eBay cuts 4% of workforce, Adani stock rebounds, Qatari investors eye Manchester United
Notable business headlines include eBay cutting 4% of its workforce amid the ongoing wave of tech layoffs, Adani Enterprises looking to ease debt concerns, and Qatari investors setting eyes on a bid for Manchester United.
JULIE HYMAN: Checking in on some other headlines we're watching now. EBay joining in on the layoffs spreading across the tech industry. The e-commerce platform set to cut 500 employees globally, representing 4% of its total workforce. The CEO saying employees will be provided with transition packages, including severance and incentive payments.
EBay says it's looking to invest and create new roles in high-potential areas, new technologies, customer innovations, and key markets. So like many other companies in tech laying people off, they're also doing some hiring.
Shares of Adani Enterprises on the mend from its recent sell-off, rallying 20% as it makes moves and easing debt concerns. Adani's ports unit has committed to improving its debt ratio. That news being seen as a bright spot. Another potential sign of encouragement for the group coming from reports that Oaktree Capital Management is one of the distressed funds buying Adani's debt in recent weeks. That's according to Bloomberg. This all coming after a scathing report from Hindenburg Research that at one point erased over $100 billion of equity value.
And shares of Manchester United are jumping on reports Qatari investors are planning to make a bid for the English Premier League club. According to the "Daily Mail," the bid would come from individuals looking for a full takeover. The club is owned by the US-based Glazer family. They've been looking for a sale at the right price.