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Microsoft cuts jobs in Xbox division, cancels games

Microsoft cuts jobs in Xbox division, cancels games

Time of India3 days ago
Microsoft Corp's gaming division began cutting hundreds of employees on Wednesday, its second mass layoff in months and its largest in more than two years. Microsoft employed 228,000 full-time workers as of last June.
Subsidiaries across the gaming organisation were told that they would be affected by the layoffs -- King division, which makes Candy Crush, is cutting 10% of its staff, or about 200 jobs; Call of Duty maker Raven Software has announced workforce reductions. Microsoft also cancelled several projects that had been in development for years, including the fantasy game Everwild, and an original new online game from ZeniMax Online Studios, the maker of The Elder Scrolls Online. Both studios will cut jobs as a result of the cancellations. Microsoft said Wednesday it's eliminating 9,000 workers.
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Jackie Shroff stood in queue to use common toilet in chawl even after becoming an actor, his neighbors then gifted him a washroom
Jackie Shroff stood in queue to use common toilet in chawl even after becoming an actor, his neighbors then gifted him a washroom

Pink Villa

time15 minutes ago

  • Pink Villa

Jackie Shroff stood in queue to use common toilet in chawl even after becoming an actor, his neighbors then gifted him a washroom

Jackie Shroff may be one of the biggest stars in Bollywood, but his fame never changed who he was. The actor tasted stardom in '80s but despite that, he continued to stay in a chawl in Mumbai's Teen Batti. After gaining popularity in the film industry, his friends and neighbours from the chawl gifted him a private washroom. This was because there are only common washrooms in the chawl that everyone uses. Talking to Filmfare, Jackie Shroff recalled how he did not have a cupboard to keep his suits after becoming an actor. The actor revealed that first his suit came and then the cupboard. The entire chawl had assembled to see it when the cupboard came. 'I learnt the value of things there. There were three washrooms, and after I became an actor they gave me one washroom.' In a chawl of 30 people, Jackie stated that there were only 3 washrooms. Despite the scarcity, the chawl people gifted him one complete washroom after he became a star so that he did not have to stand in a queue. 'After I became an actor, producers and directors would come to meet me in that chawl. Whenever they had to use the washroom, they had to stand in line. The Chawl people didn't like it. So they told me, 'You have become such a star. We don't like it when you or your friends stand in a queue to use the washroom. We are gifting you the washroom.'' The actor recalled telling his friends from Chawl that he did not need another washroom and that his directors and producers did not mind standing in the queue. But his neighbours did not listen and put a lock on the washroom. On the work front, Jackie Shroff has quite an exciting project in his kitty. We all know that after the historic success of Pathaan, Shah Rukh Khan, Deepika Padukone and Siddharth Anand are reuniting on King. The film is slated to go on floors on May 20, 2025, and the team has got a solid ensemble on board the action thriller. King is led by SRK and DP with Abhishek Bachchan, Suhana Khan, Anil Kapoor, Arshad Warsi, and Abhay Verma in key roles. And apart from them, Pinkvilla has exclusively learnt that the film is getting even bigger. According to sources close to the development, Siddharth Anand and Shah Rukh Khan have roped in Jackie Shroff for a key role in the film.

Bill Gates lost about $52 billion or 30% of his wealth this week - here's what happened
Bill Gates lost about $52 billion or 30% of his wealth this week - here's what happened

Time of India

time24 minutes ago

  • Time of India

Bill Gates lost about $52 billion or 30% of his wealth this week - here's what happened

Why did Bloomberg reduce Bill Gates' net worth by $52 billion? How much has Bill Gates donated to the Gates Foundation? Live Events How did Steve Ballmer surpass Bill Gates in net worth? Here's the updated Top 12 richest individuals according to the Bloomberg Billionaires Index as of market close on July 4, 2025: Rank Name Net Worth (USD) 1 Elon Musk $361 B 2 Mark Zuckerberg $254 B 3 Larry Ellison $253 B 4 Jeff Bezos $244 B 5 Steve Ballmer $172 B 6 Larry Page $163 B 7 Bernard Arnault $161 B 8 Sergey Brin $152 B 9 Warren Buffett $146 B 10 Jensen Huang $139 B 11 Michael Dell $138 B 12 Bill Gates $124 B What's the reason for Microsoft stock's massive growth? "No, Charlie, but I'm that loyal." What's next for Gates, Ballmer, and the billionaire rankings? FAQs: (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Bill Gates is no longer one of the world's top 10 richest people — and the surprising twist? He now ranks behind his former assistant, Steve Ballmer. According to Bloomberg, Gates' net worth was recalculated on Thursday, dropping by a massive $52 billion, or 30%, due to updated estimates of his charitable donations. This sharp decline pushed the Microsoft cofounder from 5th to 12th place on the Bloomberg Billionaires Index , placing him below Alphabet cofounders, Nvidia's CEO, Warren Buffett, and sudden shift in Bill Gates' wealth wasn't due to a market crash or poor investments — it was a recalculation based on philanthropy. Bloomberg updated the way it calculates Gates' net worth to better reflect his massive charitable giving, something he has publicly emphasized. In a May blog post, Gates estimated his personal wealth at $108 billion and reaffirmed his plan to donate "virtually all" of it through the Gates Foundation over the next 20 adjusted their model accordingly, reducing appreciation rates used in their formula and aligning it more closely with the wealth estimate Gates himself of December, Bill Gates and his ex-wife, Melinda French Gates, have donated a staggering $60 billion to the Gates Foundation, according to the foundation's official website. Their longtime friend, Warren Buffett, has also contributed a massive $43 plans to give away even more. In his blog, he stated that the foundation is expected to spend over $200 billion before it winds down operations by 2045. This long-term vision for philanthropy directly affects how his wealth is counted by indexes like Bloomberg' makes this story even more remarkable is who surpassed Gates — Steve Ballmer, his former assistant and successor as Microsoft's CEO. Ballmer now holds the 5th position on the Bloomberg Billionaires Index with a net worth of $172 joined Microsoft in 1980 as an assistant to the president, earning a modest $50,000 base salary and a bonus based on profit growth. That deal turned out to be so lucrative that Microsoft eventually swapped it for a large equity stake. When Ballmer stepped down as CEO in 2014, he retained a 4% stake in Microsoft. That stake has since ballooned in value thanks to Microsoft's stock stock has skyrocketed over the past decade, climbing more than 10x to reach nearly $500 per share. As of now, it's the second-most valuable company in the world, trailing only Nvidia, with a $3.7 trillion market who owns the Los Angeles Clippers, held onto his Microsoft shares while others, like Gates and the late Paul Allen, diversified. In a recent interview on the Acquired podcast, Ballmer recalled a moment when Charlie Munger, Warren Buffett's late business partner, asked him why he never sold his Microsoft replied with a hint of humor and loyalty:Now sitting at 12th place with a net worth of $124 billion, Bill Gates seems unfazed. His focus has shifted away from accumulating wealth and toward philanthropic impact. While it's rare for a former assistant to outrank a founder in net worth, Ballmer's case proves that equity ownership — and loyalty — can pay off in a big the top of the Bloomberg Billionaires Index includes big tech names like Larry Page, Sergey Brin, and Jensen Huang, all of whom now rank above Gates. The world of billionaire rankings continues to shift, but Gates' commitment to giving is what's truly reshaping his wealth was recalculated by Bloomberg to reflect his large donations to the Gates kept his Microsoft shares while Gates donated most of his wealth.

Why is Microsoft pulling out of Pakistan after 25 years: Reports
Why is Microsoft pulling out of Pakistan after 25 years: Reports

Time of India

timean hour ago

  • Time of India

Why is Microsoft pulling out of Pakistan after 25 years: Reports

(Image via Getty Images) Microsoft has made the decision to shut down operations in Pakistan. It would end the 25-year-old presence of the company in Pakistan. The move comes as a surprise to Pakistan's local IT sector, where Microsoft, the tech giant played a key role in digital transformation. While no official statement has been released yet, industry experts are pointing to economic challenges and the shifting business strategies as possible reasons for the exit. Let us deep dive into these reasons. Why is Microsoft leaving Pakistan? Microsoft's exit follows some growing difficulties within Pakistan's business environment. The company that entered its market in 2000 kept its focus on the primary sale of office products and Azure, but had no engineering teams locally. As per reports, with just five local employees affected, the decision seems to be a part of a broad restructuring— Microsoft recently cut down 9,000 global jobs. Jawwad Rehman, a former Microsoft Executive, even hinted at some operational challenges through his LinkedIn post. He emphasized the struggles faced by Pakistani businesses. The economic instability of the country, including currency devaluation and the declining foreign investment, further and quite likely influenced this move. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nhà tiền chế 2025: Lựa chọn nhà ở giá cả phải chăng (Xem ngay) Nomad's Notebook Nhấp vào đây Undo Microsoft would now be serving the company's Pakistani clients via regional offices and resellers. How does Microsoft's exit impact the Pakistani tech sector? The departure of Microsoft adds to concerns over Pakistan's ability to retain multinational companies. Over 55 startups shut down or have pivoted since 2021. Tech funding, too, dropped by 88% between 2022 and 2024. There's poor internet infrastructure, frequent power outages, and even a worsening business climate, which further pushed 1000s of tech professionals to seek better opportunities abroad. Despite it all, some companies, including Google, are investing in Pakistan. They have reportedly pledged $10.5 million for education and local Chromebook production. Such a contrast here highlights differing corporate strategies, with some of the firsts considering it as potential, while others are retreating. As for Pakistan, retaining tech players will now be crucial to stabilizing the struggling digital economy. What is next for Pakistan's IT industry? The Pakistani government plans to offer IT certifications from Google and Microsoft to 500,000 youth, even when Microsoft has scaled back. The experts warn that without addressing some core issues here, like policy stability and those infrastructural gaps, more issues can follow. Even widening gaps, with India, where Microsoft does have strong operations, underscore the urgency for reforms. As of now, Pakistani businesses that are reliant on Microsoft products will not face any disruptions as services will continue via partners. But the exit of Microsoft serves as a wake-up call for the policymakers to revive investor confidence before any more damage is done. For real-time updates, scores, and highlights, follow our live coverage of the India vs England Test match here. Game On Season 1 continues with Mirabai Chanu's inspiring story. Watch Episode 2 here.

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