The layoffs were criticized by the Insider Union and The NewsGuild of New York, which accused Axel Springer, Business Insider's parent company, of prioritizing profit over journalism. Despite the challenges, Peng expressed optimism about the company's future, highlighting its history of thriving during disruptive times and its ongoing efforts to innovate and operate more efficiently. Staff were encouraged to discuss the changes in team meetings, and Fox News Digital was referred to Peng's announcement for further comment.
Key takeaways:
- Business Insider is reducing its newsroom size, impacting about 21% of its staff, as part of a strategic shift.
- The company is exiting most of its Commerce business and launching a new platform called BI Live to connect with readers.
- Business Insider is embracing AI, with 70% of staff using Enterprise ChatGPT, and aims to reach 100% usage.
- The layoffs have been criticized by the Insider Union and The NewsGuild of New York, highlighting concerns about Axel Springer's focus on profit over journalism.