BlackRock’s Rick Rieder Favors Bonds Over Stocks as Treasury Yields Surge 
TSMC Accelerates 2nm Expansion as AI Chip Demand Surges 
Europe’s AI Data Centre Boom Strengthens Case for Nuclear Power 
Goldman Sachs Eyes John Waldron as CEO Successor 
RedotPay Completes Audits as Stablecoin Firm Advances U.S. IPO Plans 
Anthropic Targets $2 Trillion Valuation in Planned IPO 
Binance Expands MarsCoin With Tokenized SpaceX Share Rewards 
Nvidia China Chip Sales Report Sends Chinese Semiconductor Stocks Lower 
Stellar Hits Record 217 TPS as Institutional RWA Activity Surges 
Chainlink Launches CCIP 2.0 With Enhanced Cross-Chain Security 
Oil Prices Rise as Iran Holds Firm on Strait of Hormuz Deal 
Asian Currencies Weaken as Dollar, Oil Prices Rise 
US Stocks Face Jobs, Inflation Test as Fed Rate Hike Bets Rise 
China, US Extend Trade Truce Through January 10 After Trump-Xi Summit 
Asian Stocks Fall as Bond Yields and Oil Prices Surge 
South Korea Exports Set for 16th Monthly Gain on AI Chip Demand 
Hong Kong Home Prices Stabilize in August After July Decline 
Add as a preferred source on Google
Instacart Inc., an American firm that operates a grocery delivery and pick-up service in the United States and Canada through its website and mobile app, is reportedly getting rid of its staff as it moves closer to its initial public offering.
According to Reuters, Instacart is also reducing its hiring and holding down other expenses ahead of its IPO. These moves were shared by people who are familiar with the matter last weekend.
The sources further said that the company got rid of at least three employees already, and they hold senior-level job roles. The firings were said to have been taking place in recent weeks, however, it was clarified that the job cuts do not include the elimination of executives with top management posts.
Instacart also slowed down its hiring, and currently, the job recruitments are on pause for all positions. On top of this, company managers were also instructed by the Instacart bosses to limit spending on team gatherings, company travels, and other areas.
It was in May when it was first reported that Instacart had secretly filed for IPO with the U.S. securities regulator. The news came not long after the company trimmed down its valuation by 40% to about $24 billion after going through market turbulence.
At any rate, Instacart has already fired about 3,000 employees in the last two months. This happened after it held its mid-year performance reviews. The company’s founder Apoorva Mehta is also said to be stepping down as its chairman and exit once it goes public.
Meanwhile, it was reported by the Wall Street Journal that Instacart would focus on the sale of its workers’ shares in its U.S. IPO, and it stated that it has no plans of raising much capital for the firm. It was noted that only a few companies would go public in the present stock market situation, and yet, Instacart is still pushing with its plans.
Axios reported that it may actually work for Instacart because it is a profitable company and already raised about $39 billion valuation in 2021. Moreover, it has $1 billion of cash in the bank.
