Meta is laying off thousands, FTX is collapsing, and Twitter is having a very weird week

Meta is laying off thousands, FTX is collapsing, and Twitter is having a very weird week

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

  • Last week, Elon laid off much of the business. This week, some of those who were laid off have reportedly been asked to return.
  • Twitter has started giving verified blue ticks to anyone who pays $8. Things quickly got chaotic.
  • Twitter rolled out a new, second tick for “official” accounts. And then get rid of them. And then… brought them back?
  • On Friday morning, after fake “verified” accounts appeared for everything from businesses to athletes to politicians, Twitter suspended the $8 verification badge program.
  • A number of executives resigned – to the point that the outings caught the ears of the FTC.
  • Elon allegedly told Twitter employees that “bankruptcy is not out of the question” for the company.

FTX collapses: Once one of the largest crypto exchanges in the world, FTX has effectively exploded this week. It briefly looked like competitor Binance would step in to acquire FTX, only for Binance to glance at FTX’s books and almost immediately back down. FTX founder Sam Bankman-Fried has since resigned and the company has filed for bankruptcy.

Meta-dismissals: Meta – the parent company behind Facebook, Instagram and Whatsapp – laid off 13% of its workforce this week. With a global workforce of approximately 87,000 employees, this represents more than eleven thousand cut roles.

Gmail will no longer allow you to switch back to the old Gmail: Don’t like the new interface that Gmail started rolling out in July? Bad news. While users could previously switch back 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 in Samsung phones“Google claims to have evidence that a commercial surveillance vendor was exploiting three zero-day security vulnerabilities found in new Samsung smartphones,” writes Zack Whittaker. “The chained vulnerabilities allow an attacker to gain kernel read and write privileges as the root user, and ultimately expose a device’s data.”

audio tour

Looking for a new podcast to listen to on your commute? Here’s what’s been happening in TC podcasts lately:

  • The Chain reaction the crew broke down FTX’s absurd meltdown as it happened.
  • Equity (with a guest appearance from 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 her and companies like her.
  • Darrell was joined on The TechCrunch Podcast by TC Senior Reporter Dom-Madori Davis to talk about “the coalition of VCs standing up for reproductive rights” and to recap the biggest tech stories of the week.

Tech Crunch+

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

How ButcherBox Started at $600 Million in Revenue: How did ButcherBox go from a modest Kickstarter to $600 million in revenue in just a few years? Haje describes how far the company has come so far.

The exchange: In his increasingly popular daily newsletter, Alex Wilhelm asks: Has everyone always rated software vendors the wrong way?

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