Zoe Thomas: Amazon stock is down about 45% for the year-to-date. That business based on documents that we have has lost more than 5 billion annually in some recent years. The company's moving to cut unprofitable divisions like robotics, and they're really taking a look at the devices business, which includes Alexa. And based on sources that we've talked to, CEO Andy Jassy has started a large review of expenses and is really making a big profit push. Demand hasn't been as strong this year for Amazon as in previous years, so it is moving to cut cost. Sebastian Herrera: Amazon, after two years of big growth, has had a year this year of net income losses. Our reporter, Sebastian Herrera helped break the story. The e-commerce giant has been experiencing a slowdown in its core retail business while trying to manage the cost of its logistics network, which it expanded rapidly during the pandemic. We report exclusively, Amazon has launched a cost cutting review. On today's show, our crypto reporter, Vicky Huang, joins us to discuss the latest in the ongoing saga at FTX and the trouble it could spell for the wider crypto sector. But the impact of the latest and largest liquidity crisis in crypto is likely to have massive impacts on investors across the industry. Sam Bankman-Fried, the founder of FTX, has apologized on Twitter for the financial turmoil that's engulfed that cryptocurrency exchange this week. One of crypto's biggest cheerleaders and champions says he should have done better. I'm Zoe Thomas for the Wall Street Journal. Zoe Thomas: This is your Tech News Briefing for Friday, November 11th. This version may not be in its final form and may be updated. Users who have insufficient Ether to pay the transaction fees required to transfer Community Points will be directed to FTX Pay to top up their wallets.Ĭommunity Points will first be made available on the Fortnite videogame subreddit, along with the cryptocurrency subreddit, according to FTX.This transcript was prepared by a transcription service. In addition to Nova, Reddit has partnered with crypto exchange FTX. Layer 2 blockchains like Arbitrum and Optimism are meant to address the shortcomings of Ethereum, such as expensive transaction fees and network congestion. “Nova is the ideal chain for projects with cost-sensitive and high transaction volume expectations,” Offchain Labs said in a news release, “including games that frequently mint new items and currency, or social projects with different levers for on-chain interactions.” Reddit, the popular social media platform with 400M monthly users and hundreds of thousands of topic-specific communities known as “subreddits,” will enable its communities to issue Ethereum-based tokens known as Community Points.īy setting rules that determine how its Community Points are allocated, a subreddit can encourage engagement and create polls that give added weight to dedicated, long-term users, according to the social media giant.Īccording to Offchain Labs, the company building Arbitrum, Reddit selected Arbitrum Nova as its partner after it bested other Ethereum L2s in a competition titled “ The Great Reddit Scaling Bake-Off.” Arbitrum Nova, a Layer 2 blockchain that aims to improve the gaming and social media experience on Ethereum, debuted Tuesday alongside Reddit’s Community Points program.
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