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News on Medial
Clensta CEO denies writing financial mismanagement post, claims LinkedIn page hack
YourStory
·
9m ago
Medial
The LinkedIn page of personal care startup Clensta was allegedly compromised, with a post appearing on October 14, 2024, that accused the company's founder, Puneet Gupta, of financial mismanagement. Gupta later claimed that the post was false and unauthorized, suggesting that a team member with access to the company's credentials was responsible. Clensta, known for its waterless personal care products, is reportedly in talks to raise $10 million in a Series B funding round, with actress Parineeti Chopra and Amazon expected to be involved. The company has yet to provide an official statement on the matter.
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Microsoft is making lots of money from LinkedIn Premium — and users like its AI tools
Business Insider
·
1y ago
Medial
LinkedIn reported that it generated $1.7 billion in revenue from premium subscriptions in 2023. The platform's premium subscriber base increased by 25% YoY, driven by the usage of its AI tools. Over 70% of premium users utilize AI tools for post writing, comments, and profile recommendations, while 90% find the AI-powered job experience useful. LinkedIn's parent company, Microsoft, disclosed a 9% revenue growth in the last quarter for LinkedIn, without providing specific revenue figures since its acquisition in 2016. LinkedIn also announced that more AI features are in the pipeline.
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FTX’s Ryan Salame posts about 7.5 years jail term on LinkedIn, updates his ‘job’ and ‘experience’ on site | Mint
Livemint
·
10m ago
Medial
- Ryan Salame, former FTX co-CEO, updated his LinkedIn profile ahead of his seven and a half year prison term. - Salame was convicted for campaign-finance law violations while working at FTX, a fraudulent cryptocurrency exchange. - He is scheduled to report to a federal correctional institution in Maryland on October 11. - Salame pleaded guilty to evading US banking laws and participating in a straw donor scheme for Sam Bankman-Fried, the founder of FTX. - He claimed that he entered the plea to protect his wife from prosecution, but the Manhattan US Attorney's Office denies these claims.
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Original investors file EOW complaint over financial irregularities at GoMechanic
Economic Times
·
1y ago
Medial
This development comes seven months after Gurugram-based GoMechanics founders admitted to financial misreporting in a LinkedIn post. Orios Ventures managing partner Rehan Yar Khan confirmed the development to ET.
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Section of Akasa Air pilots flags concerns over unfair practices; airline terms allegations untrue
Livemint
·
7m ago
Medial
A group of pilots from Akasa Air has raised concerns about training and safety issues at the airline and has sought intervention from the civil aviation ministry. The pilots claim that 84 pilots have resigned with one-day notice due to alleged mismanagement. However, Akasa Air denies these allegations and states that the claims are baseless and untrue. The airline also highlights that their employee survey consistently shows high levels of job satisfaction among pilots. Previously, the Directorate General of Civil Aviation (DGCA) had fined Akasa Air ₹30 lakh for lapses in crew training.
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After receiving flak for 'laying off' employees under work stress, YesMadam claims no one was fired
YourStory
·
8m ago
Medial
YesMadam, a services marketplace, denies firing employees for being stressed at work after a LinkedIn post went viral. The post shared a screenshot of an email from the company's HR manager stating that employees who reported high stress levels in an internal survey would be let go. YesMadam clarified that employees were given a break to rest and recharge, and announced the launch of a corporate program called 'Happy 2 Heal', offering head massages and spa sessions at the workplace. The company will also introduce a 'De-Stress Leave' policy with six paid leave days annually and complimentary spa sessions at home.
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Byju's investors demand EGM to remove founder and family members - StartupNews.fyi
Startup News FYI
·
1y ago
Medial
Investors holding over 30% stake in Byju's are calling for an extraordinary general meeting (EGM) to remove founder and CEO Byju Raveendran and his family members due to alleged mismanagement. The reasons listed in the EGM notice include financial mismanagement, failure to enforce legal rights, and compliance issues. Additionally, there are concerns about unresolved term loans and delayed audits. The investor group is seeking the appointment of an interim CEO and reconfiguration of the board after the removal of the current management.
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Byju's founder Raveendran faces reckoning as startup implodes
VCCircle
·
1y ago
Medial
Byju's founder, Byju Raveendran, is facing a significant challenge as his education-technology startup, once valued at $22 billion, has seen a drastic drop in valuation to below $2 billion. Raveendran has lost control of the company due to alleged financial mismanagement and compliance issues, and a tribunal has initiated an insolvency process. Raveendran denies the allegations and argues that the company is solvent. The outcome of the insolvency process will determine the fate of India's biggest startup and its 27,000 employees.
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Byju's shareholders to vote on resolution to ouster CEO, family on Friday
Economic Times
·
1y ago
Medial
Shareholders of Indian edtech startup Byju's are voting on a resolution to remove founder and CEO Byju Raveendran and his family from the company. The vote outcome will be decided on March 13, pending a court hearing challenging the move. The EGM notice cites allegations of mismanagement, failures, financial mismanagement, erosion of value, and concealment of information. Byju's has faced setbacks recently, including financial strain after the pandemic, an auditor's resignation, bankruptcy proceedings, and a US lawsuit. Raveendran has expressed a commitment to transparency and board restructuring to address investor concerns.
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ETtech Explainer: What to know about Byju’s boardroom battle and shareholder resolutions
Economic Times
·
1y ago
Medial
At an extraordinary general meeting (EGM), Byju's shareholders voted to remove founder Byju Raveendran as CEO and restructure the board. The resolutions passed by the shareholders addressed governance, financial mismanagement, and compliance issues. Shareholders called for a new board composition and change in leadership. However, Byju's claims the resolutions are invalid due to lack of necessary quorum. The matter will be heard by the Karnataka High Court on March 13. Additionally, investors have filed a petition in the National Company Law Tribunal to block a $200-million rights issue, alleging lack of transparency.
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India startup's CEO says Co-founder has bed 3ft away, codes till 2am; criticised
Inshorts
·
10m ago
Medial
Vaani Research's CEO Tushar S, in a LinkedIn post, said his AI startup's Co-founder Abhinash Khare has his bed three feet away from his computer systems and begins coding "as soon as he wakes up". "No water, no morning routine - straight to work," Tushar said. Reacting to his post, users said, "This is new way of praising toxic culture."
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