Welcome back, DawentsIT Readers! Writing to you from an unseasonably warm City, I’m your host, DawentsIT.
We’ve got a lot to get to today, so I’m going to get straight into the news, starting with why experts are warning that tech layoffs are just beginning.
Buckle up — Let’s get to it:
ALL THINGS TECHNOLOGY NEWS YOU NEED TO KNOW TODAY
1.Thousands of workers were laid off last week. Experts say it’s just the beginning. Amid persistent inflation, a collapse in venture funding, and fear in the public markets, more tech companies than ever are being forced to do the unthinkable — slash the size of their workforce.
*After a multi-decade boom in the tech sector, which fostered giants like Apple, Amazon, and Facebook, alarm bells started to ring this year, with the industry hitting a major slump by late spring.
*Last week, Lyft let go of 700 employees. Fintech giant Stripe slashed about 14% of its workforce — and a memo from Stripe’s cofounders is a lesson on how to conduct layoffs. Plus, Twitter laid off thousands of workers via email. Meta is reportedly preparing mass layoffs of its own.
*Investors, founders, and recruiters told Insider that there’s still more to come. One person told us: “At the macro level, I don’t think it will be a catastrophic, 2008-style situation. That doesn’t mean it won’t hurt, though.”
In Other News:
2.There’s a lot going on at Elon Musk’s Twitter. Here’s the latest:
Those spared in last week’s layoffs received an email saying Twitter has an “exciting future” — read the full message here. Meanwhile, some laid-off staffers say they’re already being asked to return.
Twitter rolled out — then paused — Musk’s divisive paid-verification model. An updated App Store description showed users could pay $7.99 a month for a blue check. The New York Times then reported the service will be held until after the midterms.
A culture war has been unleashed within the company. One employee described the conflict between Twitter’s old guard and the new owner’s loyalists — and it’s just getting started.
Musk’s been tweeting through it all. He tweeted “comedy is now legal,” but then suspected or blocked parody accounts impersonating him. Musk also posted that he wouldn’t ban the infamous account tracking his private jet. (Remember when he offered the owner $5,000 to take it down?).
3.Apple users may soon say goodbye to “Hey Siri.” Per Bloomberg, Apple is planning to change the “Hey Siri” trigger phrase to just “Siri.”
4.What is Google Keep? The platform is Google’s surprisingly versatile version of a note-taking app. From creating voice notes to setting time- and location-based reminders.
5.Andreessen Horowitz is “betting heavily” on edtech for the next decade. General partner Katherine Boyle explained that even with edtech funding down this year, A16z is still leading deals in the space.
6.An ex-Apple employee admitted to defrauding the company out of $17 million. After admitting to running multiple fraud schemes, the former employee faces up to 20 years in jail.
7.CNN’s Chris Licht faces an angry newsroom as more layoffs loom. Licht entered the top job with good will, after the shuttering of the planned CNN+ streaming service sent shockwaves. But now, an insider told us, “people are starting to believe there’s no plan.”
8.Despite industry layoffs, some tech firms are still hiring. We put together a list of 15 high-paying tech jobs at big-name businesses, like Microsoft, and newer startups.
Odds and Ends:
9.We tested Netflix’s new cheaper plan with ads. After more than a year subscribed to Netflix’s most expensive subscription tier, Insider’s writer tested out Basic with Ads — and found some titles aren’t available, and that some titles don’t have ads at all.
10.A Tesla alum used this pitch deck to raise a $2.5 million seed round for his startup. Return, a Web3 climate-tech startup, lets people buy carbon credits to offset their crypto activity. We got a look at the pitch deck its founder used to raise seed funding.
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