Workday, the human resources software company, saw its value plummet by $40 billion, prompting the return of co-founder Aneel Bhusri as CEO, according to Fortune. Meanwhile, the crypto trading platform BlockFills temporarily suspended customer withdrawals due to the downturn in cryptocurrencies, and Instagram head Adam Mosseri's compensation came under scrutiny during a social media addiction trial. Additionally, some investors predict a shift away from the dollar, with gold potentially becoming the reserve asset.
Bhusri's return to Workday reflects the belief that a founder with a personal stake is best suited to navigate difficult times, as reported by Fortune. His compensation package suggests a bleak investor outlook for software-as-a-service (SaaS) companies. BlockFills' decision to suspend withdrawals, announced in a statement on Wednesday, was made to protect clients and the firm, according to Fortune. Bitcoin has fallen approximately 48% from its all-time high, contributing to the platform's challenges.
Adam Mosseri, who has led Instagram since 2016, testified in a trial against Meta and YouTube regarding social media addiction. He revealed that he earns roughly $900,000 annually, with performance-based bonuses potentially reaching half his salary, and stock-based pay that has been in the tens of millions of dollars in some years, according to multiple outlets covering the trial. The plaintiff, identified as KGM, alleges mental health issues stemming from social media addiction.
The decline of the dollar is another significant development. Gold prices surged past $5,300 per ounce last month, driven by factors including hawkish foreign policy and unsustainable U.S. deficit spending, according to Fortune. Greenlight Capital founder David Einhorn predicts a shift in global reserve assets, with central banks potentially swapping dollars for gold.
In other news, docmaker Grant Gee shifted his focus from rockers to jazzman, and Berlin took notice, according to Variety. Gee's 1998 documentary "Meeting People Is Easy," which followed Radiohead on a world tour, is considered a landmark.
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