Yahoo Finance The Daily Money: BuzzFeed shuts down news division, lays off 15% of staff
This is Swapna Venugopal Ramaswamy bringing you the Daily Money headlines.
BuzzFeed News, the Pulitzer Prize-winning news website known for popularizing listicles, is shutting down.
Launched in 2012 by BuzzFeed, one of the earliest digital-only media companies, the news site was known for writing stories aimed at younger audiences.
The New York City-based company’s chief executive Jonah Peretti announced the shut down Thursday morning in a memo to employees as the media company plans to cut 15% of its workforce.
"While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization," Peretti said in the memo shared with USA TODAY.
The outlet won several awards in recent years, most notably a Pulitzer Prize for International Reporting in 2021, which focused on Chinese internment camps and the mass detention of Muslims.
The job cuts underscore the struggle media and tech industries are facing amid a slowing economy. In fact, the news came the same day the digital news media company Insider announced that it would shed 10% of its workforce.
A 'crisis of thefts': Attorneys general ask for recall of Kia, Hyundai vehicles
More than a dozen states are calling for a federal recall of Hyundai and Kia vehicles due to a lack of anti-theft features.
California Attorney General Rob Bonta and 17 other attorneys general on Thursday sent a letter asking the National Highway Traffic Safety Administration for a recall of "unsafe" Hyundai and Kia vehicles manufactured between 2011 and 2022. They accuse the automakers of failing to include anti-theft devices that were standard "in almost every other new car manufactured during that time period."
The letter comes one month after 23 attorneys general urged Kia and Hyundai to take action against a "crisis of thefts" fueled by social media. Data suggests motor vehicle thefts have been rising for several years, with Kia and Hyundai making up a large share of stolen vehicles in multiple cities.
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Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
This article originally appeared on USA TODAY: BuzzFeed News shuts down, lays off staff
