Good morning! This week we’re WFH, just like Microsoft’s employees. Meanwhile, Robinhood’s platform takes the spotlight yet again. Coinbase said goodbye to 60 employees courtesy of its CEO barring political talk. Plus, both Democrats and Republicans said no to Trump’s stimulus offer.

TECH

 

Microsoft To Let Employees WFH Permanently

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Microsoft is finally jumping on the bandwagon and joining the other members of the FAMGA (except good ole Amazon) by introducing a new “hybrid” WFH approach. 

The tech giant now allows its employees to work remotely less than 50% of the time. And for those looking to make the business on top, casual on the bottom ensemble the permanent uniform, they can request approval from their managers to work remotely full time. 

 

The Context

Microsoft is one of the last holdouts with most big tech companies moving towards a WFH future. Google said that the majority of its employees will WFH until 2021. Meanwhile, Twitter went all out and has a blanket WFH policy. 

Looking to twin with Zuckerberg, Microsoft’s new hybrid policy is pretty similar to Facebook’s. And, just like FB, employees can also move to a new location for remote work with salaries adjusted based on geography.

 

FINANCE

 

Robinhood Users Robbed and Had No One To Call

Robinhood

 

If your biggest pet peeve is bad customer support, what’s coming next is going to sound like a total nightmare. Robinhood users watched helplessly as hackers sold their investments and withdrew funds. Since the app has no emergency phone number, the customers were only able to watch as their money vanished. 

Instead of immediate action, the customers received an email saying that the California-based firm would investigate and respond within “a few weeks, and team working on your case won’t be able to provide constant updates.”

 

Money gone, report lodged

Understandably frustrated, the customers turned to authorities including the Securities and Exchange Commission as well the Financial Industry Regulatory Authority. Some of the customers said they have heard back from the authorities seeking for more info. 

The company made it clear that the customers were targeted “because of their personal email account (that which is associated with their Robinhood account) being compromised outside of Robinhood.”

Perhaps, a good time to diversify? 

 

 

BUSINESS

 

Coinbase Says No To Political Chitchat

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No place for an “apolitical culture” in the workplace? Crypto company Coinbase lost about 60 employees who balked at the CEO’s memo barring political activism. 

CEO Brian Armstrong sure has a way with words. Since his memo went out, 5% of his employees had accepted an exit package offered to staffers bothered by the no-politicking policy. The number is likely to grow. 

 

The sequence of the event

Armstrong sent out a memo basically saying no politics at the workplace except when it’s about cryptocurrencies. Many were shocked by the new rule and were concerned that Armstrong was trying to stymie much-needed discourse. 

In late September, Armstrong told his employees that he was offering a generous severance package to those who didn’t like his memo. And, in the most recent update, Armstrong said in a blog post that 5% accepted that offer. 

It’s worth pointing out the oddity of a crypto firm not taking a stance when it comes to politics considering that many were started by those looking to escape government influence by using digital coins.

 

 

POLITICS

 

No Deal On Trump’s Stimulus Offer

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Democrats and Republicans finally agreed on something: Trump’s $1.8 trillion coronavirus stimulus is a no-go. Now, the White House negotiators are calling for a separate vote on small business loans until the deadlock on a broader package is broken. 

 

The details

Here’s what you need to know: 

• The White House’s offer is nearly 2x the original proposal from Republicans but is about $400 billion less than the $2.2 trillion bill Democrats previously passed. 

• Both parties are as unhappy. One thinks that it’s too much (Rep.) and one thinks that it isn’t enough (Dem.). 

• Congress hasn’t passed new aid for months even as the virus ravaged the country and economy. At this rate, the dry spell is likely going to continue. 

As election day is fast approaching, it’s uncertain if Congress will have the time to produce a pandemic relief bill and push it through the Senate

 

APPENDIX

• Hackers united to take down Apple? Not quite. Instead, the group of hackers found 55 flaws in Apple’s system and won a $288,500 bounty. 

• Recession? What recession? The wealth of the world’s billionaires reached a new record high right smack in the middle of the pandemic and global recession as a rebound in tech stocks gave them a boost. 

• Cloud communications PaaS company, Twilio, is buying customer data startup Segment for between $3 and $4 billion. 

• Hotels.com is offering weary voters an escape from the craziness of election week with its offer to “live under a rock.” Perhaps that should be Coinbase’s new HQ.

• The Epic Games vs Apple saga airs its season finale with the judge denying Epic’s request to force Apple to bring Fortnite back to App Store. The saga will be back for season 2 as the two companies go on trial on May 2021.