Meta decimates its staff as social media giant lays off 11,000 • TechCrunch

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Whooo-weee interesting times for crypto land, as Bitcoin crashes below $17,000 for the first time in a while. Wild, given that the cryptocurrency was trading at $65,000 or so a year ago. That’s a 74% decrease. What kind of winter is this? Are we seeing a crypto cold snap or crypto permafrost? Answers about an immutable blockchain transaction please.

If you’re excited to get into the world of crypto, we have an event in Miami in a couple of weeks – details and tickets here! — cristina Y The wine.

TechCrunch Top 3

  • More fights on social networks: Although the topic was depressing, Pablo wrote a great story about Meta’s confirmed layoffs of 11,000 employees, explaining what happened, why, and what it means in the larger context of Meta’s future. More on Big Tech below.
  • It was good while it lasted: For a few hours this morning, we TechCrunchers were elated to see our prized Twitter handle get the “Official Twitter Badge,” but as Amanda type, what Twitter gives, Twitter quickly takes away.
  • This is what Really happened: It was Elon Musk, in the boardroom, with the badge code. As we just mentioned, Musk was killing the spirit all over Twitter today, rolling out gray checkmarks for high-profile accounts and then removing them. Kyle has more.

Startups and VCs

Cloud computing edge and global data network Macrometa has raised $38 million led by Akamai Technologies as the two announce new partnership and product integrations, Katherine reports. Funding also included participation from Shasta Ventures and Sixty Degree Capital. Andy Champagne, CTO of Akamai Technologies, will join the Macrometa board.

Startups may be in the middle of a funding winter, but the ray of sunshine shining on some venture capitalists speaks to a different trend, reports Ingrid. EQT Ventures, the venture fund arm of Swedish investment giant EQT that places early bets on startups primarily in Europe, has closed its latest fund and filled its coffers with €1bn (and $1.1bn in total commitments).

Like our main stories, but more succinct:

Three tips for managing a remote engineering team

Three arrows going through a brick wall

Image credits: audit (Opens in a new window) / fake images

Remote work isn’t for every business, and it may not be to everyone’s taste. When greg soh and its co-founder decided to build a distributed engineering team for their startup, numerous questions ran through their minds: Will the team be productive? How will decisions be made? How do they keep culture alive? Today, the startup manages a remote team of about a dozen engineers, and they’ve learned quite a bit along the way.

On TechCrunch+, he shares some of the tips and advice the company has learned; most of the advice is best applied to early-stage startups.

Three more from the TC+ team:

TechCrunch+ is our membership program that helps startup founders and teams get ahead of the rest. You can sign up here. Use code “DC” to get 15% off an annual subscription!

great tech inc

Following today’s Meta announcement of the layoff of 11,000 employees, Ingrid took a deep dive into the company’s 8-K and emerged with some new catches, including the predictable: that cutting spending on hiring and capital investments will help the company’s bottom line in 2023.

In the meantime, Frederick writes about IBM’s Osprey quantum processor, which isn’t exactly the 4,000 qubits the company wants to reach by 2025, but at 433 qubits, it’s a good start.

And we have five more for you:

  • More layoffs: You didn’t think you’d get off that easily, did you? Ron reports that Salesforce has laid off hundreds of employees, while Aria reports that Astra is laying off 16% of its staff after nearly tripling it in the past year.
  • Brrr, it’s cold in here, there must be some crypto in the atmosphere.: It is like Anita I had some sixth sense or something. Earlier today, she wrote that the proposed Binance and FTX M&A deal seemed unlikely to close. Lo and behold, just before this came out, Binance decided to drop out of the deal. jacquelyn reports.
  • collaboration station: Ready for freeform? I’m not sure it’s going to be a verb yet, but Apple hopes that their collaborative whiteboard will be something that sticks, Ivan reports.
  • Sensors and software and EV, wow!: Volvo today unveiled its first all-electric SUV and we’re drooling. jaclyn has more.
  • We’re guessing you didn’t win the Powerball.: Elon Musk sold more shares of Tesla, Rebeca writes The 19.5 million shares were worth nearly $4 billion. I wonder what he’s using the money for…

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