Happy Monday, DawentsIT Readers! Today we’re taking you inside the tech industry’s once-in-a-generation downturn, and giving you an inside look at Meta’s first physical store.
Now, Let’s Get Started:
ALL THINGS TECHNOLOGY NEWS YOU NEED TO KNOW TODAY
1.The tech industry is bracing for a historic slump. While the industry enjoyed an extraordinary boom during the pandemic, rising interest rates, supply chain snares, and rampant inflation suggest the good times are rapidly coming to a close.
–Some investors warn that ugly layoffs may be brewing across the board, from public tech giants to scrappy startups — and even traditionally layoff-resistant companies, like Netflix and Meta, are facing contractions.
–In the private markets, high-flying startups are similarly starting to feel the crunch, with VCs showing more caution, and funding drying up.
–David Sacks, cofounder and partner at Craft Ventures, said the industry is looking at what will be in the top three corrections of the last 20 years — “joining the 2008/2009 Great Recession and the 2000 dot-com crash.”
In Other News:
2.We toured Meta’s new store — and it didn’t live up to the hype. The company’s first physical store, which opens to the public today, offers a sea of virtual reality and wearable tech for customers to test out.
3.”The office as we know it, is over”: After Airbnb said employees could live and work anywhere without taking a paycut — an announcement that drew more than 800,000 jobseekers to its career page — CEO Brian Chesky said he believes the office is “an anachronistic form.”
4.Amazon fired managers at a newly unionized warehouse. The New York Times first reported that more than six senior managers at the warehouse in Staten Island were fired, a move workers saw as a response to the warehouse’s successful unionization.
5.In a leaked memo, Reef said it will lay off 5% of its employees. According to insiders, the Softbank-backed ghost kitchen is also delaying bonuses, and documents show it owes vendors millions in outstanding payments.
6.Military spouses describe pay disparities while working for Amazon. During a pandemic recruitment drive, Amazon targeted military spouses — two of whom said they worked grueling hours before having their wages cut and discovering they were paid 33% less than non-military coworkers.
7.Cameo insiders offer an inside look at its brutal layoffs. Laid-off employees who spoke with Insider detailed seemingly extravagant spending, mixed with slowing growth and internal dissent, before the company laid off 25% of staff.
8.With the virtual-assistant space expanding, we detail how to break in. Insider spoke with four virtual assistants and compiled a list of stories, strategies, and daily schedules that helped them build their businesses — and that you can use to pull in six figures in revenue.
9.So you want Ford’s new electric F-150. Which model should you get? The truck starts at around $40,000 for the Pro model, but fancier editions, like the Lariat, can stretch past $90,000 — so we helped break down which model is best for different budgets.
10.Elon Musk’s Twitter takeover may mean less money for workers who quit. Severance for fired workers is being considered, but payouts are expected to be relatively meager, an employee said — and those who are let go or choose to leave are likely to forfeit the value of all unvested stock.
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