Good morning. Today we're talking about Instagram leaving London, the end of BuzzFeed News, investors recouping losses and Elon's busy week.

Big Stories

Instagram exits London

Meta is reportedly planning to cut or relocate most of its London-based Instagram employees. The London office became a centre for growth for the social-media app when its leader, Adam Mosseri, moved there less than a year ago. Mosseri plans to relocate back to California, along with the staffers who aren’t laid off. Meta has laid off 20,000 workers in recent months as it restructured teams and works toward CEO Mark Zuckerberg’s goal of greater efficiency this year. London was Instagram’s first international office, established in 2013. Last year, the city was Meta’s largest international engineering base outside the US, with about 4,000 staff.

End of a news era

BuzzFeed announced it will close its award-winning news department and cut its workforce by 15%. Founded in 2006, the digital media company became known for its viral content and in 2014 was almost acquired for $1bn by Disney. In recent years BuzzFeed has been hit by a host of issues including: Covid, a tough economy, a slowdown in digital advertising and changing audience habits. It's now valued at $100m. The company said it will continue to operate scaled back news content via HuffPost which it took over two years ago.

Woodford investor compensation

Investors who lost money in a fund run by Neil Woodford, one of UK’s most famous stockpickers, could recoup 77% of their money. In 2019 the Woodford Equity Income Fund collapsed leaving 300,000 investors including many pensioners out of pocket. Investors blamed the fund’s administrators, Link, for not doing enough to protect their money by making sure investments weren’t overly risky. Link later collapsed and its sale is part-funding the £235m pay-out.

Elon's busy week

It has been a tumultuous week for Elon Musk. Tesla disappointed investors with its first-quarter results, sending the electric-car maker’s shares down 10% yesterday. An experimental Starship rocket designed by SpaceX achieved liftoff only to explode about four minutes later. And on Twitter, many users lost their legacy blue checkmarks for choosing not to pay $8 per month for the privilege. Tesla’s sinking share price had the most immediate consequences to his wealth, which dropped by $12.6bn as a result, according to the Bloomberg Billionaires Index, his biggest decline this year.

Elsewhere...

Un-made: The UK’s audit watchdog has launched an investigation into EY’s audit of Made.com before the firm collapsed late last year.

Less orders: Deliveroo has reported a further slowdown in orders as demand wanes following the pandemic and amid the cost-of-living crisis..

New market: British sandwich chain Pret A Manger is set to become the latest high-profile Western brand to launch in the Indian market.

No change: Fast delivery company Getir denied reports of a deal that values it at $6.5bn, roughly half of its valuation last year, adding that it is always in talks with investors for new funding.

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Number Of The Day

£1.815 billion

The estimated personal wealth of King Charles.

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