Axios

Fidelity has marked down the value of its Twitter stock by more than 60% since Elon Musk acquired the company at the end of October, according to new disclosures.

By the numbers: Fidelity, which helped Musk finance his $44 billion takeover, slashed the carrying price of its shares by 9.58% between the end of November and the end of December.

The recent wave of layoffs in the tech industry and beyond is exposing a harsh reality of the remote and hybrid working world.

• Virtual layoffs add a layer of loneliness and stress distinct from in-person job cuts.

Driving the news: Some 58,000 tech workers have already been laid off this month, per Crunchbase News. And around 140,000 were let go in 2022.

The extra food assistance benefits put into place during the COVID-19 pandemic will end nationwide in February, per the U.S. Department of Agriculture’s Food and Nutrition Service.

The big picture: After almost three years, the amount of aid provided to low-income families to combat food insecurity through the Supplemental Nutrition Assistance Program (SNAP) will return to pre-pandemic levels.

Over 16 million people have been approved for debt relief under President Biden's student loan forgiveness plan in the less than four weeks that the application was available, the White House announced this week.

Why it matters: The program is currently on hold while the Supreme Court considers a legal challenge brought by a coalition of GOP-led states. Millions of borrowers will remain in limbo until the court's ruling, which is expected this summer.

I asked ChatGPT, the artificial intelligence tool that's taking the world by storm, to write an essay about venture investing in AI.

• While it impressively picked up Axios Smart Brevity style, it struggled to remember certain directives, and its writing was quite basic.

Why it matters: Despite growing fears of making certain creative workers (i.e., journalists) obsolete, OpenAI's writing tool is a long way from being able to replace a writer in our newsroom.

Driving the news: Buzzfeed on Thursday announced it would use AI to "enhance" certain kinds of content, which sent its battered stock on a tear and amplified latent fears of machines coming for white-collar jobs.