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An anonymous memo at Facebook, a shakeup at WPP, and Robinhood‘s ‘infinite money‘ glitch

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Hello!

We published a bunch of great stories on Facebook, Tesla, WeWork, Walmart‘s Jet, SoftBank-backed startup Fair, and buzzy AI startup UiPath this week, so I want to jump right to it:

Employees have been sharing and discussing an anonymously authored blog post that asserts racism at the company has gotten worse over the last year, and quotes what it says are 12 current and former employees about their experiences, Rob Price reported.

Tesla is starting to abandon for a proprietary customer-relationship-management (CRM) system, three Tesla salespeople told Mark Matousek.

WeWork‘s coding boot camp, Flatiron School, laid off dozens of employees on Thursday as the coworking giant continued to slash costs after its failed initial public offering, Becky Peterson and Meghan Morris reported. Separately, Meghan and Julie Bort reported that insiders say .

Jet, the Walmart-owned e-commerce site, is facing a stream of departures from top leaders, fueling concerns among some employees about the company‘s future, according to Hayley Peterson.

A dozen current and former employees told Meghan Morris that Fair‘s unconstrained growth was its undoing. It hired people it didn‘t have jobs for and bought millions of dollars in inventory it lost track of as it burned through funding, they said.

was burning cash faster than expected and its revenue growth, although robust, was below its internal targets when the company launched a plan – dubbed Project Dawn – to slash hundreds of jobs and dramatically reduce costs, according to a presentation reviewed by Ben Pimentel.

WPP‘s shakeup

Mark Read, the CEO of WPP, the world‘s biggest ad holding company, is shaking things up as he looks to get the company back to growth. This week:

  • Tim Castree, North American CEO of WPP‘s GroupM, . Sources with knowledge of the matter told Patrick Coffee that the company‘s need to grow in its crucial region, North America, played a role in Castree‘s exit.
  • Patrick also reported that WPP would continue its year-old restructuring spree this week by absorbing three agencies into the Wunderman Thompson organization that was .

The changes come as WPP looks to tackle headwinds caused by client budget cuts and a large-scale shift away from traditional advertising channels.

In conversation

  • Dakin Campbell talked to Atte Lahtiranta, Goldman Sachs‘ new chief technology officer. He shared his strategy for attracting outside developers to work more closely with the bank, giving a .
  • Julie Bort talked to Amazon CTO Werner Vogels, who revealed he almost blew the company off when it
  • Melia Russell talked to Sean Knapp, the founder and CEO of Ascend, a startup that came out of stealth mode in July. He shared
  • Jeremy Berke talked to Peter Barsoom, the CEO of 1906, a Colorado-based cannabis-edibles brand. He walked through .
  • Shana Lebowitz talked to Dane Holmes, Goldman Sachs‘ outgoing talent chief. He shared the three questions he asks himself before taking any new role – .
  • Rachel Premack talked to Ken Braunbach, VP of inbound transportation at Walmart, about everything from increasing sustainability .
  • Lydia Ramsey talked to CVS Health CEO Larry Merlo about the company‘s HealthHubs, its bet that
  • Joe Williams talked to Leigh Radford, who heads Procter & Gamble Ventures. She explained why she rents out a movie theater for her team .

Finance and Investing

Robinhood restricted the accounts of users exploiting an , and a leaked letter sent to one terminated trader revealed how the company announced .

Fintechs have had a relatively easy time raising money thanks to a with cash to spend. But the most recent round raised by Perry Rahbar for his fintech dv01 might take the cake.

Tech, Media, Telecoms

When Dallaire to be CRO of Instacart, Amazon lost a big name behind its growing but still nascent advertising business.

In October, the two dominant content recommendation companies Outbrain and Taboola announced plans to .

Healthcare, Retail, Transportation

Tech giants like Google‘s parent company Alphabet and Microsoft have taken their time figuring out how to approach the massive $3.5 trillion US healthcare industry.

The US population is aging rapidly and startups are looking to create new ways of helping to care for the elderly.

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