Even Newspaper with Bad News: More Layoffs at Washington Post

Goldman Sachs cut CEO David Solomon’s compensation by about 30% to $25 million for 2022.

News on Worldwide Cascade of Firing, Inflation and Recession

Compilation of info, newsbites collected and articles written by Said El Mansour Cherkaoui November July 11, 2022 – November 9, 2022 – December 16, 2022

Washington Post Newspaper Provides Bad News

Meta lays off 11,000+ workers


LinkedIn News

Meta CEO Mark Zuckerberg has announced massive layoffs — affecting more than 11,000 workers, or 13% of its workforce — on Wednesday. Zuckerberg had previously announced the move to hundreds of executives in a meeting Tuesday, adding that he was accountable for the company’s missteps in optimistically overhiring. The cuts are likely to be some of the biggest this year in the tech sector, which has been shedding jobs for several months amid rising borrowing costs, faster inflation and slower economic growth. Meta has 87,000 employees; the layoffs will affect all teams.

Sara Fischer• 3rd+Media Reporter at Axios17h • Edited • 17 hours agoFollow

#BREAKINGMeta CEO Mark Zuckerberg on Wednesday said his company will cut 13% of its staff, or around 11,000 people, in an effort to reduce costs ahead of any further downturn in the economy.
More below on Axios:

Facebook parent Meta laying off more than 11,000 workers

axios.com • 1 min read

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Grace Kay

Grace Kay• 3rd+Tech Reporter at Business Insider11h • Edited • 11 hours agoFollow

On Wednesday, Meta said it plans to lay off more than 11,000 employees.

The layoffs impacted about 13% of Meta’s workforce, including Reality Labs, the division housing its metaverse projects. Though, some teams like the company’s recruiting team were impacted more than others.

In a blog post on the layoffs, Mark Zuckerberg apologized to staff for over-investing in the company, calling the layoffs a “last resort.” Employees were notified of the layoffs over email on Wednesday morning.

Insider’s Kali Hays has previously reported that the Facebook founder has been hinting at downsizing efforts for months.

Read more at Business Insider

Meta says it will lay off more than 11,000 staff as Mark Zuckerberg claims the company is ‘deeply underestimated’


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Linas Beliūnas

Linas Beliūnas• 3rd+Reinventing Finance 1% at a Time 💸 | Leading & Scaling Payments Unicorn in Europe 🦄 | The only newsletter you need for Finance🤝Tech at 🔔linas.substack.com🔔 | Financial Technology | Digital Innovation | Banking13h • 13 hours agoFollow

Meta (Facebook) just cut 13% of its workforce, or more than 11,000 employees, marking the first major round of layoffs in the company’s history 🤯 It probably won’t be the last one. Let’s take a look.

Meta hired more than 27,000 people during the two pandemic years and 15,000 more this year alone. Hence, its headcount is barely back to what it was 10 months ago. Wild! 😳

To get back to 2019 employee levels (before the monetary policy bubble & massive growth in remote work), the social media giant would have to lay off almost half the company.

Given the current trends continue, it seems more like WHEN and not IF. But I honestly hope that I’m wrong here.

Looking at the bigger picture, it’s now clear that the amount of overhiring the Big Tech companies have done in the last 2-3 years is just striking.

To paraphrase Y Combinator’s Paul Graham, this is yet another proof that any organization with a large, protected income and/or too optimistic expectations will tend by default toward administrative bloat. It applies to governments, Harvard, Google, and obviously – Meta. Unless you take direct measures to avoid it, you’ll overhire.

Staying lean now is a strong competitive advantage as never before.

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Aditya Soni

Aditya Soni• 3rd+Tech Editor at Reuters13h • 13 hours agoFollow

Facebook owner Meta Platforms Inc. has become the latest tech company to unveil mass layoffs this year, saying it would let go of 11,000 employees, or 13% of its workforce.

The move comes at a time when the Mark Zuckerberg-led firm has been pouring money into its risky metaverse project despite a crumbling advertising market and decades-high inflation.

Once worth more than a trillion dollars, Meta is now valued at $256 billion after losing more than 70% of its value this year alone.

https://lnkd.in/gUtMNcBf with Nivedita Balu for Reuters

Meta cuts 11,000 jobs as it sinks more money into the metaverse

reuters.com • 3 min read

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Paul S.

Paul S.• 3rd+Senior Writer at TechCrunch14h • 14 hours agoFollow

Another day, another major round of layoffs — this time at Facebook’s parent company Meta.

The severance package is decent: Four months’ pay for each of the 11,000 employees impacted, plus an extra week for each year served.

While factors outside of Meta’s control played a part in all this, including the economic downturn and Apple’s App Tracking Transparency feature which has hit Facebook advertising revenue, attention should also be drawn to Meta’s own business decisions including its continued investment in the metaverse.

While some of these layoffs are from its metaverse unit known as Reality Labs, it seems Meta will still be going full-throttle on the metaverse for the foreseeable future. In a regulatory filing today, Meta said that it expected Reality Labs’ operating losses in 2023 to “grow significantly year-over-year.”

Meta confirms 11,000 layoffs, amounting to 13% of its workforce

techcrunch.com • 5 min read

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Todd Haselton

Todd Haselton• 3rd+CNBC Deputy Technology Editor14h • 14 hours agoFollow

Meta CEO Mark Zuckerberg announced that the company is laying off 11,000 employees, or about 13% of the workforce.

The news comes after Meta bet the house on the metaverse, a long-term vision for a new digital world people will access through its Meta Quest virtual reality headsets. But, that vision has cost the company big bucks. Expenses increased 19% year over year in Q3 to $22.1 billion while sales declined 4%. And the bet on the metaverse has cost the company $9.4 billion so far this year. Shres are down almost 70% year-to-date.

Zuckerberg shouldered some of the blame: “I want to take accountability for these decisions and for how we got here,” he said. “I know this is tough for everyone, and I’m especially sorry to those impacted.”

Meta laying off more than 11,000 employees: Read Zuckerberg’s letter announcing the cuts

cnbc.com • 2 min read

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Carly Giraldo• 3rd+Recruiting @ Meta14h • Edited • 14 hours agoFollow

At least the new episodes of Love Is Blind are out today, am I right?!

All joking aside, I was sadly a part of the large-scale layoffs at Meta. Waking up to that email was truly heartbreaking, I’ve gained so much this past year. It doesn’t feel as though I was done learning and growing with the company but alas my time has come to an end. I feel grateful to have been a part of Meta but even more so for my amazing team ♥️ each and every one of you are so incredibly unique and talented. It’s truly been a pleasure working alongside you.

To my Metamates who find themselves in a similar position, I empathize with you. Let’s lean on each other. Feel free to reach out to me for anything – networking, a good cry or laugh, whatever you need!

Needless to say, I am back on the market and appreciate any support in finding my next #Recruiting opportunity. Looking forward to what’s in store next. Onward & upward!

#meta #metalayoffs #metanews
#newbeginnings #recruitingjobs #opentowork

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Elias Nemeh• 3rd+Wharton | Ex-Twitter | Ex-Facebook | Sales15h • 15 hours agoFollow

The past week reminds me of the quote “There are decades where nothing happens, and there are weeks where decades happen.” They make movies out of this type of stuff. 

🚨 The layoff saga continues, today Meta with 11,000 employees (13%) and then there’s Sam Bankman-Fried’s and How the FTX House Crumbled entering into a non-binding agreement to be acquired by Binance yesterday! What’s going on!? The agreement itself has surprised many people, but the speed at which it played out is probably even more shocking.

Back to layoffs:
The first big takeaway from the massive recalibrations going on is that leaders dramatically overestimated tech’s pandemic-fueled boom. Even as Covid-19 shut down much of the economy, the digital realm continued to thrive. But as we know, that trend didn’t last. 

> The second big takeaway is that the miscalculations companies can’t be pinned solely to strategy missteps over the last two years.
That’s because for the last ten years tech companies have been working from a different playbook. They were minting and spending money at incredible rates. 

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Michael Benedek• 3rd+🏋️‍♀️ @ Datonics; 🧱layer @ Team Daya; Member @ Forbes Technology Council15h • Edited • 15 hours agoFollow

Smarter people than me will write about what led to today’s Facebook Meta layoffs and while there are numerous reasons (including the #metaverse investment), one of them is that Apple privacy protections complicate ad buying / measurement / attribution on Facebook Meta’s core advertising/targeting business (I think Snap Inc. is in the same situation though likely in denial).

Apple has been very effectively using its relationship with consumers, its technology, and privacy as a marketing tool to differentiate itself from others and build its own advertising business / moat. Hopefully they can live up to their brochures…

#privacy #apple #metalayoffs #metaads

Apple Tracks You Even With Its Own Privacy Protections on, Study Says

gizmodo.com • 5 min read

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Ketki Saxena• 3rd+Chief Editor, Canada – Investing.com15h • Edited • 15 hours agoFollow

Zuckerberg confirms Meta will cut 11,000 jobs

Another day, another round of mass layoffs in tech… After a pretty sizable collapse in revenue left Meta “overstaffed and inefficient”

Interestingly, analysts including Morgan Stanley’s Wilson say these broad layoffs are a bullish signal for stocks, as companies aggressively bring down costs.


#tech #layoffs #meta #facebook #zuckerberg

Zuckerberg confirms Meta will cut 11,000 jobs By Investing.com

ca.investing.com • 2 min read

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Brad Kay ⚡️• 3rd+Founder | Brand Builder | Marketer | Business Insider and Forbes CMO To Watch | Advisor1d • Edited • 1 day agoFollow

My ❤️ goes out to everyone impacted at Facebook Meta and so many of the other major tech companies the last few weeks. These are challenging times.

But, if there’s a silver-lining to be found in this downturn, it’s a renewed interest in character and a drive towards personal accountability.

Zuckerberg’s admission of guilt for poor decision-making, over-hiring and spending is the first small step in a very long road to recovery for this brand.
#brand #facebook #culture #tech #character #brandvalues #accountability

WSJ News Exclusive | Meta’s Mark Zuckerberg Says He Is Accountable as Company Preps for Mass Layoffs

wsj.com • Subscription may be required

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Mark Hibbs P.E., GCDF• 3rd+Assistant Director of Advising at Hennepin Technical College1d • 1 day agoFollow

Unless Zuckerberg lays himself off, saying he’s accountable is insulting and simply paying lip service. But he wouldn’t be the first leader to have others endure the pain of layoffs for his mistake nor will he be the last. So much for servant leadership. #immoral #layoffs #noleadership

WSJ News Exclusive | Meta’s Mark Zuckerberg Says He Is Accountable as Company Preps for Mass Layoffs

wsj.com • Subscription may be required

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Lalit Manral, PhD• 3rd+Professor of Strategic Management |<:>| Interests/ Expertise: Evolutionary Strategy Dynamics; Corporate Management1d • 1 day agoFollow

#CorporateManagement Accountability in a company with a dual-class stock structure is best exemplified by Facebook. There is no dislike button. 

WSJ News Exclusive | Meta’s Mark Zuckerberg Says He Is Accountable as Company Preps for Mass Layoffs

wsj.com • Subscription may be required

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Michele Vincent• 3rd+🎙️ Podcast Host | Talent Community Builder | Staffing Solutions1d • Edited • 1 day agoFollow

Layoffs are to begin Wednesday morning, CEO Zuckerberg told hundreds of Meta executives on Tuesday. The coming cuts are expected to total many thousands of employees and will likely be the largest of the year to date in the tech sector.

Those who have already been laid off from companies including Twitter, Opendoor, Stripe, Recharge, Gem, Beyond Meat, Starry, Momentive.ai, Fullstory, Patreon, Snap, Wayfair, and other’s have joined the Tech Layoffs 2022 Facebook group to connect with recruiters from Twitch, Adobe, Salesforce, Tesla, Amazon, Capitol One, IBM, JPMorgan Chase, Paramount, Ford, Google, Walmart, Warner Bros Games, and many others.

Those who are notified by Meta on Wednesday morning are welcome to join, network with others, and check out the job postings and layoff resources. Link to the Tech Layoffs Talent Community in the comments.

#Meta #layoff #Tech #MetaLayoff

WSJ News Exclusive | Meta’s Mark Zuckerberg Says He Is Accountable as Company Preps for Mass Layoffs

wsj.com • Subscription may be required

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🔬Chhaya Tuok out of network3rd+MBA, Consultant

Basically “It’s my fault, but you’ll pay for it”. I wonder how Zuck will conciliate this with his continued over-emphasis on the Verse.

Hope for the best and a quick bounce-back for those being let-go, but if anything this is a very good environment (compared to other eras) to hit the labour market with an “ex-FB/Meta” badge.

 In response to

The Wall Street Journal’s post

WSJ News Exclusive: Mark Zuckerberg said Meta layoffs will start Wednesday, telling executives he was overoptimistic about growth, people familiar with the matter say.

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The Economist13,072,917 followers2d • 2 days agoFollow

Will anyone be spared? https://econ.st/3UjJjiU

From Twitter to Meta, tech lay-offs are spreading

economist.com • 2 min read

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Rachyl Jones• 3rd+Media Reporter—always accepting scoops2d • Edited • 2 days agoFollow

Meta went on a hiring spree during the pandemic—as have many technology companies. In the past four years, it has doubled its headcount to 87,000 people. But as inflation rates hit a 40-year high and a potential recession looms, many tech companies have been resorting to layoffs. Meta is expected to cut thousands of employees this week, starting as early as Wednesday.

Meta Is Expected to Lay Off Thousands This Week

observer.com • 1 min read

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Anil Malhotra

Anil Malhotra• 3rd+Technology & Execution | Interim / Fractional / Virtual / Outsourced CIO2d • 2 days agoFollow

With large-scale layoffs at Meta and Twitter, there is a buzz about “value creation” opportunities in tech (e.g., “We can reduce staff aggressively, but the tech platform still runs just fine.”) If Elon’s playbook at Twitter is successful, will we see more aggressive private equity investment in tech implementing the tried and true cost control playbook? #techcompanies #cfo #ceo #privateequity #costcontrol #tech

WSJ News Exclusive | Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week

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Niya D.

Niya D.• 3rd+Founder at Candor 👋RSU trading for tech employees2d • Edited • 2 days agoFollow

Meta has quietly been laying people off since the summer. Now it will have to drastically cut headcount.


Earnings call aftermath was pure carnage. And no – it has nothing to do with the Metaverse. This time it’s all about AI.

Wall Street was able to begrudgingly digest a metaverse investment. However, in defending this narrative, Meta did not tell a good story around why AI spend is so aggressive.

Stock analysts last quarter freaked out.

Morgan Stanley is all but shorting the stock rn – going from $205 to projecting $100 for the next year. This is their projection based on an options implied probability mode they use for the next 12 months. Everyone else is following suit.

Meta has no choice but to lay people off faster and visibly to control the stock price. To be clear, layoffs were slowly and quietly underway already. Lots of folks were packaged out in September and October.

It will be a crazy month. I’m writing a longer piece on this this week in That’s So Meta – make sure to follow the link below to subscribe and read my analysis.

I will post a longer breakdown this week in the newsletter explaining Wall Street pressure Meta is facing, including showing you what models are used to price the stock and which roles I expect to be cut.

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See profile for Josh Elman

Josh Elman out of network3rd+Product Builder

The yo-yo of the past 3 years has been so difficult for anyone to plan and prepare. People hired into what seemed like exponential growth and expanding market caps. Let alone the complexification of remote work. The music stopped. It is now affecting so many plans and over plans and all of these companies need to course correct. Twitter would have had to do this – but had the weirdest year of all keeping its market cap

 In response to

Jason Kirk’s post

First Snap Inc., now Twitter and we’re hearing Meta is next this week. It seems like all of these companies significantly increased headcount in just the last 3 years.

Is Google next even though they don’t seem to have hired as rapidly as the others? Is this a sign of tough times or an opportunity to “recalibrate” at companies not notoriously known for aggressively firing underperforming workers after 3 years of massive hiring sprees?

I personally think (and not including Twitter in this as it’s in a unique situation all its own) that it is a combo. Slower growth ahead and depressed stock prices are forcing this. However, I believe it is equally an opportunity to focus on high performing, entrepreneurial types aka the type of workers that got them to prominence in the first place.

What say you? Would love to hear your pov in the comments.

Also, crazy to think but when you have 150k employees (Google) and 80k+ (Meta), they could lay off thousands of employees and it could equal a small % of their workforce. In fact, I believe I read today that if Meta cut 50% of their staff like Twitter did last week, it would bring them back down to a global headcount that was the same just 3 years ago. Despite what’s happening (or about to happen) perspective is important in times like these.

Regardless, losing a job is no laughing matter and if you or someone you know is affected by a layoff, if you think I can help at all, don’t be shy to message me.

#layoffs #moneyisnolongerfree #opportunity

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Chameleon Musk Twister And Twitter Bird Cage Cleaning

 Said El Mansour Cherkaoui  July 11, 2022

As anticipated outcome in response to the judge’s Friday deadline of October 28, 2022 that was given to Elon Musk to drive his $44 billion purchase tag to the sellers of Twitter accounts.

Subsequently, ahead of Elon Musk’s takeover on Friday October 28, 2022, 4 Twitter’s executives were fired include Parag Agrawal, Twitter’s chief executive, Ned Segal, the chief financial officer, Vijaya Gadde, the top legal and policy executive, and Sean Edgett, the general counsel and they will maybe say this is “TGIF – Thanks God It is Friday.” … Read More

  • A recession, or falling off of economic growth, is commonly defined by two consecutive quarters of shrinking gross domestic product. The actual call is made by the National Bureau of Economic Research, which considers additional factors.
  • The pandemic recession of 2020 was the deepest and shortest on record.
  • New jobless claims declined last week for the first time in a month, but remained close to the highest level since November.

June’s 2022 more high-profile companies making cuts include:

Tesla employees were subjected to two rounds of layoffs, one in mid-June and another two weeks later in which a California office was closed and 200 employees cut.

Tesla in the Eye of the Firing CyclElon Musk

 Said El Mansour Cherkaoui  June 30, 2022

Said El Mansour Cherkaoui  Tesla Motors: Driving News, Dance and Trance Moves 6/29/2022 – Oakland, California Tesla is … Read More

Twitter laid off about one-third of its talent acquisition team.

Krystal Cano• 3rd+Senior Technical Sourcer at Doordash. Hiring Machine Learning, Backend, iOS, Android at al levels!2d • Edited • 2 days agoFollow

Sending love to all my #Tweeps today!

It breaks my heart to see what has happened to my Recruiting team at Twitter. It honestly was the best job I’ve ever had and I’ve been at half of the tech giants. I was so motivated by everyone around me. We worked hard & gave it our all! It was a place that was very welcoming, had exceptional top tier talent, human leadership and I loved the amazing teams I helped recruit there. #lovewhereyouwork

Then Elon came along, and the way that he has treated us employees was not okay the past few months. When they reported that it was a hostile takeover by Elon, it truly was hostile. We Twitter employees have gone through so much harassment and confusion just because we worked at Twitter. We’re strong people, top people in social media engineering & we can handle it. But when it’s coming from the individual trying to buy it, that was truly eye opening and disgusting. I would never want to work for someone that has no respect for the employees building, scaling and innovating his companies. I lost so much respect with how he treated us and Tesla employees. Calling us lazy for working remotely. LOL. (Sorry i’ve been remote for over 5+ years working in big tech, this is how I operate) 

It’s sad how in the blink of an eye, over 7k employee’s lives completely changed because Elon wanted to buy Twitter. It was his way or the highway. It almost feels like a breakup with your career. As a Recruiter & Career Coach, I have learned so much from this experience that will help me have more empathy with my candidates and how to help others maneuver in these situations. I’ve forced myself to do a lot of inner work to see what is that I really want out of my own career.

I didn’t want to leave Twitter, but I did 2 months ago because I knew what was going to happen to us and I knew the market was going to get tough. I’m so happy I came to DoorDash where they have treated me with so much respect after what my team at Twitter and I just experienced. I hope no one has to go through a toxic acquisition like this that became so public, political and dangerous at times.  

To my Twitter Recruiting team, I freaking love you guys! Some of the most brilliant, hardworking and down to earth people. We worked really hard to build an amazing community! I really cherish my time and the people I got to work with. I would work with all of you in a heartbeat. If there’s anything I can do, please let me know. 

If you see anyone that is part of Twitter Recruiting, please look out for them with opportunities. I can vouch for them and tell you that they are some of the best in the industry. 

I wish everyone involved healing, because this was definitely a lot to take on the past few months. I know positive things are happening to all of us for what we just dealt with.

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Binasa Mesic• 3rd+Recruiter at Wollborg Michelson2d • Edited • 2 days agoFollow

I can’t wrap my mind around the amount of layoffs that have occurred!

To hear that Twitter was affected was shocking….. I guess not a surprise considering Elon Musk just laid off his Tesla employees, why would anything be different for Twitter employees.

It’s truly a shame to see such a large, respected organization crumble and treat its employees like breadcrumbs.

We know what’s going to happen in a few months. Business needs will increase and Twitter, just like many other organizations will be scrambling for recruiters.

We hoped COVID would change the way large corporations viewed their employees and this year we have learned that not everyone is on board with change. That we are just warm bodies filling seats to some organizations.

I have faith in our LinkedIn networks that these amazing individuals who were affected will find new and better organizations that value them.

If you see a post from someone affected by any layoffs, please like, share, post and reach out to them. They need our support.

Dot Come, Dot Gone: Here we Swirl again with SWVL and Carbon Health Firing Staff

 Said El Mansour Cherkaoui  June 1, 2022

Hey Babe Walk on my side, share this with all your Friends and Spread the Words among … Read More

LinkedIn News:

Shopify laying off 10% of workforce

Shopify is laying off 10% of its global workforce. It’s backtracking on a pandemic bet that e-commerce growth would continue. “It’s now clear that bet didn’t pay off,” said CEO Tobi Lütke in an internal memo. The approximately 1,000 cuts will be across the board, but most will be in recruiting, support and sales. Duplicate, overspecialized, and roles described as “convenient to have but too far removed from building products” are also being cut. Staff who are being let go find out Tuesday.

  • Shopify shares fell sharply in early trading.
  • The layoffs are the latest in a wave of big tech layoffs.

Updated 7/21/2022

Here are some of the firms that have announced layoffs since the beginning of July:

  • Ford is cutting as many as 8,000 jobs, mostly in its gas-fueled vehicle division.
  • Asurion, a Nashville-based global tech services company, laid off 750 employees. It cut about 300 workers in November 2019.
  • Healthtech firm Olive joined a growing list of Central Ohio companies making layoffs by cutting 450 jobs.
  • LinkedIn members have posted about being laid off this week, at: online pharmacy Capsule, a New York City-based tech unicorn; internet security platform Censys; San Francisco-based online banker Varo, and Traeger Grills.
  • Other companies making layoffs this month: wireless giant T-Mobile, supply-chain tech platform Project44, Seattle real estate startup Flyhomes, and Near Intelligence Inc.

7/8/2022Tech workers in for a reality check?

Tech workers have enjoyed years of high salaries, first-in-class benefits and unprecedented leverage that

  • At the end of June, San Francisco was in the spotlight as layoffs were made by numerous tech companies: game developers Niantic and Unity, online newsletter platform Substack and real estate company HomeLight. Elsewhere, data storage provider Qumulo and Parallel Wireless also made cuts.

  • Three applied behavior analysis (ABA) therapy service providers announced cuts: Forta, 360 Behavioral Health, and Center for Autism & Related Disorders (CARD).
  • Genetic testing firm Invitae laid off 1,000 employees – 40% of its workforce – and made numerous changes at the executive level.
  • Video platform Vimeo CEO Anjali Sud announced 6% staff cuts in a LinkedIn post.
  • OpenSea CEO cites “crypto winter” as NFT giant lays off 20% of staff.
  • Victoria’s Secret laid off about 160 managers as part of a restructuring.
  • Online mortgage banker loanDepot is laying off about 4,800 employees this year, a 42% cut to its workforce, which numbered 11,300 at the end of 2021.
  • Tonal, a Peloton competitor in the connected workout equipment field, laid off 35% of its workforce as it eyes an initial public offering.
  • ChowNow, a delivery and marketing service for restaurants, laid off about 100 workers just days after “instant” delivery startup Gopuff cut 1,500 of its global workforce and closed 76 U.S. warehouses.
  • Virtual events platform Hopin, a tech unicorn valued at $7.75 billion, laid off 29% of employees.
  • Electric carmaker Rivian said it was cutting “hundreds” after conceding it “grew too fast.”
  • Food-tech companies Sunday and Nextbite announced restructuring and layoffs.
  • Healthcare companies OhioHealth and Alto cut staff.
  • Next Insurance, a small business insurance provider, laid off 17% of its workforce.
  • Video game retailer GameStop announced layoffs and also said chief financial officer Mike Recupero was leaving the company.
  • Twitter laid off about one-third of its talent acquisition team.
  • At the end of June, San Francisco was in the spotlight as layoffs were made by numerous tech companies: game developers Niantic and Unity, online newsletter platform Substack and real estate company HomeLight. Elsewhere, data storage provider Qumulo and Parallel Wireless also made cuts.

June’s more high-profile companies making cuts include:

Updated 7/13/2022

  • Delivery startup Gopuff laid off about 1,500 of its global workforce and closed 76 warehouses in the U.S.
  • Virtual events platform Hopin, a tech unicorn valued at $7.75 billion, laid off 29% of employees.
  • Electric carmaker Rivian said it was cutting “hundreds” after conceding it “grew too fast”.
  • Food-tech companies Sunday and Nextbite announced restructuring and layoffs.
  • Healthtech companies OhioHealth and Alto cut staff.
  • Next Insurance, a small business insurance provider, laid off 17% of its workforce.
  • Video game retailer GameStop announced layoffs and also said chief financial officer Mike Recupero was leaving the company.

Updated 7/10/2022

Food-tech industry Losing Appetit, Layoffs hit – – –

Restaurant-tech startup Nextbite is restructuring and cutting staffers. The Denver-based company licenses delivery-only brands — think George Lopez Tacos and Tom Colicchio’s ’Wichcraft sandwiches — to restaurants looking to beef up sales. It is not known how many staffers were affected by the layoffs, which were announced the same week that former Red Robin CEO Denny Marie Post was named co-president of the company. Nexbite raised $120 million in 2020 under its previous name, Ordermark.

Sunday, the QR code restaurant payments app launched in April 2021, is pulling out of 60% of its markets and making extensive cuts to its global team, Sifted has learnt.

The company confirmed to Sifted it is shutting down operations in four of the seven markets it rapidly expanded to in the last 16 months: Spain, Portugal, Canada and Italy. Sunday only launched in Italy and Portugal a month ago. 

“With the current state of the market, investors are now expecting profit from the get-go,” a spokesperson for the company tells Sifted.

“Sunday has been navigating this shift by refocusing its geographical footprint to its most important markets — the US, the UK and France.”

“kicked into overdrive” during the pandemic. But those salad days could be ending. Prominent tech firms including Netflix and Meta have announced layoffs or pulled back on hiring as they gird for an economic slowdown, and experts say that’s likely to have a trickle-down effect. Workers may see interviews multiply while salaries stagnate, and they’re unlikely to have as much say on performance expectations or perks — just ask Tesla employees, who were recently banned from remote work.

The move towards remote work could end up being a double-edged sword for many American tech employees, particularly in places like Silicon Valley, with the possibility of companies using it to cut costs further.

Klarna cuts valuation by $31 billion

LinkedIn News Updated 6/17/2022

Klarna is eyeing a new funding round that would value the buy-now-pay-later startup at $15 billion — a big comedown from its lofty $46 billion valuation last summer. Once ranked as Europe’s most valuable startup, the Swedish fintech slashed its fundraising ambitions as venture capital funding dried up and consumers shifted their spending away from online retailers and toward physical stores. Klarna’s net loss quadrupled in the first quarter, to about $250 million, from a year ago. The company announced last month that it was laying off 10% of staff.

James B. – Congratulations Klarna !

We shall see how long the $15B valuation holds. Given markets repricing of risk – i suspect Klarna will only be worth $7B to $8B (not by 2025) but will reach this valuation level no later than Fall 2024.
5 Days before this article was oublished (posted below) I wrote the following….
“Klarna will be worth $10B to $12B in 2025. Base Case. Worst case = $7B to $8B. Not $30B. $46B was lunacy.
It will be fascinating to watch as the E in P/E is cut in half for public firms over tbe next 24 to 35 months which are comprobable enought to Klarna and their peers across the adjacent markets in their ability to produce sustainable cash-flow.
Bottom line: Apple will kill the BNPL business model.
Like Telehealth – BNPL is not a sustainable business. It’s an extension of value, a service and a product area when bundled which is valuable. But not independently. Its not an industry. It’s not a market. Hence, tbe compression in valuation.
Observation: The value destruction waiting in the wings for firms like Klarna during 2023-2025 is going to be stunning for most institutional investors. Expect a 50% to 60% cut in valuation from here. Minumum.
The good news: Walmart will be an ideal acquirer for Klarna in 2025 / 2026.”

June 16, 2022 Source Linkedin

🔥🔥🔥 Klarna’s Valuation Slashed by Two-Thirds. The SoftBank-backed, buy-now-pay-later startup is discussing raising cash $500m at a valuation around $15 billion, down from 2021’s near $46 billion valuation. It is way less than it was seeking just last month ie $1B at $30B valuation. Klarna’s net loss quadrupled in the first quarter to $250m from a year earlier. Klarna said last month it would lay off 10% of its workforce owing to what it called a volatile economic environment and the need to cut costs. Perfect time for Community Banks and Credit Unions to come with the next version of BNPL -post transaction.
Valuation of Fintech were damn too high, not even saying that the slashed valuations are reflecting their real valuation yet… Hard time especially for client facing Fintech and for BNPL… I’m not even talking about valuations of mainstream challenger banks and with free offering.

United States Breaking Record Tech News

En 2021, #Alphabet#Apple#Microsoft et #Amazon ont réalisé ensemble 1 261 milliards $ de chiffre d’affaires, soit presque l’équivalent du PIB de l’#Espagne: 4 géants de la #tech des Etats Unis.

Technology Ecosystem in Pakistan

The rapid emergence of Pakistan’s technology ecosystem on the international stage has been no accident — it’s the result of a confluence of changing facts on the ground and shifting dynamics in the startup and investing world as a result of the pandemic.

Image Credits: Mikal Khoso

Unlocking Pakistan’s potential

The sudden emergence of Pakistan’s tech ecosystem on the international stage has been driven by three major factors: an improving security situation, quickly growing mobile connectivity, and critical legal changes and deregulation.

One of the primary reasons why Pakistani lags behind the world in innovation is our cultural attitudes. We usually discourage trying new things and want to adopt the path chosen by our predecessors. Jul 9, 2017

Pakistan is the 4th largest technological market in the world. There are over 2000 software houses in Pakistan. Nov 2, 2019

programmers, software coders and app designers. There are now 1,500 registered I.T. companies in Pakistan, and 10,000 I.T. Aug 10, 2015

By 2023, the economic contribution of the mobile industry in Pakistan will reach $24 billion, accounting for 6.6% of GDP. The majority of this uplift will be driven by improved productivity and efficiency, particularly from the increased take-up of mobile internet services.

A Recap of the Week of March 11 2022 Africa

𝗗𝗲𝗮𝗹 𝗼𝗳 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸:

• Wasoko (formerly Sokowatch), a Kenyan B2B e-commerce procurement & logistics platform, raised a $125M Series B at a valuation of $625M co-led by Tiger Global and Avenir Growth (Daniel Yu)

𝗗𝗲𝗮𝗹 𝗼𝗳 𝘁𝗵𝗲 𝗪𝗲𝗲𝗸 𝗥𝘂𝗻𝗻𝗲𝗿-𝗨𝗽:

• Big Cabal Media, publishers of digital media platforms TechCabal and Zikoko, raised a $2.3M seed round led by MaC Venture Capital (Tomiwa Aladekomo)


• Moove Africa, a Nigerian ‘mobility fintech’ platform raised a $105M ($65M equity, $40M debt) Series A2 led by existing investors Speedinvest, Left Lane Capital and thelatest. ventures (Tayo Oyegunle)

• 4G Capital, a Kenyan credit-led neobank providing SMEs with unsecured business loans, raised an $18.5M Series C from Lightrock (Wayne Hennessy-Barrett)

• Hence Technologies, a Rwandan AI-powered platform, raised a $1.8M seed round from Daybreak Partners, Broad Creek Capital, and others (Sean West)

• Chargel Inc, a Senegalese trucking logistics platform, raised a $750K pre-seed (unspecified mix of equity and debt) from Century Oak Capital, Logos Ventures, and others (Moustapha Ndoye)

• Spleet, a Nigerian proptech platform, raised a $625K pre-seed led by MetaProp VC (Akintola Adesanmi)

• Payourse (YC W22) and Simplifyd, announced their participation in Y Combinator’s W22 batch

• Digitech, an Ivorian digital insurance platform, raised a $328K (€300K) seed round led by Bamboo Capital’s BLOC Smart Africa Fund

• GUICHET, a Moroccan digital ticketing e-commerce platform, raised ~$310K (MAD 3M) from 212 Founders (MOULNAKHLA Ahmed Tawfik)

• Welnes App, an Egyptian community fitness platform, raised a $300K seed round led by Flat6labs (Amr Saleh)

T40 TechnologiesZofi CashKiotapayNigeniusDukapepeCylon AccountingFloodGates LimitedFXKudi, and Scrapays ; are participating in the first batch of Startup Wise Guys’ new African B2B digital SaaS accelerator program

• Bosta, an Egyptian provider of logistics solutions for e-commerce, raised an undisclosed pre-Series B led by Khwarizmi Ventures (Mohamed Ezzat)

• Aisiki- Feeding Africa!, a Nigerian food distribution platform, announced that it raised an undisclosed amount from unnamed corporate investors (Babatunde Hakeem Lawal)


• SupPlant, an Israeli smart irrigation systems provider operational in Kenya and Morocco, raised $27M led by Red Dot Capital

• d.light, an American provider of distributed solar energy solutions worldwide, raised $7M from Finnfund

• Meaningful Gigs, an American platform connecting African freelance designers in Africa with global brands, raised a $6M seed round led by Stage 2 Capital

• Leaf Global Fintech was acquired by IDT Corporation (Nat Robinson)

• Yoco acquired Nona Digital

• DilenyTech was acquired by Astute Imaging

Click the link below for more 👇

Afridigest Week in Review: B2B e-commerce is boomingafridigest.substack.com •

Aswak Salam . Morocco

EU ushers in brave new world of Big Tech regulation

The Digital Markets Act clamps down on abuses in the platform economy.

#DMA is the first ever #EU #tech #regulation to be passed aiming at significantly reducing big tech’s #monopoly power (#siliconvalley) and regaining control over EU user’s data.

May Set a precedent for #healthcare #data sharing, #dataprivacy systems #interoperability  #digitalmarket

BY SAMUEL STOLTON March 25, 2022 8:43 am

The European Union has opened a new chapter in antitrust enforcement for the digital economy, adopting a raft of new rules designed to clamp down on abuses by some of the world’s largest tech firms.

In a deal brokered Thursday evening, officials from the European Parliament, Council and Commission concluded 15 months of intense negotiations on a new rulebook for Big Tech giants operating in the European market, the Digital Markets Act.

Google, Amazon, Meta, Apple, Microsoft and other global players such as accommodation outfit Booking and Chinese e-commerce player Alibaba will come under the scope of the Digital Markets Act, which introduces a series of dos and don’ts for tech firms’ behavior across digital markets. A final list of firms will now be drawn up by the Commission.

Read More

March 9, 20220


OECD – OCDE 📈 📉 Compare the #unemployment rate across #OECD countries between 2020 and 2021 & find out more about the latest OECD data: charts, maps, tables and related publications 👇https://fal.cn/3qE3v

US economy slips into ‘recession’

By Cate Chapman, Editor at LinkedIn News

The economy shrank for a second straight quarter, placing the U.S. in what is commonly but unofficially considered a recession. Gross domestic product fell by an annual rate 0.9% in the three months ended in June, the Commerce Department said, following a 0.4% contraction during the first quarter. While the labor market is the strongest it has been in about 70 years, with an unemployment rate of 3.6%, other areas of the economy are slowing in the face of high inflation and rising interest rates.

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US-Euro-British Recette: Coupez le Bortsch, partagez le Pudding et laissez Poutine perdre son Bœuf Stroganoff

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