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More Twitter mishaps, Meta cuts 11,000 jobs, FTX files for bankruptcy, and more business news ICYMI

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Why the tech giant is laying off 11,000 employees.

Check out this week's Business Briefs, an encompassing look at top business news this week from the Associated Press, with a special spotlight on national business and the economy.

Cesspool or civility? Elon Musk's Twitter at a crossroads

The discourse was never all that civil on Twitter. The loudest voices often drown out softer and more nuanced takes — after all, it’s much easier to rage-tweet at a perceived enemy than to try to find common ground, whether the argument is about transgender kids or baseball. While some amount of chaos is expected after a corporate takeover, Elon Musk’s murky plans for Twitter — especially around misinformation and hate speech — are raising alarms about where one of the world’s most high-profile information ecosystems is headed. All that seems certain is that for now, at least, as Elon Musk goes, so goes Twitter.

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Adidas appoints boss of rival Puma as CEO after Ye fallout

BERLIN (AP) — Adidas has appointed Puma CEO Bjørn Gulden as its new chief executive. He will take over in January as the German sportswear brand weathers the fallout from its split with the rapper formerly known as Kanye West. The departure of Kasper Rorsted, Adidas’ CEO since 2016, was announced in August. The company said Tuesday that he and the supervisory board “mutually agreed” he will leave the company Friday. The chief financial officer will head Adidas until the end of the year. The company ended a partnership with Ye last month after mounting outcry over the rapper’s offensive and antisemitic remarks. Adidas is expected to take a hit of up to 250 million euros this year from the decision.

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Facebook parent Meta cuts 11,000 jobs, 13% of workforce

Facebook parent Meta is laying off 13% of its employees as it contends with faltering revenue and broader tech industry woes. The move that comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter. An economic slowdown and a grim outlook for online advertising have contributed to Meta’s woes.

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US consumer inflation eased to 7.7% over past 12 months

WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September. The year-over-year increase, a slowdown from 8.2% in September, was the smallest rise since January. A measure called core inflation, which excludes volatile food and energy, rose 6.3% in the past 12 months and 0.3% from September. The numbers were all lower than economists had expected, and they raised the possibility that the Federal Reserve could decide to slow its interest rate hikes.

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Crypto exchange giant FTX collapses, files for bankruptcy

NEW YORK (AP) — Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week. FTX Trading said its CEO and founder Sam Bankman-Fried has resigned. FTX, an affiliated hedge fund Alameda Research, and dozens of other companies filed a bankruptcy petition in Delaware on Friday morning. FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run, but the deal fell through. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.

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