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Hi there,
One of my friends from an Indian blue-chip company recently got laid off. Some of the reasons given to her were the economic downturn and an internal restructuring.
While layoffs in a bear market can be a tough challenge, Singapore-based crypto firm Cake Group has an even tougher situation – it announced its own set of job cuts amid a rift between its two co-founders.
In this week’s first big story, Scott’s follow-up piece on Cake Group reveals that it let go of another 30% of its staff, bringing its headcount to 122.
Besides this, he uncovered a disagreement between co-founders Julian Hosp and U-Zyn Chua. One of them is opposed to the layoffs, and an internal email reveals that the decision could be legally challenged.
In our second big story, my colleague Collin explores the pivotal role played by Singapore state-owned investment firm Temasek. Today, it has 49 companies with 15 startups launched – a far cry from three years ago, when it only had nine companies under its wing.
Meanwhile, in this week’s AI Odyssey, Collin raises questions surrounding OpenAI’s surprising move to oust its co-founder and CEO Sam Altman.
— Deepti
THE BIG STORIES
1️⃣ Cake Group cuts staff by 30% amid rift between co-founders
Image credit: Made by Tech in Asia using Midjourney
One of the crypto firm’s co-founders is opposed to the layoffs.
2️⃣Mapping Temasek’s role in the startup space (updated)
AI ODYSSEY
FYI
NEWS YOU SHOULD KNOW
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