Seeking Alpha’s roundup of statements, announcements, and remarks that could impact the technology sector.
- Verizon (VZ) plans to eliminate around 15,000 jobs, or about 15% of its workforce, as part of its new CEO’s turnaround plan for the telecom giant.
Under the restructuring plan, the company will slash its non-union managerial ranks by over 20%. It will also convert about 180 company-owned Verizon stores into franchises, according to Reuters, which cited a source close to the matter.
- Elon Musk denied a CNBC report that his AI company, xAI (X.AI), was raising $15 billion to fund GPUs for its large language models.
Earlier Thursday, CNBC said the AI company, best known for its Grok chatbot, was valued at around $200 billion before the latest round. The network had previously reported xAI was seeking to raise $10 billion.
Musk, however, called the story “false” in a post on X later Thursday.
Earlier this month, Tesla’s (TSLA) board said it would explore ways the company could invest in xAI (X.AI).
- Tesla (TSLA) is recalling approximately 10,500 of its Powerwall 2 energy storage systems over safety concerns, according to a U.S. Consumer Product Safety Commission recall notice.
“The lithium-ion battery cells in certain Powerwall 2 systems can cause the unit to stop functioning during normal use, which can result in overheating and, in some cases, smoke or flame and can cause death or serious injury due to fire and burn hazards,” according to the notice.