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How Scott Bessent used financial engineering to finance the $2 trillion deficit while leaving it untouched—and created a $1.45 trillion shortfall

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1

How Scott Bessent used financial engineering to finance the $2 trillion deficit while leaving it untouched—and created a $1.45 trillion shortfall

2

Meet the 33-year-old CEO betting on boomers chasing their grandkids—and millennials selling their first house

3

The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
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Yet another media company is laying off workers as the industry’s retrenchment hits Vox Media for the second time this year

By
Samantha Stewart
Samantha Stewart
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Bloomberg
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By
Samantha Stewart
Samantha Stewart
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Bloomberg
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November 30, 2023, 7:25 PM ET
Vox Media CEO Jim Bankoff.
Vox Media CEO Jim Bankoff.Jerod Harris—Getty Images for Vox Media
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Online publisher Vox Media is cutting around 4% of its staff, the latest round of reductions to hit the media industry.

The cuts at Vox, the parent of New York Magazine and the Verge, center around design and technology positions, as well as Vox.com. The action reflects “turmoil” in the advertising industry and the increasing volatility of search and social platforms, according to a spokesperson.

“Vox Media has a culture of adapting in what has always been a dynamic industry to best serve our audiences in a financially sustainable way, and we will continue to do that,” the company said.

This is the second round of layoffs at the company this year — Vox let go 7% of its workforce in March. In a statement on X, formerly known as Twitter, the Vox Media Union said the latest layoffs hit reporters and video production team members “who are voices on key issues including climate change, policy and tech.” 

A number of media companies have announced job cuts this month. Condé Nast, the publisher of magazines GQ, Vogue and Vanity Fair, fired 5% of its employees. G/O Media, which owns Quartz, the Onion, Gizmodo and other websites, announced it would shut down women’s site Jezebel.com — although Paste Magazine later announced that it would purchase the brand and revive it, alongside another former G/O Media property Splinter.

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