Meta’s CEO Mark Zuckerberg recently let go of 11,000 employees, followed by a similar action taken by Elon Musk at Twitter. There are speculations that more layoffs at Meta may be imminent. According to a report, Zuckerberg has targeted some middle managers, indicating that further job cuts could be in the pipeline. It is worth noting that Zuckerberg’s previous layoffs, which took place in November last year, were due to the challenging economic climate. The Command Line newsletter reported that Zuckerberg recently criticized several intermediate managers during a company-wide meeting.
Kristin Maczko, formerly Google’s Director of Worldwide Mental Health and Well-being, was let go from the company after 15 years. She was among the 12,000 employees laid off by Google recently as part of cost-saving measures amidst the uncertain economic environment. Maczko also reported that several workers on the Mental Health and Well-being team were among those affected by the layoffs. In light of these events, impacted employees from Google have taken to social media to voice their experiences. This follows a pattern seen in other companies, including Microsoft, Meta, and Amazon, who have also laid off thousands of employees, including those with long-standing service, in the last two months.
Recently, the announcement of layoffs by Google and their plan to eliminate as many as 12,000 jobs worldwide left everyone stunned. The CEO of Google, Sundar Pichai, took the lead in breaking the news and accepted full responsibility for the situation. In a message to all employees, Sundar Pichai assured those impacted that they will receive complete support from the company during this trying period. However, it’s worth noting that just weeks before the announcement of the termination of workers, Sundar Pichai received a substantial pay increase in December 2022. At that time, rumors of the impending job cuts at Google had started to circulate, and the company was reviewing employees’ performances more critically.
Twitter is working towards its plan to expand its revenue streams by seeking state licenses in the US. Elon Musk, CEO of Tesla and the new owner of Twitter, shared the company’s strategy for entering the payments market during a live-streamed meeting with Twitter advertisers. Twitter users may soon be able to transfer money to each other, withdraw funds to verified bank accounts and possibly even access a high-yield money market account.
The Charity Commission in England and Wales is investigating Effective Ventures Foundation, linked to the insolvent cryptocurrency exchange FTX. The commission considers FTX a “major funder” of Effective Ventures and considers the relationship a “serious occurrence”. The investigation has been launched to establish facts and ensure the protection of the charity’s assets, but there is no indication of misconduct by the trustees at this point.