Sponsored by Hemlo Explorers

Binance said to begin layoffs

According to a Wednesday morning report by independent writer Colin Wu, Binance intends to lay off 20% of its 8,000 employees in June. According to Wu, layoffs have already occurred in numerous divisions at the crypto exchange.

Soon after, Binance’s chief communications officer Patrick Hillmann responded to the claims in a series of tweets, stating that the company was not shrinking its employees, but rather performing a talent density assessment – a standard process that occurs every six months.

“Binance is not cutting 20% of employees as a cost-cutting measure. @binance experienced true exponential growth these past 5 years — and grew its staff accordingly. This was a historic operational challenge to overcome,” Hillmann tweeted.

You can read more on the matter here.

What’s going on?

• Freeland Backtracks, Puts $3-Billion More Into Trans Mountain Pipeline (theDeepDive)

• Macy’s and Costco sound a warning about the economy (CNN)

• Debt ceiling bill passes in the House, advances to the Senate days ahead of default deadline (CNBC)

• Bill Ackman calls on JPMorgan CEO Dimon to run for US president (Reuters)

• Erin O’Toole Reveals He Was Targeted By China Before 2021 Election (theDeepDive)

FaZe Clan empire crumbles

The stock market and stuff

• Advance Auto Parts Crushed After Weak Earnings, Has Something Changed in the Auto Parts Business? (theDeepDive)

• Meta threatens to yank news content from California over payments bill (Reuters)

• Cronos Group Exits Its US Operations After Spending $300 Million To Acquire Them During Height Of Cannabis Bubble (theDeepDive)

In the juniors

• Trillion Energy Places Fifth Gas Well Into Production At SASB (theDeepDive)

• Trulieve closing Massachusetts dispensaries, shuttering California location (SeekingAlpha)

• Vortex Metals Concludes Field Work For Environmental Baseline Study (theDeepDive)

• Canada Nickel Releases Final Drill Results For Texmont, Hitting 1.06% Nickel Over 12 Metres (theDeepDive)

FULL DISCLOSURE: Hemlo Explorers is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Hemlo Explorers. The author has been compensated to cover Hemlo Explorers on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.