Welcome back, folks. Writing to you from an unseasonably warm New York City, I'm your host, Jordan Parker Erb.
We've got a lot to get to today, so I'm going to get straight into the news, starting with why $4
Buckle up — it's a busy day.
If this was forwarded to you, sign up here>$4. Download Insider's app here.>$4
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 $4
- Last week, $4. Fintech giant Stripe slashed about 14% of its workforce — and a memo from Stripe's cofounders is a $4 Plus, Twitter $4 via email. Meta is reportedly $4 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."
A look at what lies ahead for the tech industry.>$4
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" — $4 Meanwhile, some laid-off staffers say they're $4
- Twitter rolled out — then paused — Musk's divisive paid-verification model. An updated App Store description showed users could pay $4 The New York Times then reported the service will be $4
- 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 — $4
- Musk's been tweeting through it all. He tweeted $4 but then suspected or blocked parody accounts impersonating him. Musk also posted that he wouldn't ban the $4 (Remember when he $4?)
Everything else you might have missed over the weekend.>$4
3. 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. $4
4. 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
5. 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, $4
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. $4
7. 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 — $4 Plus, check out our $4
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. $4
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. $4
10. 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, check out $4
What we're watching today:
- Lyft, Palantir, and others are reporting earnings today. $4
- VMware Explore Europe kicks off $4.
- The Africa Tech Festival is happening $4.
Keep updated with the latest tech news throughout your day by checking out $4 a dynamic audio news brief from the Insider newsroom. Listen here.>$4
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb>$4.) Edited by Lisa Ryan (tweet @lisarya>$4) in New York and Shona Ghosh (tweet @shonaghosh>$4) in London.