Facebook employees face more layoffs, Twitter managers on notice and Crypto included in Twitter payments platform

New year, new beginnings would be apt for many. January 2023 has been a difficult start due to the unfortunate massive layoffs. Many companies have had to lay people off as the macroeconomic conditions have become difficult. The layoff was worldwide and began in November 2022 affecting multiple people.

Elon Musk sacked thousands of Twitter employees. Nearly half of the Twitter workforce has been fired starting late October. This was followed by Meta CEO Mark Zuckerberg who laid off 11,000 of his staff members. According to a source, It also appears that there may be more layoffs for Meta employees as multiple intermediate managers have been put on notice by Zuckerberg at a recent all-hands meeting. 

Google’s director of worldwide mental health and well-being, Kristin Maczko revealed how after 15 years with the firm she was laid off among the other 12,000 employees. Microsoft had to perform layoffs to save costs. Employees that were laid off have been sharing their experiences on social media as it has been a difficult time for all of them. It is not only Google that had to let go of some of its employees but also Microsoft, Meta, and Amazon which laid off thousands of employees in the last two months. 

The news of Google layoffs was announced by its CEO Sundar Pichai. Many employees were taken aback by the news as it meant 12,000 jobs would be eliminated globally.  Sundar Pichai also stated that employees affected by the layoffs would receive full support from the company during this time. In December 2022, weeks before the announcement Google’s CEO received a pay raise. Simultaneously, employees' performances had begun to be evaluated. 

To establish revenue streams other than advertising, the application process for state licenses in the United States began by Elon Musk for Twitter. Twitter’s strategy to enter the payments market was delivered by Tesla CEO Elon Musk. This news was mentioned during a meeting with Twitter advertisers, which was live-streamed on Twitter. The users will be able to transfer money on the other platform and withdraw funds to verify bank accounts. They may also be able to encourage a high-yield money market account to transfer their cash to Twitter in the close future. 

An investigation into Effective Ventures Foundation has been initiated by the commission in charge of supervising registered charities in England and Wales. It is an organization associated with the insolvent cryptocurrency exchange FTX. The announcement regarding the investigation was made by the Charity Commission on January 30th. FTX was cited as the “major funder” of Effective Ventures. Effective Ventures also declared its ties to FTX as a serious occurrence that could have an impact on other assets. This could lead to allowing the regulator to examine its trustees. The commission mentioned that there is no indication of misconduct by the trustees. An investigation has also been launched to establish facts and assist the trustees in protecting the charity’s assets as there may be signs of potential hazards to the charity’s assets.