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Hello reader,
You know how people say parents should present a united front when parenting?
I feel the same applies to the leadership team of a company. While there may be disagreements on how things should be done or where the company’s focus is, at the end of the day, when executives go to their employees with a decision, they should be aligned and united in what they want to do.
When that doesn’t happen, it creates a lot of uncertainty. In today’s premium story, we look at a crypto company that laid off staff even though the founders weren’t aligned on the move.
Today we look at:
- Cake Group’s layoffs and more
- A robotics startup working under the sea
- Other newsy highlights such as HSBC’s partnership with Antler and JD.com’s Q3 2023 numbers
Premium summary
Not a piece of cake
Image credit: Timmy Loen
Cake Group, the parent firm of Singapore-based crypto investment platform Bake.io, has cut its staff by 30%. This comes amid a rift between co-founders Julian Hosp and U-Zyn Chua.
- Focus first: According to Hosp, the move will allow Cake Group to refocus on Bake, its core business. The firm will restructure its verticals and bring the team down to approximately 122 team members.
- More than disagreements: Insiders have shared that a rift between Chua and Hosp has been growing due to disagreements over closing down departments that were not generating revenue. Chua confirmed that he was opposed to the layoffs, adding that Hosp had kept him out of the loop and unilaterally carried out the cuts. Hosp responded by saying that the retrenchment plan was not subject to board approval and was a decision that belonged to the CEO.
- Cause and effect: The layoffs were attributed to Cake Group’s growing operating costs and the firm underestimating the impact of the crypto winter. However, the company remains positive about its future, saying that its runway is “solid,” recurring monthly revenue is “good,” and it has “an innovation agenda.”
Read more: Cake Group cuts staff by 30% amid rift between co-founders
Startup spotlight
Under the sea
By popular demand – RFM returns to HCMC!
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