Amazon cancels the iRobot deal; Roomba Maker cuts 31% of staff.

Amazon has abandoned its $1.4 billion acquisition of Roomba maker iRobot after a clash with European Union regulators. IRobot's CEO, Colin Angle, stepped down as the company embarked on a restructuring plan, resulting in 350 job cuts. Amazon's shares tumbled 19% in New York to $13.80, their lowest level since 2009. The decision reflects the pressure Amazon faces to prove its actions don't harm competition as its influence grows in retail, cloud computing, and entertainment.

January 29, 2024
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