Keep pulling the thread on Tom Foster.
Meta plans to cut approximately 10% of its workforce to improve efficiency and offset spending on artificial intelligence.
Block, founded by Jack Dorsey, is cutting 4,000 employees, reducing its workforce by nearly half.
The U.S. Federal Reserve announced it would keep interest rates unchanged, citing a stable unemployment rate, low job growth, and elevated inflation.
Mercore co-founder Brendan Foody envisions a future where traditional jobs are replaced by a global marketplace of talent where all work is performed on a gig basis.
Mercore is valued at $10 billion and has raised approximately $500 million in funding.
Mercore's investors include General Catalyst, Benchmark, Peter Thiel, Larry Summers, and Jack Dorsey.
Mercore is facing class-action lawsuits alleging the company misclassifies its workers as contractors instead of employees.
Mercore recently experienced a large data breach where hackers claimed to have exfiltrated as much as four terabytes of data.
The data exposed in the Mercore breach reportedly included both user data and AI training data, according to the hackers.
Following its data breach, at least five lawsuits were filed against Mercore for failing to protect user data.
Meta paused all of its work with Mercore almost immediately after the company's data breach was disclosed.
Meta, Block, Amazon, and Microsoft have all announced plans to downsize their workforces while increasing their focus on AI.