Good morning, Austin! We have scanned the internet to bring you today's technology news. Here's what's happening:
AOL cuts jobs as it restructures
AOL will announce layoffs of five percent of its staff today, with 500 employees expected to lose their jobs.
In an interview with Recode, AOL CEO Tim Armstrong said most of the cuts will come in its corporate units, while resources will be shifted more at mobile, video and data offerings going forward.
There are around 6,800 employees working for AOL in total, meaning the layoffs represent around 7 percent of the company.
The cuts aim to streamline the company’s workforce after a period of external growth. Over the last 12 months, AOL acquired Millennial Media and took over most Microsoft’s advertising business. With those deals, AOL added more than 1,500 employees.
LinkedIn is now blocked in Russia
Following a failed attempt at negotiations, Russia’s communications regulator Roskomnadzor has started to enforce a block of LinkedIn in the country.
The move comes after the social network failed to transfer Russian user data to servers located in the country, violating a law instituted in Russia requiring all online sites to store personal data on national servers.
LinkedIn confirmed the block to TechCrunch: “LinkedIn’s vision is to create economic opportunity for the entire global workforce. We are starting to hear from members in Russia that they can no longer access LinkedIn,” said a spokesperson.
“Roskomnadzor’s action to block LinkedIn denies access to the millions of members we have in Russia and the companies that use LinkedIn to grow their businesses.”
Snap's IPO will show how much unicorn founders are worth
Bloomberg takes a look at how Snap co-founders Evan Spiegel and Bobby Murphy will soon learn how much their unicorn billions are worth in the real world.
The closely held business behind image-sharing service Snapchat has confidentially filed for an initial public offering at a target valuation of $20 billion to $25 billion, sources tell Bloomberg. That’s as much as a 40 percent premium over its value on the private market.
If Snap can pull it off, the two partners would become the youngest people on the Bloomberg Billionaires Index with a combined net worth of about $8 billion.
If investors don’t bite, about $31 billion of unicorn wealth held by eight co-founders of Snap, Airbnb Inc., Spotify Ltd., and Uber Inc. could crater.
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