Meta lays off thousands, FTX collapses and Twitter has a very strange week • TechCrunch

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Clever? Let’s go.

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Twitter had such a weird week that it could easily make up for this entire newsletter, so we’ll stick to the bullet points:

  • Last week, Elon laid off a large part of the company. This week, it was reported that some of those who were laid off have been asked to return.
  • Twitter started giving verified blue checkmarks to anyone who paid $8. Things quickly got chaotic.
  • Twitter launched a new, second check mark for “official” accounts. And then he got rid of them. And then… brought them back?
  • On Friday morning, after fake “verified” accounts surfaced for everything from businesses to athletes to politicians, Twitter halted the $8 verification badge program.
  • Several executives resigned, to the point where the departures perked up the ears of the FTC.
  • Elon reportedly told Twitter employees that “Bankruptcy is not ruled out” to the company.

FTX crashes: Once one of the largest crypto exchanges in the world, FTX effectively exploded this week. It briefly looked like competitor Binance would step in to acquire FTX, only for Binance to take a look at FTX’s books and pull out almost immediately. FTX founder Sam Bankman-Fried resigned and the company filed for bankruptcy.

metadismissals: Meta, the parent company behind Facebook, Instagram and Whatsapp, laid off 13% of its workforce this week. With a global workforce of around 87,000 employees, that equates to more than eleven thousand paper cutting.

Gmail will no longer let you go back to the old Gmail: Don’t you like the new look and feel that Gmail started rolling out in July? Bad news. While users could revert to the old design, the Gmail team announced this week that the new design will be the “standard experience” for everyone within weeks.

Google finds exploits on Samsung phones: “Google says it has evidence that a commercial surveillance vendor was exploiting three zero-day security vulnerabilities found in newer Samsung smartphones,” writes Zack Whittaker. “Chained vulnerabilities allow an attacker to gain kernel read and write privileges as the root user, ultimately exposing data on a device.”

audio abstract

Looking for a new podcast to tune into on your journey? Here’s what’s happening on the TC podcasts lately:

  • the Chain reaction The crew analyzed the absurd collapse of FTX as it happened.
  • Equity (with a guest appearance by TC’s Becca Szkutak) covered the seemingly endless layoffs we’re seeing from tech companies big and small, and what the collapse of FTX means for him and companies like it.
  • Darrell joined The TechCrunch Podcast by TC Senior Reporter Dom-Madori Davis to discuss “the coalition of venture capitalists defending reproductive rights” and recap the week’s biggest tech stories.

TechCrunch+

Not a TechCrunch+ member yet? Here’s what members behind the paywall watched the most:

How ButcherBox Kickstarted $600 Million in Revenue: How did ButcherBox grow from a modest Kickstarter to $600 million in revenue in just a few years? Haje describes the company’s journey so far.

The exchange: In his increasingly popular daily newsletter, Alex Wilhelm asks: Has everyone been valuing software companies the wrong way all along?

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