Twitter lays off more than 300 workers
Twitter is laying off up to 336 employees, signaling CEO Jack Dorsey's resolve to slash costs while the company struggles to make money. The cutbacks could equate to about 8 percent of Twitter's workforce of 4,100 people. The purge comes two weeks after Twitter brought back one of its co-founders as permanent CEO in hopes that Dorsey would be able to resolve problems that have slowed user growth at the messaging service and compounded an uninterrupted cycle of financial losses. Cutting costs can boost profits but at Twitter, it has also raises uncertainty about the future, the company's pursuit of faster growth and its ability to attract a bigger audience.
Snapchat making Snap Channel disappear
Disappearing messaging platform Snapchat is winding down its own channel for original content called Snap Channel, with layoffs potentially affecting about a dozen people, although they could be rehired in other roles. The Los Angeles-based company closed the channel at the end of last month and subsequently decided not to reopen it. While the app gained popularity because of its disappearing messages, the company also made a foray into providing news content with the launch of its Discover platform in January. That section of the app serves up content from publishers like Comedy Central, National Geographic and CNN, interspersed with ads.
Condé Nast acquires Pitchfork Media
Condé Nast Inc., the publisher of Vogue, Vanity Fair and the New Yorker, has acquired Pitchfork Media Inc., which owns a popular music website that appeals to millennial male readers coveted by advertisers. Terms of the deal weren't disclosed. The acquisition of Pitchfork expands Condé Nast's network of digital-media properties with a website known for bringing indie-rock journalism to a young audience. Pitchfork.com attracts more than 6 million monthly users, mostly 18-to-25-year-old males, according to its website. Condé Nast, has increased its digital audience from 17.2 million to more than 84 million monthly users in the past five years, the company said in the statement.
Union warns of air traffic control shortage
A chronic shortage of controllers has reached a crisis that will lead to widespread flight delays if left unchecked, officials for the union that represents air traffic controllers said. The Federal Aviation Administration has failed to meet its hiring goals for controllers for five consecutive years, leaving the number of air traffic controllers at its lowest level in 27 years at a time when air traffic is increasing, National Air Traffic Controllers Association officials said at a news conference. The number of "certified professional controllers" has declined 10 percent below the recent peak of 11,753 in September 2012 to 10,859 as of Aug. 22 of this year, the union said. FAA officials didn't immediately reply to a request for comment.
Starbucks delivers in Empire State Building
Starbucks started offering delivery within the Empire State Building, giving office workers in the skyscraper the option of paying a $2 fee to avoid making a trip to the lobby. The Seattle-based coffee chain said 12,000 employees who work in the New York City building are able to place orders on a designated website, and have their food and drinks delivered within a half-hour. The orders will be delivered to a drop-off area, such as the office's reception desk. Starbucks said the service is in line with its push to make its offerings increasingly convenient.
Fortress closing hedge fund after decline
Fortress Investment Group is closing a major hedge fund and parting ways with the money manager who ran it amid the turmoil that has roiled financial markets around the world. The Fortress Macro Fund will close by the end of the year after suffering a sharp decline in value. Regulatory filings show the fund had declined by 17.5 percent through the first nine months of this year. Fund manager Michael Novogratz, Fortress principal, will retire by the end of the year. Novogratz called the past two years "extremely challenging."