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

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Twitter has had a week so weird it could easily generate an entire newsletter, so we’ll stick to the basics:

  • Last week Elon laid off a huge chunk of the company. This week, some of those who were let go have reportedly been asked to return.
  • Twitter started giving blue verified checkmarks to anyone who would pay $8. Things got chaotic fast.
  • Twitter has released a new, second check mark for “Official” accounts. And then he got rid of them. And then… he brought them back?
  • By Friday morning, after fake “verified” accounts appeared for everything from companies to athletes to politicians, Twitter discontinued its $8 verification program.
  • Several executives quit — to the point where the exits pricked the ears of the FTC.
  • Elon reportedly told Twitter employees as much “Bankruptcy is not excluded” for the company.

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

Meta layoffs: Meta – the parent company behind Facebook, Instagram and Whatsapp – laid off 13% of its workforce this week. With a global headcount of around 87,000 employees, this ends eleven thousand roles cut.

Gmail will no longer allow you to switch back to the old Gmail: Don’t like the new look Gmail rolled out in July? Bad news. While users were previously able to revert to the old design, the Gmail team announced this week that the new design will be the “standard experience” for all of the coming weeks.

Google finds exploits in 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. “Chaining vulnerabilities allow an attacker to gain kernel read and write privileges as root and ultimately expose a device’s data.”

audio collection

Looking for a new podcast to tune into on your commute? Check out what’s been happening recently on the TC podcasts:

  • The Chain reaction crew destroyed the senseless 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 it and companies like it.
  • Darrell joined The TechCrunch Podcast by TC senior reporter Dom-Madori Davis to talk about “the coalition of VCs defending reproductive rights” and recap the week’s biggest tech stories.


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

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