Look, we don't know why thought he could sell everyone on the idea of buying an expensive headset to play a video game that lacks the polish and bluster of other VR titles despite than everything else on the market, but here we are. Zuck f*cked up, and he admitted as much when he that parent would be reducing its headcount by 13% and letting go of over 11,000 people in one of the largest layoffs in the tech sector this year and the first ever in the company's 18-year history. Zuckerberg costing literally billions of dollars more announced Facebook Meta At this point, the 'why' has become a tale as old as time. Basically, back in the not-so-distant year of 2020, an infectious disease termed COVID-19 (but called the ' ' by then U.S. President Donald Trump) prompted health authorities to recommend that everyone, and we mean, , stay inside to contain its spread. This lockdown resulted in a period of e-commerce growth the likes of which had never been seen before. Understandably, tech companies went nuts and began to hire more employees to keep up with a surge in demand for their products or services. Chinese virus everyone But here's where they f*cked up: they assumed that this honeymoon period will continue. Plot twist: it didn't, and now that the COVID-19 pandemic is over, demand is returning to pre-pandemic levels and tech companies no longer want to keep paying for all the extra employees they hired during the lockdown. "I got this wrong, and I take responsibility for that," Zuck wrote to employees in a message telling them they were being let go. Some of Zuck's problems are out of his control, like the looming recession in the U.S., but are exacerbated by issues such as 's decision to allow users to and a by investors to Zuckerberg's decision to go all-in on the metaverse. Despite having failed so spectacularly at driving mass adoption for a technology that is likely going to be a precursor to The Matrix, Zuck wants to in hopes that day it'll yield the results he's expecting. Apple opt-out of data tracking less-than-stellar response keep throwing money at the problem some Facebook continues to dominate HackerNoon's , remaining at the #1 spot. Its parent Meta was trending #14, while Apple was trending #7. tech company rankings 💸💸💸 FTX's Downfall Proves Tech Bros Are Just Petty Billionaires With Inflated Egos Hatred. Jealousy. And Backstabbings. That's how the internet characterizes the between billionaires Changpeng Zhao (or 'CZ') and Sam Bankman-Fried (or 'SBF'), who, for years, competed as the heads of the two largest crypto exchanges in the world: and FTX. relationship Binance By all accounts, the two billionaires (and their respective crypto exchanges) were stark opposites of each other and largely remained aloof, but everything changed last week when SBF decided to take a dig at CZ, presumably because of the latter's in helping Elon Musk buy (at least, according to ). What happened next puts the politicking from to shame. For one reason or the other, CZ, ( ), decided he was gonna have none of it and started making moves that ultimately resulted in FTX declaring bankruptcy and SBF , if not all, of his net worth. involvement Twitter this Redditor Succession either intentionally or unintentionally losing most The tl;dr version is CZ decided to liquidate the entirety of Binance's in FTT, a token backed by FTX, following a by CoinDesk that raised questions about FTX's liquidity (the timing of the CoinDesk story is highly suspicious given that it came just days after SBF's now-deleted tweet mocking CZ). This rattled markets because CZ's decision would ultimately cause the value of FTT to drop (which is exactly what happened). As FTX struggled to pay investors who were exiting their positions in FTT, Binance entered a non-binding agreement to buy FTX only to cancel it a day later causing even further chaos. FTX ultimately filed for bankruptcy and things have been going downhill for SBF ever since. previously-received holdings damning story All of this to say, a tweet that SBF shouldn't have made and CZ could have probably ignored resulted in a that leaves Binance as the largest crypto exchange in the world and CZ a tech entrepreneur not to be trifled with. Also, a reminder, that you can trick the media into saying if you're filthy rich and venture capitalists will throw money at literally anything if it's . winner-takes-all bloodbath whatever you want them to eccentric enough Binance was trending #8 on HackerNoon's tech company rankings. 🎋 The 'Bird' Just Hit a Tree When acquired Twitter, he infamously tweeted ' .' What he actually freed was far worse, at least, for him. Having been forced to pay a whopping $44 billion for Twitter ( ), the world's richest man was hard at work trying to get the at the company to do the while he ordered one chaotic product launch after the next (though thinks Musk is from the classic reinvention playbook). Elon Musk the bird is freed more than its actual worth remaining employees dirty work for him this reinvention guru taking a page Having rolled out a plan to sell the verified blue check mark for nearly , Musk soon found out why this was a bad idea. The internet, by virtue of being the internet, decided that $8 was a nominal amount to pay for the . And sh*tpost they did, forcing at least one big brand (Eli Lilly) to issue an apology for a tweet posted by an impersonator. This for Twitter, especially if Musk wants brands to advertise on the platform. $8 a month ability to sh*tpost does not bode well Throughout all of this, Twitter's and Musk has raised the specter of bankruptcy (though Bloomberg thinks it's a to think Twitter would go bankrupt, Musk's comments be damned). valuation has plummeted bit premature Meanwhile, Musk is close to having lost nearly as much of his net worth this year as Mark Zuckerberg, but continues to remain the world's richest person (unlike Zuckerberg), according to Bloomberg's Billionaire Index. Twitter was trending #53 on HackerNoon's Tech Company Rankings. 📰 In Other News.. Everyone's favorite multimedia company Walt Disney Co. has , following in the footsteps of corporate America as it navigates a downturn in the economy. paused hiring Billionaire Jeff Bezo's , which ranked #15 this week, is at over a trillion dollars. Amazon no longer valued , ranked #45, is investing in live sports. Netflix said to be exploring So, who do you think did it worse this past week? Let us know . This has been the tech company brief, and you were reading Issue #24! See y’all next week. PEACE ☮️ here — Sheharyar Khan, Editor, Business Tech @ HackerNoon

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The Billionaires F*cked Up

Too Long; Didn't Read

Sheharyar Khan

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The Billionaires F*cked Up

Too Long; Didn't Read

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