Tech Brew Ride Home Wed. 11/09 – CZ & SBF Make FTX Go Boom?
Nov 9, 2022
Brace for a wild ride as massive layoffs hit Meta, impacting over 11,000 employees, while TikTok slashes revenue targets by $2 billion. Twitter's new verification system garners skepticism, blending gray labels with purchasable checkmarks. Meanwhile, Disney surpasses Netflix in subscribers just as Binance swings in to rescue the ailing crypto exchange FTX. Dive into the dramatic collapse of FTX, revealing the chaos behind its founder’s financial empire and the ripple effects in the crypto market!
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Meta Layoffs
- Meta laid off 13% of its staff, over 11,000 employees, due to over-investment.
- CEO Mark Zuckerberg took responsibility, citing misjudgment of post-pandemic e-commerce trends.
TikTok Revenue Cut
- TikTok, facing similar struggles as other social media platforms, cut its 2022 revenue target by 20%.
- Staff were blamed for not driving enough sales in both advertising and e-commerce.
Twitter's Checkmarks
- Twitter's new Twitter Blue offers a blue checkmark for paid users.
- A separate "official" gray checkmark will be given to select accounts, replicating the old verification system.