An anonymous memo at Facebook, a shakeup at WPP, and Robinhood’s ‘infinite money’ glitch

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Hello!

We published a bunch of great stories on Facebook, Tesla, WeWork, Walmart’s Jet, SoftBank-backed startup Fair, and buzzy AI startup UiPath this week, so I want to jump right to it:

An anonymous memo alleging ongoing racism at Facebook is circulating inside the company

Employees have been sharing and discussing an anonymously authored blog post that asserts racism at the company has gotten worse over the last year, and quotes what it says are 12 current and former employees about their experiences, Rob Price reported.

Tesla is starting to ditch Salesforce and replace it with its own software for company salespeople

Tesla is starting to abandon Salesforce for a proprietary customer-relationship-management (CRM) system, three Tesla salespeople told Mark Matousek.

WeWork’s coding boot camp Flatiron School has laid off dozens of employees

WeWork’s coding boot camp, Flatiron School, laid off dozens of employees on Thursday as the coworking giant continued to slash costs after its failed initial public offering, Becky Peterson and Meghan Morris reported. Separately, Meghan and Julie Bort reported that insiders say WeWork’s IT is a patchwork of cheap devices and Band-Aid fixes that will take millions to fix.

Top leaders are leaving Walmart’s Jet, and some employees are growing concerned about the site’s future

Jet, the Walmart-owned e-commerce site, is facing a stream of departures from top leaders, fueling concerns among some employees about the company’s future, according to Hayley Peterson.

SoftBank-backed startup Fair burned through nearly $400 million in 10 months. Insiders reveal how Softbank stepped in and cleaned house in the wake of WeWork.

A dozen current and former employees told Meghan Morris that Fair’s unconstrained growth was its undoing. It hired people it didn’t have jobs for and bought millions of dollars in inventory it lost track of as it burned through funding, they said.

Hot AI startup UiPath’s job cuts were triggered after it burned cash faster than expected and missed its revenue target, according to an internal document

UiPath was burning cash faster than expected and its revenue growth, although robust, was below its internal targets when the company launched a plan – dubbed Project Dawn – to slash hundreds of jobs and dramatically reduce costs, according to a presentation reviewed by Ben Pimentel.

WPP’s shakeup

Mark Read, the CEO of WPP, the world’s biggest ad holding company, is shaking things up as he looks to get the company back to growth. This week:

The changes come as WPP looks to tackle headwinds caused by client budget cuts and a large-scale shift away from traditional advertising channels.

In conversation

Finance and Investing

We got a leaked copy of the memo Robinhood sent to barred users who exploited its now infamous ‘infinite money’ glitch

Robinhood restricted the accounts of users exploiting an “infinite leverage” glitch, and a leaked letter sent to one terminated trader revealed how the company announced account terminations.

Here’s the pitch deck that fintech dv01 used to nab $15 million from the likes of George Soros and Pivot Investment Partners. The startup’s founder called it the easiest round he’s ever raised.

Fintechs have had a relatively easy time raising money thanks to a slew of eager investors with cash to spend. But the most recent round raised by Perry Rahbar for his fintech dv01 might take the cake.

Tech, Media, Telecoms

Amazon has a big leadership hole to fill with the departure of advertising exec Seth Dallaire. Here are five insiders that ad execs say are his likely successor.

When Dallaire recently left Amazon to be CRO of Instacart, Amazon lost a big name behind its growing but still nascent advertising business.

How Outbrain established ‘around the web’ content recommendations, only to lose its lead to Taboola and end up getting eaten by its rival

In October, the two dominant content recommendation companies Outbrain and Taboola announced plans to merge to create a $2 billion company.

Healthcare, Retail, Transportation

Companies like Google and Microsoft are making big investments in startups looking to disrupt healthcare. Here’s where 5 top tech giants are placing their bets.

Tech giants like Google’s parent company Alphabet and Microsoft have taken their time figuring out how to approach the massive $3.5 trillion US healthcare industry.

Meet the 7 remote-monitoring startups that are raising millions to provide a new way of caring for aging Americans at home

The US population is aging rapidly and startups are looking to create new ways of helping to care for the elderly.