PayPal to Lay Off 20-25% of Israeli Workforce
Translated & summarized from TheMarker by baba
PayPal is laying off 20% to 25% of its employees in Israel. The article also includes various other unrelated business and financial news items from Israel.
The story in 5 lines · by baba
- PayPal is reducing its Israeli workforce by 20-25%.
- Several Israeli startups have recently secured significant funding.
- Microsoft's R&D center manager is leaving after 13 years.
- The dollar has reached six 30-year highs against the shekel.
- A luxury apartment near the Western Wall is listed for 50 million shekels.
PayPal is implementing significant workforce reductions in Israel, with plans to lay off between 20% and 25% of its employees in the country. The exact number of affected employees was not immediately specified, but the move signals a substantial cut to the company's operations in the region.
The article also touches upon several other unrelated business and financial news items. These include the successful funding rounds of Israeli startups, with one startup founded by Avigdor Wilentz announcing a large funding round at a $1.6 billion valuation, and another Israeli company, Wondrful, raising $550 million at a $5 billion valuation. Aitan, a company developing drone and robot control systems, secured $41 million in funding.
Additionally, the departure of Microsoft's R&D center manager after 13 years is noted. The article briefly mentions investment opportunities in Poland, a guide for Israelis on the S&P 500 index, and how a bank index ETF functions. It also highlights recent fluctuations in the dollar-shekel exchange rate, with the dollar reaching six 30-year highs against the shekel. Other items include a luxury apartment near the Western Wall listed for 50 million shekels, a report on guests of Omer Adam including a businessman suspected of bribery, a lawsuit by 38 apartment buyers in Netanya claiming they were misled, and a critique of a math and computer science unit as a waste of time. Finally, it mentions an app used by 99% of Israelis that, when blocked, caused significant disruption to users' lives.
