Game over for 20% of Xbox staff as Microsoft hits reset: We ‘didn’t focus on the core business,’ CEO says. ‘We simply spread ourselves too thin.’

Good morning. On Fortune’s radar today: - Exclusive: Xbox CEO on why she is laying off 20% of her staff as Microsoft hits reset. - Markets: Selloff in Asia. - “Doom loop”? Strategy is selling bitcoin while hoping it also goes up. - How David Senra built the podcast the world’s most powerful CEOs can’t stop listening to. - Dow CEO gets big pay rise. - The very rich are different from you and me—as ...