Dropbox plans to cut about 9% of workforce as technology chief exits
The company estimates $27 million to $33 million in layoff costs and expects third-quarter results to meet or exceed its earlier guidance.
Datavault AI to restate results after bitcoin withdrawal problems
Shares fell nearly 50% after the company disclosed it could not withdraw bitcoin from Biconomy and needed to revise its accounting.
Datavault AI said it would restate its financial results after being unable to withdraw bitcoin held on the Biconomy exchange since June. The company had counted on the cryptocurrency to help fund its operations.
The bitcoin was credited as part of a $150 million investment by Scilex Holding Company. Datavault said it should instead have accounted for the funds as money Scilex owed it. That correction would lower reported assets by $92.2 million for the end of 2025 and by $49 million for June 2026.
With the withdrawal problem still unresolved, Datavault said it must reconsider its assumption that the bitcoin was available to sustain operations. Its shares fell nearly 50% following the disclosure.