Plus, Amazon launches sub-$20 section. And chip maker AMD lays off over 1,000 workers. James Rundle hosts.
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[00:00:31] Here's your TMB Tech Minute for Wednesday, November the 13th. I'm James Rundle for The Wall Street Journal.
[00:00:37] We're exclusively reporting that Elon Musk's ex has named Mahmoud Reza Bankey as its Chief Financial Officer. Bankey was an executive at streaming company Tubi before he joined X in November.
[00:00:49] That's according to his LinkedIn profile and a person familiar with his hiring. He is the first known CFO for the company in the two years since Musk acquired the social media giant.
[00:00:59] Bankey was pardoned by former President Donald Trump in a case connected to 2010 charges for making false statements. He was also charged at the time with violating sanctions against Iran, but those charges were later overturned on appeal. Bankey and ex didn't respond to requests for comment.
[00:01:16] Meanwhile, Amazon is launching a new section on its app focusing on low-cost products as it looks to fend off competition from Chinese online retailers Temu and Shein.
[00:01:25] Amazon said all products in its new section, named Hall, will be priced at $20 or less, with the majority around $10.
[00:01:34] Items ordered through Hall will take up to one to two weeks for delivery, the company said.
[00:01:38] And chipmaker Advanced Micro Devices said it will lay off around 4% of its global workforce as it realigns the business to focus on chips for artificial intelligence and data centers.
[00:01:49] The layoffs would affect just over 1,000 employees.
[00:01:52] For a deeper dive into what's happening in tech, check out Thursday's Tech News Briefing podcast.
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