Highlights

  • X, spearheaded by Google co-founders Larry Page and Sergey Brin, has been recognized for its ambitious projects
  • X has faced challenges in translating these speculative ventures into profitable businesses

Latest news

Surge in tech adoption paves way for female workforce growth in automotive manufacturing

Surge in tech adoption paves way for female workforce growth in automotive manufacturing

Another TMC leader arrested on land grab charges in Sandeshkhali

Another TMC leader arrested on land grab charges in Sandeshkhali

SAG Awards 2024 mourns Lee Sun Gyun's demise: 'We lost an extraordinary actor...'

SAG Awards 2024 mourns Lee Sun Gyun's demise: 'We lost an extraordinary actor...'

Xiaomi 14 and 14 Ultra launched globally: Snapdragon 8 Gen 3 power, Leica cameras

Xiaomi 14 and 14 Ultra launched globally: Snapdragon 8 Gen 3 power, Leica cameras

Yashasvi Jaiswal equals Virat Kohli's record for most runs in a Test series | IND vs ENG

Yashasvi Jaiswal equals Virat Kohli's record for most runs in a Test series | IND vs ENG

Why was Nitasha Kaul, Kashmiri Pandit professor in UK, denied entry to India?

Why was Nitasha Kaul, Kashmiri Pandit professor in UK, denied entry to India?

Yami Gautam starrer ‘Article 370’ banned in all Gulf countries; know why

Yami Gautam starrer ‘Article 370’ banned in all Gulf countries; know why

Adani Group and Uber hint at potential collaborations in India

Adani Group and Uber hint at potential collaborations in India

Alphabet's Moonshot X Lab initiates layoffs, shifts to external investors for funding

As a component of this restructuring initiative, X is laying off numerous employees, with a primary focus on those in support roles. Alphabet has not officially commented on the layoffs.

Alphabet's Moonshot X Lab initiates layoffs, shifts to external investors for funding

Alphabet Inc.'s Moonshot X Lab, renowned for its innovative projects, is undergoing a significant transformation that includes layoffs as it turns to external investors for financial support. The division, known as X, has been engaging in discussions with venture capitalists and other investors to secure funding for its ventures. This shift is part of a broader restructuring plan aimed at enabling X's projects to emerge as independent startups with support from Alphabet and external backers.

Astro Teller, the leader of the lab, shared details of the changes with staff in an email, stating, "We're expanding our approach to focus on spinning out more projects as independent companies funded through market-based capital." Teller emphasized collaboration with a broader base of industry and financial partners, underscoring the need for lean teams and capital efficiency.

As part of this restructuring, X is letting go of dozens of employees, primarily those in support roles. The layoffs have not been officially addressed by Alphabet.

X, spearheaded by Google co-founders Larry Page and Sergey Brin, has been recognized for its ambitious projects, ranging from self-driving cars to high-altitude balloons providing internet connectivity to remote areas. However, the lab has faced challenges in translating these speculative ventures into profitable businesses, leading to the necessity for a strategic shift.

Alphabet's CFO, Ruth Porat, who is taking on the role of president and chief investment officer, will now oversee divisions that include X, aiming to instill greater financial discipline. The move to seek external funding and the subsequent layoffs reflect a dynamic shift in X's strategy to navigate industry-wide challenges, particularly in the realm of innovation.

In addition to exploring venture capital, X has sought funding from family offices, sovereign wealth funds, private equity firms, and strategic investors aligned with the industries targeted by its moonshot projects. Amid layoffs and budget cuts in Silicon Valley's innovation labs, X's restructuring underscores a proactive approach to address the evolving landscape.

"This approach will give us more opportunity to focus on what Xers do best: inventing breakthrough technologies to help solve some of the world's most pressing challenges," noted Teller in the staff communication. "Because the world needs moonshots more now than ever."

Also Watch: Google layoffs: Unhappy over mass layoffs, Google employees plan protests


Up Next

Alphabet's Moonshot X Lab initiates layoffs, shifts to external investors for funding

Alphabet's Moonshot X Lab initiates layoffs, shifts to external investors for funding

Surge in tech adoption paves way for female workforce growth in automotive manufacturing

Surge in tech adoption paves way for female workforce growth in automotive manufacturing

Adani Group and Uber hint at potential collaborations in India

Adani Group and Uber hint at potential collaborations in India

Gold, Silver Price Today February 26, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 26, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

 Latest NSSO consumer survey indicates poverty down to 5 per cent: NITI Aayog CEO

Latest NSSO consumer survey indicates poverty down to 5 per cent: NITI Aayog CEO

Gold, Silver Price Today February 23, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 23, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

More videos

Registration for DDA luxury house begins; check details here

Registration for DDA luxury house begins; check details here

Government aims for record road construction in FY24

Government aims for record road construction in FY24

Investors oust Raveendran; Byju's calls decision invalid

Investors oust Raveendran; Byju's calls decision invalid

Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

Indian semi-conductor stocks rally after Nvidia's record gain

Indian semi-conductor stocks rally after Nvidia's record gain

Kia announces voluntary recall of over 4,300 Seltos cars in India

Kia announces voluntary recall of over 4,300 Seltos cars in India

Maharashtra FDA cracks down on McDonald's for using cheese substitutes

Maharashtra FDA cracks down on McDonald's for using cheese substitutes

Byju's investors file oppression, mismanagement suit against co-founder Raveendran at NCLT

Byju's investors file oppression, mismanagement suit against co-founder Raveendran at NCLT

Yulu raises $19.25 million from Magna, Bajaj Auto to fuel expansion plans

Yulu raises $19.25 million from Magna, Bajaj Auto to fuel expansion plans

Paytm app downloads plummet after RBI restrictions; BHIM UPI sees 49% surge

Paytm app downloads plummet after RBI restrictions; BHIM UPI sees 49% surge

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.