News

SWVL Plans To Lay Off Around 400 Employees

The announcement of the layoff didn’t mention how the decision would affect SWVL’s planned expansion to Colombia, Mexico, South Africa, and the United States.

Published

2 years ago

June 1, 2022

David Morelo

swvl plans to lay off around 400 employees

SWVL, a Dubai-based provider of technology-enabled mass transit solutions, has announced its plan to lay off 32 percent of its workforce (around 400 employees) to better cope with the new economic reality the company has found itself in over the past several weeks.

Since SWVL listed its shares this March on the Nasdaq through a merger with women-led blank check company Queen’s Gambit Growth Capital, its valuation has dropped from $1.5 billion to $500-$600 million.

SWVL is just another name on the growing list of companies that have been negatively affected by the current global economic downturn. Even though the company hopes to become profitable again next year, it sees the layoff as the only way forward.

“Over the past few weeks, Swvl has been hit like others across the globe with changes to its financial realities. While change is often unexpected, we believe that any attempt to resist it instead of adapting to it will prove futile,” says SWVL CEO Mostafa Kandil. “Today, with the current global economic downturn, as much as we did everything we could to put people first, we now know that we are not able to keep everyone unimpacted.”

Despite the major setback, SWVL is determined to keep developing its proprietary technology stack and building on its recent acquisitions, which include TaaS and SaaS businesses Argentina’s Viapool, Turkey’s Volt Lines, Spain’s Shotl, and Germany’s door2door.

Also Read: How To Find Remote-Only Tech Jobs In 2023

The announcement of the layoff didn’t mention how the decision would affect SWVL’s planned expansion to Colombia, Mexico, South Africa, and the United States. Currently, SWVL operates in Argentina, Egypt, Germany, Italy, Japan, Jordan, Kenya, Pakistan, Saudi Arabia, Spain, Switzerland, Turkey, and the UAE.

Other technology-enabled companies that have recently announced layoffs include online payment and checkout platform Bolt, German on-demand grocery delivery company Gorillas, and Swedish fintech provider of online financial services Klarna.

News

Adobe Reveals New AI Tools That Will Wow Photoshop Novices

The company is forging ahead with its Firefly-based AI features, but some professionals have copyright concerns.

Published

12 hours ago

April 24, 2024

Nour Nasir

Adobe

On Tuesday, April 23, Adobe announced a beta version of Photoshop boasting several fresh features aimed at helping users generate new images and manipulate existing files through text prompts. The latest generative AI additions harness the power of Adobe’s new Firefly Image 3 model.

Among the highlights of the update is the Generate Image tool, designed to generate images based on textual cues, providing users who struggle with a blank canvas a starting point to work from. Additionally, Generative Fill, an existing tool for background completion or image expansion, now incorporates a Reference Image function. The enhancement enables users to guide the tool’s output towards a specific aesthetic or theme by uploading an image as a reference.

adobe photoshop ai update firefly image 3 model

The new AI tools significantly simplify the process of translating creative ideas into images and should be useful to both Photoshop novices and seasoned pros. Firefly Image 3 now has the ability to produce astonishingly realistic images, and its enhanced understanding of text prompts is now considered industry-leading.

Despite facing scrutiny over its training data and a backlash from certain segments of the creative community, Adobe remains committed to integrating generative AI features into its entire software suite. The company continues to assert that Firefly is a safe, ethical option for commercial use and positions it as an alternative to competitors like Midjourney and Stable Diffusion —both of which have faced allegations of using copyrighted material without proper attribution or compensation.

Also Read: Lebanese Newspaper Builds AI President To Beat Political Crisis

Despite Adobe’s confidence in Firefly’s abilities, recent findings have uncovered that its training dataset includes AI-generated images sourced from Midjourney and similar platforms, raising questions about the integrity of Adobe’s claims regarding the model’s commercial viability.

While Adobe maintains that its generative AI models are trained on licensed or public domain content from Adobe Stock, enthusiast Nick St. Pierre recently pointed out on X (formerly Twitter) that “over 13% of all images on Adobe Stock are AI-generated,” and that “most of the generated content comes from Dalle and Midjourney”.