Facebook employees are preparing for staff cuts of up to 10%
Hey, maybe you should take it easy. Yes, you. While major industry figures like Elon Musk believe working 80 hours a week is the only way to "change the world," research suggests working less can actually make you more productive — and happier.
Plus, as we stare down a big week for tech earnings, some Meta employees are bracing for the worst: layoffs.
I'm your host, Jordan Parker Erb. Let's get to it.
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1. Meta employees are bracing for job cuts. Facing new performance requirements and a tougher market, some Meta (formerly known as Facebook) employees believe the company could reduce headcount by as much as 10% this year.
- In an internal memo earlier this month, Meta's HR chief Lori Goler suggested cutting employees who can't meet expectations as the company begins to operate with "increased intensity."
- Some employees said the looming layoffs feel like a "witch hunt" as the company looks to weed out low performers.
- "It hasn't started yet," one employee told Insider, "but it's coming."
What employees are saying about layoffs at Meta.
In other news:
2. A man accidentally threw away 8,000 bitcoins. Now he's on a quest to get them back. After throwing away a hard drive holding $176 million worth of bitcoin nine years ago, James Howells has devised a plan — which includes two robotic dogs — to retrieve it. Here's how he plans to get it back.
3. How much does Dropbox pay its talent? The cloud-storage firm pays senior talent up to $235,000 — and it's remote-first. We rounded up salary ranges for engineers, data scientists, managers, and more. See how much you could be making at Dropbox.
4. Twitter has already spent $33 million on its deal with Elon Musk. In its Q2 earnings report, the social-media company said it had already incurred $33 million in costs related to Musk's "pending acquisition," and those costs are expected to balloon even further as the two prepare to face off in court. More on Twitter's mega Musk fees.
5. Maybe you should stop working so hard. Studies have shown the ideal work day is actually around five hours long, and that the most successful — and the happiest — employees are those who work smarter, not harder. The case for not working hard.
6. Elon Musk has denied having an affair with the wife of Google co-founder Sergey Brin. After The Wall Street Journal reported on the alleged affair, Musk shared photos of him and Brin at a party, and added he hasn't "even had sex in ages (sigh)."
7. Around 10% of all Big Tech employees have been impacted by the reversal of Roe v. Wade. An Insider analysis found that nearly 10% of Amazon, Apple, Facebook, Google, and Microsoft employees live in a state that implemented laws banning abortions once the case was overturned. These maps show how many employees are in states that are affected.
8. It could be the end of the social-networking era as we know it. As Facebook changes its app to become more like TikTok, it's prioritizing consumption over connection with friends and family. It comes as Kylie Jenner and Kim Kardashian also called on Instagram to "stop trying to be TikTok."
Odds and ends:
9. You can now download the iOS 16 beta. Though it won't be officially available for a few months, you can test out its new features — like a reinvented Lock Screen design and the ability to edit or unsend messages — by signing up for Apple's Beta Software Program. Here's how to do it.
10. You can take a course to become a social media influencer. A community college in Ohio is offering students the option to earn a Media Influencer Certificate after taking a two-semester course. Get the full rundown here.
What we're watching today:
- Google and Microsoft are reporting earnings. Keep up with earnings here.
- AWS re:Inforce kicks off today in Boston.
- The Bipartisan Policy Center is hosting a discussion on big tech and competition policy at 2 p.m. ET.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.