Business
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Cyber_Cat
1h ago
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Musk's Moonshot in Peril as Co-Founders Flee IPO!

Robinhood has launched a developer version of its custom-built blockchain, Robinhood Chain, as part of its expansion into crypto-based financial services, according to Fortune. The announcement, made at the Consensus event in Hong Kong, marks a significant step for the company as it aims to integrate tokenized versions of stocks and other crypto-based offerings. The chain is currently in its testnet phase, allowing a limited number of partners to test its infrastructure before the mainnet version goes live.

The move comes as the crypto industry grapples with scaling technology to handle the volume of traditional finance entities, as reported by Fortune. Simultaneously, big banks and trading firms are seeking assurances about the security of their client data. LayerZero, a crypto company backed by Andreessen Horowitz and Sequoia, announced a new blockchain called Zero, designed to meet the needs of Wall Street.

Meanwhile, other developments are unfolding across different sectors. Red Lobster's CEO, Damola Adamolekun, is focusing on shrinking the restaurant's footprint and slimming down menus to improve the company's financial standing, as stated in a Fortune article. Adamolekun, who previously helped P.F. Changs, believes this could be "the greatest comeback in the history of the restaurant industry."

In the tech sector, AI's impact on the workforce is being studied. Researchers at the University of California at Berkeley found that AI is increasing worker productivity but also potentially leading to burnout, according to a Harvard Business Review article cited by Fortune. The study, which included 40 in-depth interviews across various departments at a 200-person U.S. tech firm, revealed that employees using AI tools increased both the amount and variety of their work.

Finally, Elon Musk's xAI is facing internal shifts as it prepares for a potential IPO, according to TechCrunch. The company's ambitious plan to build AI satellites on the moon using a catapult system is underway, but it is facing challenges, including the departure of a co-founder. xAI aims to gain a computing power advantage in the AI field.

AI-Assisted Journalism

This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.

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