eBay plans to cut about 1,000 jobs, or 9% of its workforce, as CEO Jamie Iannone moves to redirect resources toward the company's fastest-growing businesses. Reuters reports: The company had 12,300 employees at the end of last year. It also let go about 6% of its workforce, or 800 employees, in February as part of efforts to streamline operations. EBay has set itself apart from rivals by pushing into authenticated luxury goods, collectibles and refurbished products, which draw enthusiasts willing to pay more for valuable items. That has helped its shares rise nearly 40% this year, outperforming the benchmark S&P 500's around 12% gain. "Our strategy is working," Iannone said in the memo, adding that "continuing to capture the significant opportunity ahead requires us to make thoughtful choices about where we focus and invest." He said affected staff would be informed in the coming days.

Read more of this story at Slashdot.

Elon Musk says a merger between Tesla and SpaceX is under active consideration, with special committees at both companies evaluating a deal that could combine businesses valued at roughly $3.5 trillion. "Do I think it would be a good idea? Yes," Musk said during a call with financial analysts over the quarterly business results of SpaceX on Tuesday. The BBC reports: While Musk noted the certainty of such a merger should not be assumed, and it would need shareholders' support, he said special committees within both companies have been formed to examine the move. "The special committees have not reached agreement on terms of any transaction and there's no guarantee that they will," Musk added. "But I do think there is a lot of merit to merging and a lot to be gained." [...] The company, which builds space rockets and Starlink internet satellites, is now expanding into offering cloud compute capacity for other tech companies, like Anthropic and Google. That line of business has become the most profitable part of SpaceX, bringing in $7.5bn according to the latest quarterly results (PDF). Starlink also tallied revenue of $5.2bn. SpaceX as a whole, however, is not profitable and has lost $1.1bn so far this year. [...] Musk said on Tuesday a full merger between the two companies would make sense for the work each is doing around chips, artificial intelligence, software and more. He described himself as a "conflicted party" as the chief executive of Tesla and of SpaceX. Even commenting on the possibility of a merger between the two companies, Musk compared to "tap dancing through a minefield." He added a merger would ultimately be decided by shareholders. At least 50% of Tesla's shareholders would need to approve the merger, which Musk described as "quite a high hurdle to achieve."

Read more of this story at Slashdot.