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February 11, 2023, 3:35 PM
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memeorandum
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| Financial Times: |
Sources: Meta delayed finalizing multiple teams' budgets while preparing a fresh round of job cuts, slowing down projects even for the metaverse and advertising — Mark Zuckerberg's aim of wrestling costs in his ‘year of efficiency’ causes disruption at the social media company| Bloomberg: |
Source: PayPal is pausing work on its stablecoin as regulators increase their scrutiny of cryptocurrencies and its key partner Paxos faces a probe in New York — PayPal Holdings Inc. is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner …
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CoinDesk, Reuters, Crypto Daily, Bitcoin News, Ethereum World News, Bitcoinist.com, Cryptopolitan, Watcher Guru, CryptoSlate, CNET, Fortune, The Information, The Block, Coinspeaker, Cointelegraph, Cryptonews, and Forkast
Tweets: @thinkingcrypto1, @arturo_p_a, @mdudas, and @mdudas
| Jonathan Greig / The Record: |
The City of Oakland confirms reports of a ransomware attack on its networks but says that 911, financial data, and fire and emergency resources weren't impacted — The City of Oakland confirmed reports that its networks had been hit with ransomware after rumors emerged online that several agencies …
More:
The San Joaquin Valley Sun, BleepingComputer, City of Oakland, Security Affairs, and Mercury News
Tweets: @liammcurley, @hyphy_republic, @brettcallow, and @therecord_media
| Charlotte Van Campenhout / Reuters: |
An advertising joint venture by Deutsche Telekom, Orange, Telefonica, and Vodafone to rival Meta and Google wins unconditional EU antitrust approval — Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Vodafone (VOD.L) on Friday secured unconditional EU antitrust approval …
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European Commission. Tweets: @astaniscia86, @wolfiechristl, @montezumachavez, and @robertjbateman
| Kevin McLaughlin / The Information: |
Source: Microsoft shut its Industrial Metaverse Core team, formed in October 2022 to build tools for industrial settings, and laid off the team's ~100 employees — In a surprising reversal, Microsoft has killed a team it formed four months ago to help customers use the metaverse in industrial settings …
More:
Blockworks, DCD, Cryptonews, Metaverse Post, BigTechWire, and CoinDesk
Tweets: @pradeepviswav and @e3waitfor2020
| Dina Bass / Bloomberg: |
| John Herrman / New York Magazine: |
How Rumble, which claims to have 71M MAUs, became the only success story in right-wing social media by letting creators who are banned elsewhere monetize video — For a moment, the right's longtime dream of an alternative social media seemed within reach. Various companies had been trying …
Tweets: @ben_kew, @jwherrman, and @ggreenwald
| Benedict Evans: |
A 2023 overview of macro tech trends, focusing on the e-commerce slowdown, layoffs, Amazon, advertising, and generative AI opportunities beyond text and images — Presentations Every year, I produce a big presentation exploring macro and strategic trends in the tech industry. This year, ‘The New Gatekeepers’.
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The Atlantic, Observer, Tech Xplore, and Redmond Pie
Tweets: @marshallk, @perplexity_ai, @jonathankriner, @mirkolorenz, @marshallk, @tonicowanbrown, @benedictevans, and @cjpberry
| David Adeleke / Rest of World: |
Lagos-based Jumia, once hailed as the “Amazon of Africa”, has seen its stock drop 85%+ since its April 2019 IPO amid falling customer growth and mounting losses — Its stock has fallen 70% since its IPO as growth stalls and operating losses mount. — • ABUJA, NIGERIA
Tweets: @ulonnaya, @restofworld, @eajene, and @naijaflyingdr
| Michael Kan / PCMag: |
Mercury Research: x86 CPU shipments from Intel, AMD, and others fell 34% YoY and 19% QoQ in Q4, the biggest drops in 30 years; 374M units were shipped in 2022 — Low demand and excess inventory cause a huge decline in x86 CPU shipments for Q4, according to Mercury Research.| Saksha Menezes / Bloomberg: |
Analysis: Apple's 2020-2022 revenue per new hire was $2.51M, up from $1.17M during 2017-2019, and above Meta's $0.79M, Microsoft's $1.06M, and other peers — There's a reason why Apple Inc. is under less pressure than tech peers to slash jobs during the current slowdown: It hired more efficiently in the first place.
More:
Philip Elmer‑DeWitt, 9to5Mac, AppleInsider, MacDailyNews, Patently Apple, and The Information. Tweets: @lisaabramowicz1
| Chris Stokel-Walker / Fast Company: |
Former staff say Twitter needs to update its systems to enact Elon Musk's asks, but the mass layoffs have brought code freezes and vast concurrent code changes — Twitter's outage on Wednesday, which saw the site rendered unusable for most users by blocking people from tweeting within the app …
More:
The Verge, The i Paper, and 9to5Mac
Tweets: @kyliebytes, @skdh, @clancynewyork, @stevanzetti, @mingle74, @stokel, and @stokel. Thanks:@stokel
| Andy Greenberg / Wired: |
A look at Sinbad.io, a Bitcoin mixer launched in October 2022 that appears to have become the preferred outlet for North Korean hackers to launder stolen crypto — The world's most prolific crypto thieves have used Sinbad.io to launder tens of millions. Its creator, “Mehdi,” answers WIRED's questions.
Tweets: @a_greenberg
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