked not to be named because the talks are confidential. Coindesk previously reported on a coming investment at flat valuation, following FTX's last capital raise in January. Existing investors include Singapore's Temasek, SoftBank's Vision Fund 2 and Tiger Global. An FTX spokesperson declined to comment. While its rivals and peers have been pummeled in this year's " crypto winter ," FTX has tried to bill itself as the market consolidator, swooping ...