JD.com plans to cut salaries of 2,000+ senior managers by 10%-20% in 2023, aiming to improve benefits for other staff, amid China’s “common prosperity” drive (Reuters)

Financial Times:
Sources: TikTok slashed its global revenue targets from $12B-$14.5B to ~$10B; employees complain that the company overspent in salaries, social events, and more  —  Fast-growing social platform cuts ambitious goals by 20% as some staff complain of lavish spending

Ryan Browne / CNBC:
Ripple says it is effectively “operating outside of the US” due to its legal fight with the SEC and is seeking a license in Ireland to drive EU expansion  —  – Ripple is expanding its presence in the EU, where it plans to “passport” its services through an entity in Ireland, General Counsel Stuart Alderoty told CNBC.

Bloomberg:
Sources: Elon Musk plans to cut ~3,700 jobs at Twitter, half of the company’s workforce, starting November 4, and reverse its existing work-from-anywhere policy  —  Elon Musk plans to eliminate about 3,700 jobs at Twitter Inc., or half of the social media company’s workforce …

Bloomberg:
Sources: Indonesia’s GoTo Group is planning to cut 1,000+ jobs, more than 10% of its workforce, and curb its costs  —  Indonesia’s largest internet company GoTo Group is planning to cut more than 1,000 jobs as it seeks to trim costs and shore up its finances, according to people familiar with the matter.

Ian King / Bloomberg:
Seagate misses Q1 estimates with $2.04B revenue and plans to cut around 3,000 jobs to reduce costs amid slowing demand; stock drops 9%+ and is down ~50% YTD  —  Seagate Technology Holdings Plc, the biggest maker of computer hard drives, said it’s cutting about 3,000 jobs in a restructuring plan aimed …

Reuters:
SoftBank-backed Indian e-commerce firm Snapdeal drops its $152M IPO plans, after filing in December 2021, amid a tech stock rout  —  SoftBank-backed Indian e-commerce firm Snapdeal has decided to pull the plug on its $152 million IPO, the company told Reuters, making it the latest casualty …