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Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Cloud storage company Dropbox said Wednesday it was cutting 315 jobs, or about 11% of its workforce.

Why it matters: While the tech industry has fared pretty well through the pandemic, those companies that cater to small and midsize businesses have seen their businesses take a hit as their customers are suffering.

What they're saying: "Last spring I made a commitment to all of you to preserve job security through 2020, and it was important to me that we honored that promise," CEO Drew Houston said in a memo to staff. "But looking ahead at 2021 and beyond, it’s clear that we need to make changes in order to create a healthy and thriving business for the future."

  • Dropbox also announced that Chief Operating Officer Olivia Nottebohm is stepping down.

Go deeper

Updated Jan 13, 2021 - Axios Events

Watch: Recovery and resilience after COVID-19

On Wednesday, January 13, Axios' Dan Primack and Dion Rabouin hosted a conversation on the future of equitable economic recovery, featuring Rep. Ro Khanna (D-Calif.) and chef and World Central Kitchen founder José Andrés. They unpacked the pandemic's impact on small businesses and minority communities and spotlighting efforts to create an inclusive economy.

José Andrés discussed the impact of the pandemic on the hospitality and food industry, stressing the survival of restaurants as a critical part of the U.S. economic recovery.

  • On the food industry's need for federal support: "Restaurants will open again, and the issue is: how many are we going to lose from today until the next three, six months, or one year until everything goes back to normal? We have to make sure that the federal government is behind those businesses that are badly affected by this pandemic."
  • On ensuring living wages for workers: "We need to make sure that ... the food industry is not an industry that lives on the fringe of almost poverty, but that every American employee, every restaurant worker will make a decent living."

Rep. Ro Khanna unpacked the pandemic's impact on rural and minority communities and outlined a strategy for the Federal Reserve Board to better target their efforts.

  • On having the Fed scrutinize how they've been lending: "[We need] to make sure that lending isn't concentrated just to financial institutions and large corporations, that they're using their regional banks to be regional economic development banks considering rural and minority communities."
  • On taking a long-term approach to economic recovery: "We need to infuse [the Small Business Administration] with loans. I would do $10 trillion over 10 years to have 200,000 more loans to small businesses across America."

Axios co-founder and CEO Jim VandeHei hosted a View from the Top segment with Mastercard's strategic growth Vice Chairman and President Michael Froman who discussed the role of the private sector in times of crisis.

  • "The private sector can do a lot. And by this I mean not just philanthropy or corporate social responsibility or ESG efforts. As important as all of those are, the key is really getting companies to look at their products and services, technology and expertise and explore what they can do to have a positive social impact on a commercially sustainable basis."

Thank you Mastercard for sponsoring this event.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.