Rackspace, which is facing pressure from competitors as its tries to stabilize and grow its own cloud computing business, is cutting about 6% of its US workforce, as well as a number of positions overseas. The news comes from a February 7 blog post by CEO Taylor Rhodes, who recently oversaw Rackspace’s $4.3 billion transition from a public to a private company.
Category: US Securities and Exchange Commission
Snap Pays $2B for Google Cloud Services
When Snap Inc. , the parent company of social media app Snapchat, filed its IPO paperwork with the US Securities and Exchange Commission on Feb. 2, the company unveiled a number of new details about its inner workings, including how it uses cloud computing to support its business. Specifically, Snap is paying Google and its Google Cloud Platform $2 billion over the course of the next five years for a variety of services, including storage, compute power and bandwidth.
US-based Fidelity marks down value of India’s e-commerce giant Flipkart
Jan 26 U.S.-based mutual fund Fidelity Rutland Square Trust II has marked down the value of its holding in Indian e-commerce firm Flipkart Online Services Pvt Ltd by around 36 percent. Fidelity, in a filing with the U.S. Securities and Exchange Commission dated Jan. 24, logged the price of its holding as $52.13 per share as of Nov. 30, from $81.55 at the end of August.
Yahoo To Be Altaba after Buyout
In a pair of documents filed with the U.S. Securities and Exchange Commission yesterday, Yahoo revealed that CEO Marissa Mayer will resign after core parts of her company are acquired by Verizon as expected sometime early this year. The unacquired pieces of Yahoo’s business will be renamed “Altaba” after the deal is completed, according to the filings.
U.S. accuses Chinese citizens of hacking law firms, insider trading
Three Chinese citizens have been criminally charged in the United States with trading on confidential corporate information obtained by hacking into networks and servers of law firms working on mergers, U.S. prosecutors said on Tuesday. Iat Hong of Macau, Bo Zheng of Changsha, China, and Chin Hung of Macau were charged in an indictment filed in Manhattan federal court with conspiracy, insider trading, wire fraud and computer intrusion.