April 1, 2009

Facebook finance chief Gideon Yu departing

Filed under: Facebook,media,social network,US — DF @ 5:49 pm

Facebook Inc., the closely held Internet company that’s reportedly been seeking a fresh round of financing, is parting ways with Chief Financial Officer Gideon Yu.
Facebook spokesman Larry Yu said Gideon Yu’s departure is unrelated to any effort by the company to raise further funds.

Source: MarketWatch

Update (April 1, 2009): Industry Shocked And Angered By Facebook CFO’s Firing. Gideon didn’t get along with Facebook’s top management. Gideon also had an “increasingly strained relationship” with CEO Mark Zuckerberg “over a series of strategic disagreements over a wide range of issues from increasing ad revenue to fundraising discussions with investors.” Facebook CEO Mark Zuckerberg is quick to push those he disagrees with out of the company. One shared sentiment though is that Mark is a very demanding person to work for, if you screw up, one day you are in, the next day out, persona non grata. Source: CNNMoney reports: “Reportedly, Yu left the company immediately after a meeting, symbolistic of Zuckerberg’s apparent “you’re with me or against me” mentality. But the way Facebook framed the departure is troubling”.. “Zuckerberg needs to learn if he wants to take his company public that investors do not like turmoil. The revolving door of executives at Facebook will make investors uneasy, and reluctant to invest in the company.”

January 23, 2009 lays off 10% of its workforce

Filed under: IT,media,social network,US — 7macaw @ 4:32 pm
Tags: , , ,

The popular social news site, Digg announced on Thursday that it will cut off 10 percent of its 75 person workforce. The San Francisco Company stated that it aims to focus on developing an advertising infrastructure that will help it to get to profitability in 2009.

On the company blog on Thursday, Digg’s Chief executive, Jay Adelson confirmed a “headcount reduction in certain areas”. Jay Adelson wrote that the overall job cuts at the 75-person company will be “microscopic in size”.

Source: TopNews

December 16, 2008

Gaia Online has laid off 36 employees

According to Techcrunch: “Gaia Online, a social network/virtual world hybrid that includes one of the web’s most popular forums, has laid off 36 employees, or around 13% of its staff. Of those laid off, 16 were full time and 20 were contractors.

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