UK neobank Monzo hits $5.9B valuation with secondary market sale

Monzo is now valued at $5.9 billion after the U.K.-based challenger bank confirmed a secondary market share sale to provide liquidity for its employees. The transaction, first rumored yesterday, saw existing investors such as Singapore’s sovereign wealth fund (GIC) and StepStone Group procuring additional shares […]

ByteDance lays off hundreds of TikTok employees in shift to AI content moderation

ByteDance’s TikTok is laying off hundreds of employees, mainly in Malaysia, according to Reuters. The cuts come as the social network is increasingly turning to AI for content moderation. Although TikTok did not provide the exact number, it said that less than 500 people were […]