Notable business headlines include Apple laying off contracted recruiters, reports that Elliott Management has sold down its stake in SoftBank and has exited its Twitter stake, and SoftBank-backed Ola planning to launch an EV in 2024.
JULIE HYMAN: Apple reportedly laid off several of its contract-based recruiters over the past week. About 100 recruiters, who were responsible for hiring new employees for Apple, were laid off. The tech giant still retaining recruiters who were full-time employees. And not all of its contractors were let go as part of the move. But all of this does indicate a slowdown is underway in hiring at the company. By the way, they also set a date of September 5 for corporate workers to come back to the office at least three days a week. That return had been much delayed.
Also watching a regulatory filing, the 13 [INAUDIBLE] that we've been watching here showing that Elliott Management exited Twitter during the second quarter soon after Elon Musk announced his plans to buy the social media company. Elliott had owned 10 million shares at the end of the first quarter. No longer own any common stock in Twitter as of June 30. Elliott Management also reportedly offloaded almost its entire stake in Japanese investment giant SoftBank. That move was made earlier in the year amid growing unease at the firm's heavy losses.
And Ola Electric-- that's the EV arm of ride hailing firm Ola-- plans to launch an all-electric vehicle in 2024, as the race in India's EV sector ramps up. The firm also announced plans to develop a so-called full EV hub by expanding the company's future factory at full scale. The CEO said the extended facility could produce a million cars, 10 million two-wheelers, and 100 gigawatt hours of cells each year.