10 Things in Tech: Stock shock
Happy Friday, readers. Breaking news this morning: Elon Musk said his Twitter deal is on hold. Here's the latest.
Plus, the tech-stock collapse has sent many employees' total compensation into a tailspin, and we're showing you the best headphones you can buy.
Let's get started.
1. The tech-stock collapse has sent employees' total compensation spiraling. Workers at companies like Amazon, Uber, and Block, who were lured to the firms by lucrative amounts of equity, watched thousands of dollars vanish from their compensation as stocks plunged this week. (Keep up with the latest tech stock moves over on Markets Insider.)
- In recent years, workers have been recruited to Big
Techfirms with offers that include large chunks of equity known as restricted stock units, which can make for compelling offers when stocks are skyrocketing.
- But now, after tech stocks crashed, some employees said more than two-thirds of their total compensation has disappeared — with one seeing losses totaling up to $400,000.
- As salaries take a hit, many tech employees could look to jump ship. In fact, some insiders said that if there's a decent offer on the table, now might be the best time to defect to a new company.
In other news:
2. Breaking this morning: Elon Musk tweeted early Friday that his deal to buy Twitter is "temporarily on hold." Musk attatched a Reuters article reporting on a Twitter filing that estimated spam or fake accounts made up less than 5% of its monetizable daily users. Get the latest here.
3. Twitter lost two executives yesterday. Insider has seen an internal email that Twitter's CEO sent to employees. The memo said the company would be freezing the majority of hiring and backfilling positions — and that it'd be rescinding offers already made to some candidates. Here's the latest.
4. The roads are wild these days. Big, expensive cars could be to blame. Evidence is mounting that driving itself turns people into bad drivers — and that pricier, fancier, bigger cars could make them even worse. Why more people are driving like jerks.
5. Meta is cutting spending in its hardware division. Reality Labs, a key component to the company's success in the metaverse, is bracing for cutbacks, and can no longer afford some projects, Reuters reported. What we know so far.
6. Amazon is building an advertising behemoth — and it's coming for Facebook. Despite being historically leery of advertising, Amazon's ad business has exploded in recent years. We spoke with advertisers and analysts, who laid out where it's headed next. Plus, meet the 26 execs making it all happen.
7. Tesla's Solar Roof has a new competitor: Ikea. The home-goods store will begin selling solar panels this fall — making it a direct competitor to residential solar-panel companies and Tesla Energy. Get the full rundown here.
8. Uber and Lyft's pool of rideshare drivers has shrunk. Many drivers told Insider they switched to delivering food, while others left entirely because of high gas prices. Some drivers collected big bonus payouts designed to lure them back — but then left the platforms anyway.
Odds and ends:
9. We reviewed the best wireless noise-canceling headphones you can buy. Coming in at $400, Sony's new WH-1000XM5 are well worth the price for their superior sound quality and noise cancelation. Read the full review here.
10. Google is using AR to revamp its search and map features. In an attempt to appeal to younger, TikTok-savvy users, the company announced it'd be updating its features to allow people to search using images through their smartphone cameras. Everything you need to know.
The latest people moves in tech:
- Uber's founding engineer Conrad Whelan just came out of early retirement to join crypto startup Nillion.
- Ian Goodfellow, Apple's director of machine learning, quit because of the company's return-to-work policy.
- Amazon moved a cloud exec accused of gender discrimination to an "advisory role" in a sweeping restructuring of the unit.
- Niels Provos, Stripe's head of security, is leaving the company.
- Moderna's CFO left after spending only one day in his new job. He'll still be paid $700,000.
- Bank of America just lost Sumeet Chabria, a key tech executive.
This post has been updated to include breaking news.
- Kellyanne Conway says her husband was 'cheating by tweeting' his disdain for former President Trump in her new memoir
- The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022
- A SpaceX flight attendant said Elon Musk exposed himself and propositioned her for sex, documents show. The company paid $250,000 for her silence.
- What would happen to Twitter if Elon Musk backs out now?
- Researchers develop a virus that works even when iPhone is switched off
- Supreme Court of India extends time for submitting Pegasus probe report
- Chopper services launched in Goa for tourists, locals
- Both Ambuja Cements and ACC are bet worth investing with strong parent Adani