Plus: Shares of Swedish autonomous truck company Einride surge in its Nasdaq debut. And Southeast Asia’s largest online-shopping platform Shopee cuts jobs. Julie Chang hosts.
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[00:00:01] Attention all passengers, the Uber ride for Jeff's rugby team will depart in five minutes from platform 15. Your ride comes with six toilets and a refreshments carriage that you'll empty within five minutes. Thank you for booking your tickets on Uber. Trains on Uber Here's your afternoon TNB Tech Minute for Wednesday, June 10. I'm Julie Chang for The Wall Street Journal.
[00:00:29] Trump Media and Technology says it's no longer trying to spin off Truth Social. After Trump Media announced in December a plan to combine with nuclear fusion firm TAE Technologies, executives said they were trying to split assets, including the business's social media arm, into a separate company through a SPAC deal. Trump Media said it still hopes to complete the TAE merger this year, but that the parties have decided not to continue pursuing the spin-off of Truth Social at this time.
[00:00:59] Trump Media shares are down roughly 38% this year. Its stock slipped over 2% today. Shares of Swedish autonomous truck company Enride have surged nearly 60% in its NASDAQ debut today. Last week, shareholders approved a merger with a US SPAC in a transaction that valued Enride's equity at $1.35 billion before proceeds from the deal. Enride develops electric self-driving freight vehicles and software platforms.
[00:01:28] It serves customers across North America, Europe, and the Middle East. The company raised $113 million earlier this year. Finally, online shopping platform Shopee is cutting jobs. People familiar with the matter say Shopee is trimming its workforce as the company pivots toward AI. The company is Southeast Asia's largest e-commerce platform and accounts for more than two-thirds of Singaporean tech firm's SEA's revenue.
[00:01:55] Sources say the layoffs started this week and have affected the app development, product, and commercialization teams. Some teams were cut entirely while others experienced staff reductions of 10-15%. A Shopee spokesperson said the company regularly assesses its staffing needs as it reviews operations. And that's your TNB Tech Minute. Check back in the morning for another Quick Tech Update. each product will create a similar product. We can have our product check in our Word ID on our website at the same time.