Payward, the parent company of cryptocurrency exchange Kraken, has acquired the embedded wallet business from Magic Labs, which is simultaneously undergoing a restructuring and rebranding to Newton Labs.
Microsoft announced layoffs of 4,800 employees (2.1% of workforce), with Xbox bearing the brunt at 3,200 jobs (20% of division). The gaming unit will also divest four to five studios as part of a major reorganization.
Coinbase announced it will eliminate approximately 700 positions, representing 14% of its global workforce, as CEO Brian Armstrong restructures the company around AI-driven operations and cost reduction. The move will cost $50-60 million in restructuring charges.
OpenAI disclosed in a new court filing that Elon Musk attempted to reach a settlement just two days before their trial commenced last week, as testimony from Musk and OpenAI co-founder Greg Brockman produced contentious exchanges over the company's restructuring.
Meta is preparing to cut approximately 8,000 jobs on May 20, with a second wave planned later in 2026, potentially eliminating over 20% of its workforce. The cuts are aimed at offsetting massive AI infrastructure spending as the company shifts resources from headcount to compute.
