According to the Financial Times, Fidelity Investments is in advanced stages of developing its own stablecoin. Binance reports: The Boston-based financial services giant plans for the token to serve as a form of digital cash, according to the report, which cites two people close to the matter. The token would form part of company's strategy to enter the tokenized government bonds market. Stablecoins are a cryptocurrency whose value is pegged to a real-world asset such as the U.S. dollar or gold. They provide a convenient way for crypto traders to preserve their fiat value without having to cash out of the market.

The news emerges just days after Fidelity filed paperwork to register a blockchain-based version of its U.S. dollar money market fund. The company seeks to register an "OnChain" share class of its Treasury Digital Fund (FYHXX), which holds cash and U.S. Treasury securities and is available only to Fidelity's hedge fund and institutional clients. A Fidelity stablecoin could fill the role of cash in this fund. The report comes a day after World Liberty Financial, a crypto venture backed by Donald Trump and his family, launched a U.S. dollar-pegged stablecoin called USD1.

Here's one more reason to cling to a steady job: It doesn't pay to quit. From a report: Typically workers who snag a new position see higher pay bumps than those holding down the same job. But in February, median wage growth of 4.4% for job stayers surpassed a 4.2% gain for job switchers, according to data from the Federal Reserve Bank of Atlanta. The change, as measured by a three-month moving average, is yet another sign of a softening labor market. White collar workers have been clinging to their jobs in the face of widespread layoffs and workplace reductions. Last month, employers announced the fastest pace of job cuts since 2020, when factoring in government job losses. And now an oversupply of job seekers means workers are having to settle for smaller pay bumps, said Peter Cappelli, a professor of management at The Wharton School of the University of Pennsylvania.

"That certainly sounds like a big slackening of the job market," Cappelli said. It's a major reversal from the "Great Resignation" a few years ago, when workers left their jobs at unprecedented rates, demanding more benefits and higher pay from employers. At a peak in July 2022, workers who got new jobs saw their wages grow by a whopping 8.5% compared to 5.9% for those who stayed loyal to their company, Atlanta Fed data show.

Boeing is seeking to withdraw an earlier agreement to plead guilty in a long-running criminal case that blamed the company for deceiving regulators before two deadly crashes of 737 MAX jets, WSJ is reporting, citing people familiar with the matter. From the report: The aerospace giant is seeking more lenient treatment from the Justice Department, which under the Trump administration is reviewing numerous pending criminal cases that haven't yet gone to trial or been approved by courts. Boeing nearly sealed its fate last year, agreeing in July to plead guilty to defrauding the Federal Aviation Administration. But a federal judge in Texas rejected the proposed deal in December, pushing the resolution beyond the Biden administration.

Now Boeing stands to benefit from fresh eyes at Trump's Justice Department, which is inclined to at least modify parts of the agreement, some of the people said. Allowing Boeing to rescind its plea agreement, or lightening the company's punishment, would mark one of the most prominent examples of the Trump administration's lighter-touch approach to some white-collar enforcement. There were 346 people killed in the two 737 MAX crashes, in 2018 and 2019. The two sides are still negotiating how to propose changes to the deal, expected by April 11, to U.S. District Judge Reed O'Connor, who oversees the case. One possible change under discussion: whether Boeing can forgo hiring an outside monitor to ensure its compliance with the law, the people said.

An anonymous reader quotes a report from Reuters: German software company SAP overtook Danish healthcare company Novo Nordisk as Europe's largest company by market capitalization on Monday. At 0900 GMT, SAP had a market cap of $340 billion, slightly more than Novo Nordisk, according to Reuters calculations using LSEG Workspace data. SAP is Europe's largest software maker, providing business application software used by companies for finance, sales, supply chain and other functions.

Its shares have surged in recent years, in part due to optimism that its cloud business will be a major beneficiary of recent investment in generative artificial intelligence. While SAP shares are up 7% so far in 2025, underperforming the broader European STOXX 600 index, which is up 8.3% year-to-date, they have clocked a total return of 160% since the end of 2022, far outperforming the STOXX 600's 28%. In contrast, Novo Nordisk shares have underperformed the market in recent months after data from trials of its experimental next-generation obesity drug Cagrisema disappointed investors.

An anonymous reader quotes a report from 404 Media: 23andMe filed for Chapter 11 bankruptcy Sunday, leaving the fate of millions of people's genetic information up in the air as the company deals with the legal and financial fallout of not properly protecting that genetic information in the first place. The filing shows how dangerous it is to provide your DNA directly to a large, for-profit commercial genetic database; 23andMe is now looking for a buyer to pull it out of bankruptcy. 23andMe said in court documents viewed by 404 Media that since hackers obtained personal data about seven million of its customers in October 2023, including, in some cases "health-related information based upon the user's genetics," it has faced "over 50 class action and state court lawsuits," and that "approximately 35,000 claimants have initiated, filed, or threatened to commence arbitration claims against the company." It is seeking bankruptcy protection in part to simplify the fallout of these legal cases, and because it believes it may not have money to pay for the potential damages associated with these cases.

CEO and cofounder Anne Wojcicki announced she is leaving the company as part of this process. The company has the genetic data of more than 15 million customers. According to its Chapter 11 filing, 23andMe owes money to a host of pharmaceutical companies, pharmacies, artificial intelligence companies (including a company called Aganitha AI and Coreweave), as well as health insurance companies and marketing companies. Shortly before the filing, California Attorney General Rob Bonta issued an "urgent" alert to 23andMe customers: "Given 23andMe's reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company."

In a letter to customers Sunday, 23andMe said: "Your data remains protected. The Chapter 11 filing does not change how we store, manage, or protect customer data. Our users' privacy and data are important considerations in any transaction, and we remain committed to our users' privacy and to being transparent with our customers about how their data is managed." It added that any buyer will have to "comply with applicable law with respect to the treatment of customer data."

404 Media's Jason Koebler notes that "there's no way of knowing who is going to buy it, why they will be interested, and what will become of its millions of customers' DNA sequences. 23andMe has claimed over the years that it strongly resists law enforcement requests for information and that it takes customer security seriously. But the company has in recent years changed its terms of service, partnered with big pharmaceutical companies, and, of course, was hacked."

Valve's early anti-piracy efforts, which eventually led to the Steam platform, were sparked by co-founder Monica Harrington's nephew using her money to buy a CD burner for copying games, she revealed at last week's Game Developers Conference. Harrington said her nephew's "lovely thank you note" about sharing games with friends represented a "generational shift" in piracy attitudes that could "put our entire business model at risk."

Half-Life subsequently launched with CD key verification in 1998. When players complained about authentication failures, co-founder Mike Harrington discovered "none of them had actually bought the game," confirming the system worked. Although easily bypassed, this early protection influenced Steam's more robust DRM implemented with Half-Life 2 in 2004, which became the industry standard for PC game distribution.

DNA-testing company 23andMe has filed for Chapter 11 bankruptcy protection [non-paywalled source] in Missouri and announced CEO Anne Wojcicki's immediate resignation, weeks after rejecting her proposal to buy back the business she co-founded. The bankruptcy filing represents "the best path forward to maximize the value of the business," said Mark Jensen, board member and special committee chair.

Further reading: DNA of 15 Million People for Sale in 23andMe Bankruptcy.

It's "live-recording the World Wide Web," according to NPR, with a digital library that includes "hundreds of billions of copies of government websites, news articles and data."

They described the 29-year-old nonprofit Internet Archive as "more relevant than ever." Every day, about 100 terabytes of material are uploaded to the Internet Archive, or about a billion URLs, with the assistance of automated crawlers. Most of that ends up in the Wayback Machine, while the rest is digitized analog media — books, television, radio, academic papers — scanned and stored on servers. As one of the few large-scale archivists to back up the web, the Internet Archive finds itself in a particularly unique position right now... Thousands of [U.S. government] datasets were wiped — mostly at agencies focused on science and the environment — in the days following Trump's return to the White House...

The Internet Archive is among the few efforts that exist to catch the stuff that falls through the digital cracks, while also making that information accessible to the public. Six weeks into the new administration, Wayback Machine director [Mark] Graham said, the Internet Archive had cataloged some 73,000 web pages that had existed on U.S. government websites that were expunged after Trump's inauguration...

According to Graham, based on the big jump in page views he's observed over the past two months, the Internet Archive is drawing many more visitors than usual to its services — journalists, researchers and other inquiring minds. Some want to consult the archive for information lost or changed in the purge, while others aim to contribute to the archival process.... "People are coming and rallying behind us," said Brewster Kahle, [the founder and current director of the Internet Archive], "by using it, by pointing at things, helping organize things, by submitting content to be archived — data sets that are under threat or have been taken down...."

A behemoth of link rot repair, the Internet Archive rescues a daily average of 10,000 dead links that appear on Wikipedia pages. In total, it's fixed more than 23 million rotten links on Wikipedia alone, according to the organization.
Though it receives some money for its preservation work for libraries, museums, and other organizations, it's also funded by donations. "From the beginning, it was important for the Internet Archive to be a nonprofit, because it was working for the people," explains founder Brewster Kahle on its donations page: Its motives had to be transparent; it had to last a long time. That's why we don't charge for access, sell user data, or run ads, even while we offer free resources to citizens everywhere. We rely on the generosity of individuals like you to pay for servers, staff, and preservation projects. If you can't imagine a future without the Internet Archive, please consider supporting our work. We promise to put your donation to good use as we continue to store over 99 petabytes of data, including 625 billion webpages, 38 million texts, and 14 million audio recordings.
Two interesting statistics from NPR's article:

• "A Pew Research Center study published last year found that roughly 38% of web pages on the internet that existed in 2013 were no longer accessible as of 2023."

• "According to a Harvard Law Review study published in 2014, about half of all links cited in U.S. Supreme Court opinions no longer led to the original source material."

Thanks to long-time Slashdot reader jtotheh for sharing the news.

NPR reports on research "into whether our defenses built up from past flu seasons can offer any protection against H5N1 bird flu." So far, the findings offer some reassurance. Antibodies and other players in the immune system may buffer the worst consequences of bird flu, at least to some degree. "There's certainly preexisting immunity," says Florian Krammer, a virologist at Mount Sinai's Icahn School of Medicine who is involved in some of the new studies. "That's very likely not going to protect us as a population from a new pandemic, but it might give us some protection against severe disease." This protection is based on shared traits between bird flu and types of seasonal flu that have circulated among us. Certain segments of the population, namely older people, may be particularly well-primed because of flu infections during early childhood.

Of course, there are caveats. "While this is a bit of a silver lining, it doesn't mean we should all feel safe," says Seema Lakdawala, a virologist at Emory University's School of Medicine whose lab is probing this question. For one thing, the studies can't be done on people. The conclusions are based on animal models and blood tests that measure the immune response. And how this holds up for an individual is expected to vary considerably, depending on their own immune history, underlying health conditions and other factors. But for now, influenza researchers speculate this may be one reason most people who've caught bird flu over the past year have not fallen severely ill....

Research published this month is encouraging. By analyzing blood samples from close to 160 people, a team at the University of Pennsylvania and the University of Chicago were able to show that people born roughly before 1965 had higher levels of antibodies — proteins that bind to parts of the virus — which cross-react to the current strain of bird flu.
This week U.S. federal officials also "announced funding for avian influenza research projects, including money for new vaccine projects and potential treatments," the Guardian report. The head of America's agriculture department said it would invest $100 million, as part of a larger $1 billion initiative to fight bird flu and stop rising egg prices, according to the nonprofit news site Iowa Capital Dispatch.

The latest Facebook whistleblower, a former international lawyer, "cannot grant any of the nearly 100 interview requests she has received from journalists from print and broadcast news outlets in the United States and the United Kingdom," reports the Washington Post (citing "a person familiar with the matter").

That's because of an independent arbiter's ruling that "also bars her from talking with lawmakers in the U.S., London and the EU, according to a legal challenge she lodged against the ruling..." On March 12, an emergency arbiter — a dispute resolution option outside the court system — sided with Meta by ruling that the tech giant might reasonably convince a court that Wynn-Williams broke a non-disparagement agreement she entered as she was being fired by the company in 2017. The arbiter also said that while her publisher Macmillan appeared for the hearing on Meta's motion, Wynn-Williams did not despite having received due notice. The arbiter did not make any assessments about the book's veracity, but Meta spokespeople argued that the ruling meant that "Sarah Wynn Williams' false and defamatory book should never have been published."

Wynn-Williams this week filed an emergency motion to overturn the ruling, arguing that she didn't receive proper notice of the arbitration proceedings to the email accounts Meta knows she uses, according to a copy of the motion seen by The Post. Wynn-Williams further alleged that her severance agreement including the non-disparagement provisions are unenforceable, arguing that it violates laws that protect whistleblowers from retaliation, among other points. In a statement, legal representatives for Wynn-Williams said they were "confident in the legal arguments and look forward to a swift restoration of Ms. Wynn-Williams' right to tell her story."
That book — Careless People: A Cautionary Tale of Power, Greed, and Lost Idealism — is currently #1 on the New York Times best-seller list (and #3 on Amazon.com's best-selling books list). And the incident prompted an article by Wired editor at large Steven Levy titled "Meta Tries to Bury a Tell-All Book." ("Please pause for a moment to savor the irony," Levy writes. "Meta, the company that recently announced an end to fact-checking in posts seen by potentially millions of people, is griping that an author didn't fact-check with them?")

And this led to a heated exchange on X.com between the Wired editor at large and Meta's Chief Technology Officer Andrew Bozworth:

Steven Levy: Meta probably realizes that all-out war on this book will only help its sales. But they are furious that an insider--who signed an NDA!--is going White Lotus on them, showing what it's like on the inside.

Meta CTO Bozworth: Except that it is full of lies, Steven. Shame on you.

Steven Levy: Boz, it would be helpful if Meta called out what it believes are the factual inaccuracies, especially in cases where it calls the book "defamatory."

Meta CTO Bozworth: Sorry you don't get to make up a bunch of stories and then put the burden on the person you lied about. Read the accounts from former employees who have gone through several of the anecdotes and said flatly they did not happen as written and then extrapolate.

Steven Levy: I would love for Sheryl, Mark and Joel to speak out on those anecdotes and give their sides of the story. They are the key subjects of those stories and their direct denial of specific incidents would matter.

Meta CTO Bozworth: Did you read what I wrote? I'm sure you would love to have more fuel for your "nobody wants you to read this" headline, but that's a total bullshit expectation. It isn't unreasonable to expect a journalist like you to do basic diligence. I'm sure you have our comms email!

Steven Levy: Believe me I was in touch with your comms people...

"China is considering trying to blunt greater U.S. tariffs and other trade barriers," reports the Wall Street Journal, "by offering to curb the quantity of certain goods exported to the U.S., according to advisers to the Chinese government." Tokyo's adoption of so-called voluntary export restraints, or VERs, to limit its auto shipments to the U.S. in the 1980s helped prevent Washington from imposing higher import duties. A similar move from Beijing, especially in sectors of key concern to Washington, like electric vehicles and batteries, would mitigate criticism from the U.S. and others over China's "economic imbalances": heavily subsidized companies making stuff for slim profits but saturating global markets, to the detriment of other countries' manufacturers...

The Xi leadership has indicated a desire to cut a deal with the Trump administration to head off greater trade attacks... Similar to Japan, the Chinese advisers say, Beijing may also consider negotiating export restraints on EVs and batteries in return for investment opportunities in those sectors in the U.S. In some officials' views, they say, that might be an attractive offer to Trump, who at times has indicated an openness to more Chinese investment in the U.S. even though members of his administration firmly oppose it.
The article notes agreements like this are also hard to enforce, "particularly when Chinese companies export to the U.S. from third countries including Mexico and Vietnam."

Founded in 1979, the Association for the Advancement of AI is an international scientific society. Recently 25 of its AI researchers surveyed 475 respondents in the AAAI community about "the trajectory of AI research" — and their results were surprising.

Futurism calls the results "a resounding rebuff to the tech industry's long-preferred method of achieving AI gains" — namely, adding more hardware: You can only throw so much money at a problem. This, more or less, is the line being taken by AI researchers in a recent survey. Asked whether "scaling up" current AI approaches could lead to achieving artificial general intelligence (AGI), or a general purpose AI that matches or surpasses human cognition, an overwhelming 76 percent of respondents said it was "unlikely" or "very unlikely" to succeed...

"The vast investments in scaling, unaccompanied by any comparable efforts to understand what was going on, always seemed to me to be misplaced," Stuart Russel, a computer scientist at UC Berkeley who helped organize the report, told New Scientist. "I think that, about a year ago, it started to become obvious to everyone that the benefits of scaling in the conventional sense had plateaued...." In November last year, reports indicated that OpenAI researchers discovered that the upcoming version of its GPT large language model displayed significantly less improvement, and in some cases, no improvements at all than previous versions did over their predecessors. In December, Google CEO Sundar Pichai went on the record as saying that easy AI gains were "over" — but confidently asserted that there was no reason the industry couldn't "just keep scaling up."

Cheaper, more efficient approaches are being explored. OpenAI has used a method known as test-time compute with its latest models, in which the AI spends more time to "think" before selecting the most promising solution. That achieved a performance boost that would've otherwise taken mountains of scaling to replicate, researchers claimed. But this approach is "unlikely to be a silver bullet," Arvind Narayanan, a computer scientist at Princeton University, told New Scientist.

Computer programming jobs in the US have declined by more than a quarter over the past two years, placing the profession among the 10 hardest-hit occupations of 420-plus jobs tracked by the Bureau of Labor Statistics and potentially signaling the first concrete evidence of artificial intelligence replacing workers.

The timing coincides with OpenAI's release of ChatGPT in late 2022. Anthropic researchers found people use AI to perform programming tasks more than those of any other job, though 57 percent of users employ AI to augment rather than automate work. "Without getting hysterical, the unemployment jump for programming really does look at least partly like an early, visible labor market effect of AI," said Mark Muro of the Brookings Institution.

While software developer positions have remained stable with only a 0.3 percent decline, programmers who perform more routine coding from specifications provided by others have seen their ranks diminish to levels not seen since 1980. Economists caution that high interest rates and post-pandemic tech industry contraction have also contributed to the decline in programming jobs, which typically pay $99,700 compared to $132,270 for developers.

Hollywood filmmaker Carl Erik Rinsch has been charged with defrauding Netflix of $11 million after allegedly misusing funds intended for an unfinished science fiction series, federal prosecutors said.

Rinsch, 47, was arrested in West Hollywood this week on charges of wire fraud, money laundering and unlawful monetary transactions that could result in decades of imprisonment if convicted. The FBI and Acting U.S. Attorney for the Southern District of New York allege Rinsch diverted funds meant for his series "Conquest" to speculate on cryptocurrency, stay in luxury hotels and purchase high-end items including five Rolls-Royces and a Ferrari.

Netflix had paid Rinsch $44 million between 2018 and 2019 for the science fiction project about an artificial humanlike species. Prosecutors say he then requested an additional $11 million but never completed the production. An arbitrator ruled in Netflix's favor last year, ordering Rinsch to pay the company $11.8 million. Rinsch appeared in federal court with shackles and posted a $100,000 bond.

The U.S. Treasury Department's sanctions watchdog removed cryptocurrency mixing tool Tornado Cash from its global blacklist on Friday, following a federal appeals court ruling last November that the Office of Foreign Asset Control couldn't sanction its smart contracts. Despite the delisting of over 100 Ethereum addresses from the Specially Designated Nationals list, Treasury Secretary Scott Bessent emphasized continuing concerns about North Korea's digital asset theft operations.

"We remain deeply concerned about the significant state-sponsored hacking and money laundering campaign aimed at stealing, acquiring, and deploying digital assets for the Democratic People's Republic of Korea," Treasury stated. Roman Storm, Tornado Cash co-founder, still faces a July criminal trial for his alleged development role. A Treasury court filing Monday had warned that completely lifting sanctions could have "significantly disruptive consequences for national security."

The credit-card market has quietly split in two, Atlantic argues in a new story: one offering generous benefits to wealthy Americans, the other offering expensive debt to the poor. Credit-card balances have reached an all-time high of $1.2 trillion, with serious delinquency rates climbing to their highest point since the Great Recession.

"Transactors" pay off balances monthly and earn valuable rewards worth up to $3,000 annually in taxable income equivalent, while "revolvers" carry balances at a brutal 21.5% average APR. The poor subsidize the rich through two mechanisms: swipe fees that drive up retail prices by $1,700 annually for the average family, and late fees and interest charges that finance rewards programs. Interest revenue for credit-card companies has ballooned from $76 billion in 2020 to $170 billion in 2024.

The economy now appears to be slowing down. High-income families are increasingly resembling working-class families in credit data, with three in five households earning over $80,000 annually carrying balances for more than a year. Card companies are now offering fewer cards to subprime borrowers, creating a troubling dilemma - while expensive credit cards are harmful, having no credit access might be worse. Bipartisan legislation now aims to cap interest rates and lower swipe fees.

An anonymous reader quotes a report from Reuters: The Belgian prosecutor's office said on Tuesday that it has charged five people in connection with a bribery investigation in the European Parliament allegedly linked to China's Huawei. The five were detained last week. Four have now been arrested and charged with active corruption and involvement in a criminal organization, while a fifth faces money laundering charges and has been released conditionally. The prosecutor's officer did not disclose the names of those involved or give information that could identify them.

It said new searches had taken place on Monday, this time at European Parliament offices. Huawei said last week it took the allegations seriously. "Huawei has a zero tolerance policy towards corruption or other wrongdoing, and we are committed to complying with all applicable laws and regulations at all times," it said. The prosecutors have said the alleged corruption took place "very discreetly" since 2021 under the guise of commercial lobbying and involved payments for taking certain political stances or excessive gifts such as food and travel expenses or regular invitations to football matches.

According to Politico, Gov. Gavin Newsom has distributed prepaid burner phones to around 100 California business leaders, giving them direct access to him and reinforcing his pro-business stance. "If you ever need anything, I'm a phone call away," read one of the notes. From the report: It was Newsom's idea, a representative said, and has already yielded some "valuable interactions." That arrangement surprised some people POLITICO spoke with, largely because Newsom is already known as an inveterate texter whose digits live in many business titans' contacts. He's also long been seen as more aligned with business interests than the Legislature, the proverbial adult in the room when private pillars like Silicon Valley need a sympathetic ear or a veto. But Newsom wanted to convey that he's intent on maintaining California's competitive edge. Phones are still going out.

The California Protocol Foundation picked up the tab. That organization gets money from businesses and nonprofits for gubernatorial expenses like trips abroad -- or, evidently, burner phones -- so taxpayers aren't on the hook. It also drew leftover funds from Newsom's inauguration account, which itself drew business, so in a roundabout way California's private sector helped fund phones nurturing ties with the private sector.

An anonymous reader quotes a report from Politico: A top Commerce Department official sent a blistering email to his former colleagues on his way out the door Sunday warning that the Trump administration is poised to unduly enrich Elon Musk's satellite internet company with money for rural broadband. The technology offered by Starlink ... is inferior, wrote Evan Feinman, who had directed the $42.5 billion broadband program for the past three years. "Stranding all or part of rural America with worse internet so that we can make the world's richest man even richer is yet another in a long line of betrayals by Washington," Feinman said.

Feinman's lengthy email, totaling more than 1,100 words and shared with POLITICO, is a sign of deep discomfort about the changes underway that will likely transform the Broadband Equity, Access and Deployment Program. Commerce Secretary Howard Lutnick recently pledged a vigorous review of BEAD, with an aim to rip out what he sees as extraneous requirements and remove any preference for particular broadband technologies like fiber. The program, created in the 2021 infrastructure law program, became a source of partisan fighting last year on the campaign trail as Republicans attacked the Biden administration for its slow pace. No internet expansion projects have begun using BEAD money, although some states were close at the beginning of this year. Feinman's critique: In his email, Feinman notes Friday was his last day leading BEAD and that he's "disappointed not to be able to see this project through."

Feinman's email warns the Trump administration could undermine BEAD and he encourages people to fight to retain its best aspects. Feinman said the administration should "NOT change it to benefit technology that delivers slower speeds at higher costs to the household paying the bill," adding that this isn't what rural America, congressional Republicans or Democrats, the states or the telecom industry wants. "Reach out to your congressional delegation and reach out to the Trump Administration and tell them to strip out the needless requirements, but not to strip away from states the flexibility to get the best connections for their people," Feinman wrote. He said he's not worried about the Trump administration nixing requirements around climate resiliency, labor and middle class affordability, saying those issues "were inserted by the prior administration for messaging/political purposes, and were never central to the mission of the program." Feinman warns that changes to the BEAD program under the Trump administration could stall state-level broadband progress, with Louisiana, Delaware, and Nevada already stuck in review.

Meanwhile, no specific guidance or timeline for these changes has been provided, and Arielle Roth's confirmation as NTIA head is still pending in the Senate.

Zillow CEO Jeremy Wacksman "recently told Entrepreneur magazine that almost five years of remote work has 'been fantastic for us,'" writes the Seattle Times. Zillow shifted to allowing people to work fully remote during the pandemic. It's been a recruiting and retention tool for Zillow as they "now see four times the number of job applicants for every job we have versus what we did before the pandemic," Wacksman said.

While Zillow still lists its corporate headquarters as Seattle, the company bills itself as "cloud-headquartered," with remote workers and satellite offices. Wacksman's comments are backed by serious real estate moves the company has made over the past five years. An annual report detailing Zillow's financial results for 2024 shows its Seattle headquarters and offices across the country are shrinking. In 2019, Zillow had 386,275 square feet of office space in Seattle after steadily gobbling up floors of the Russell Investments Center downtown over the prior five years. The company reported it had 113,470 square feet in Seattle at the end of 2024... The company has drastically cut costs by shedding offices. Zillow's total leasing costs reached $54 million in 2022 and dropped to $34 million last year... It expects those costs to decrease even further, to $18 million by 2029. Zillow is also taking advantage of subleasing some of its office space and expects $26 million in sublease income between 2025 and 2030...

Zillow's financial results from last year suggest the workforce has been productive while logging in from home. The company reported Tuesday that it beat Wall Street expectations for the last three months of 2024 with a quarterly revenue of $554 million. Wacksman said in a news release Tuesday that 2024 was a "remarkable year for Zillow," as it reached its goal of double-digit revenue growth.