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Meta employees are bracing for possible layoffs as growth slows and spending on the metaverse soars

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Good morning, everybody! It’s Thursday, which implies there are solely about 36 extra hours till the weekend begins (however who’s counting). 

Today I’m dreaming of Bali, which is able to quickly let vacationers transfer there for 5 or 10 years. It looks as if the excellent possibility for the digital nomads amongst us, however there’s only one little catch: you’ll have to bring about $130,000 with you.  

In different information, Elon Musk visited Twitter HQ Wednesday holding an surprising accent and Meta employees are bracing for layoffs as metaverse spending soars.

I’m your host, Avery Hartmans — let’s bounce in.

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Facebook CEO Mark Zuckerberg testifies before the U.S. House Financial Services Committee during An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors hearing on Capitol Hill in Washington D.C., the United States, on Oct. 23, 2019.
Mark Zuckerberg, CEO of Meta.

1. Meta staff are being informed to organize for layoffs. Employees at the Facebook proprietor are being informed to place in 200% effort, however not even good efficiency might be sufficient to avoid wasting their jobs. As the firm embarks on a reorganization, insiders are beginning to put together their backup plans. 

  • Employees say they need to hit a brand new efficiency mandate of “increased intensity,” whereas some managers are being pushed out. Other leaders — and entire groups — are being moved round amid the ongoing reorganization, staff say
  • “There is general consensus that we will have 20% fewer people next year,” one worker stated. “How that will happen, I’m not sure yet.”
  • At the identical time, Meta isn’t backing down from metaverse spending. It’s on monitor to burn by means of greater than $10 billion this yr and warned Wednesday that its metaverse enterprise will lose much more cash in 2023.

Find out what’s happening inside Meta. 

In different information:

Rising stars of Entertainment Business in front of Hollywood sign 4x3

2. The rising stars of leisure. Hollywood is quickly evolving amid mergers, streaming battles, and tech disruption. All of this modification means the business wants modern leaders, inventive execs who can steer heavyweights like HBO Max, Netflix, and Amazon into the future. We recognized the 26 rising stars in the leisure business — meet them here.

3. Elon Musk visits Twitter HQ. Elon Musk entered Twitter’s headquarters on Wednesday with an uncommon merchandise in tow: a toilet sink. “Let that sink in!” he tweeted, together with a video of the go to. Musk will likely be in Twitter’s San Francisco workplace this week to satisfy with employees, in response to a leaked electronic mail. Read the full memo — and watch Musk’s video — here.

4. Social media is dividing us — simply not in the means you’d suppose. The like-minded bubbles we reside in on social media are the cause we’re so divided, proper? Maybe not, in response to new analysis, which discovered that social media exposes us to folks and concepts we would not in any other case encounter, which results in polarization. Here’s how we got here.

5. Snap’s CEO disses the metaverse. It’s protected to say Evan Spiegel is not a metaverse fan. The Snap CEO stated dwelling inside a pc is “the last thing I want to do when I get home from work during a long day.” Why he’s betting on augmented reality over virtual reality. 

6. The iPhone will likely be irrelevant sooner or later. What would make customers hand over their iPhones? As of proper now, nothing. But it is really inevitable the iPhone will sooner or later get replaced by one thing else, and the truth is, the know-how that topples the iPhone might already be on the market. Here’s how to spot the signs that a change is coming. 

7. A YouTuber constructed a fuel generator to energy his Tesla. YouTuber Matt Mikka wished to take lengthy street journeys in his Tesla with out having to cease to cost it. His resolution: a fuel generator that fees his Tesla Model S when it is parked and when the automotive is transferring. Check out what he’s calling a “cordless Tesla.” 

8. Netflix’s animation stumbles. Netflix seems to be pulling again on its huge guess on animated TV. Company insiders say Netflix made some avoidable missteps with its children exhibits and that an upcoming adult animated show has been canceled. Combined with layoffs and management adjustments, indicators level to disarray in Netflix’s animation division.

Odds and ends:

A group of iPad Air models.

9. I spent lots of of {dollars} to let an animated chef make my dinner. At Le Petit Chef, the world’s “smallest chef” prepares you a multi-course meal due to 3D projection mapping. It’s a novel mix of meals, know-how, and leisure, nevertheless it is probably not price the excessive price ticket. This is what it’s like to visit. 

10. Which iPad is correct for you. We in contrast all 5 iPads on the market, from the premium iPad Pro to the compact iPad Mini. While every of Apple’s tablets has its deserves, it may be onerous to inform which one fits your wants. Our guide can help you decide.

What we’re watching right this moment:

  • Apple, Amazon, Intel, Shopify, and Pinterest will report quarterly earnings right this moment.

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Curated by Avery Hartmans in New York. (Feedback or ideas? Email [email protected] or tweet @averyhartmans.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.

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