Today, Explained The tech boom is over
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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.
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Meta Layoffs
- Meta (Facebook) laid off 11,000 employees, its largest layoff ever.
- This comes after a period of rapid growth and investment in the metaverse, followed by a stock decline and market skepticism.
Wall Street's Tech Skepticism
- Wall Street's skepticism towards tech, including Meta, stems from concerns about growth potential and massive metaverse spending.
- Meta's advertising business faces challenges due to Apple's privacy changes.
Metaverse Challenges
- Young people are not using Facebook, preferring platforms like TikTok and Snap.
- Meta's metaverse vision faces challenges in attracting younger generations.
