Today, Explained
The tech boom is over
Nov 14, 2022
Peter Kafka, a Senior correspondent at Recode and host of Recode Media, dives into the turbulent landscape of the tech industry. He discusses recent job cuts, including Meta's massive layoffs, reflecting a stark shift from growth to austerity. Kafka highlights Wall Street's waning optimism and the significant cultural reset within major tech firms. The conversation delves into challenges like privacy concerns, competition for younger audiences, and how companies are navigating economic uncertainty amidst declining stock and profits.
49:27
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Quick takeaways
- Tech giants like Meta and Twitter are downsizing despite ambitious plans for the Metaverse.
- The era of big tech growth is facing significant challenges as companies experience layoffs and growth limitations.
Deep dives
Meta's Investment in the Metaverse and Massive Layoffs
Meta, formerly known as Facebook, is heavily investing in the development of the Metaverse, focusing on creating avatars that reflect natural facial expressions in real time. Despite these ambitious plans, Meta announced a significant layoff of 11,000 employees, marking a major shift in the tech industry. Wall Street's skepticism towards Meta's growth prospects led to a substantial decrease in the company's stock value.
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