THE HASH: Crypto Layoffs Gain Steam as Tesla Reportedly to Cut Jobs
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 4 June 2022
⏱️ 26 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Friday, June 3, 2022.
"The Hash" discusses the SEC’s warning for retail investors that is getting panned online and why many crypto companies are announcing job cuts and hiring freezes as Elon Musk reportedly sounds the alarm on the economy.
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This episode has been edited by Michele Musso. Our Executive Producer is Jared Schwartz. Our theme song is “Neon Beach.”
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Transcript
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| 0:00.0 | This is the hash podcast. |
| 0:09.6 | Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more, |
| 0:14.4 | with stories that matter to the crypto world, all on the hash for your ears. |
| 0:20.0 | You're listening to the Coin Desk Podcast Network. |
| 0:24.7 | Hey there. |
| 0:25.8 | Happy Friday and welcome to The Hash on Coin Desk TV. |
| 0:28.7 | We are glad that you are tuned in. |
| 0:31.3 | We are here to get you going, seeing what's up in the crypto world. |
| 0:34.8 | And I think starting us off today is Jen, the bit of sad news on the cut |
| 0:39.3 | back front. Jen, what do you got? Well, Reuters reported that Elon Musk has a quote, |
| 0:46.3 | super bad feeling, unquote, about the economy and needs to cut 10% of jobs at Tesla. The email seen by the publisher was titled Pause All Hiring Worldwide |
| 0:57.6 | and comes two days after Musk told staff that they need to return to the office or leave. |
| 1:03.3 | Now, if we look at the broader crypto world, exchanges and firms are also cutting jobs |
| 1:08.2 | and issuing their own hiring freezes as they get ready for |
| 1:11.8 | a bear market. We talked about this just yesterday. Will, you were a little optimistic when we |
| 1:18.1 | spoke about Gemini yesterday. Does this story change your mind? Does it change my mind about, |
| 1:24.3 | well, I think crypto and Tesla are very two different economies, right? |
| 1:28.0 | Two different markets. So Tesla's bigger, like 100,000 employees, crypto, very small, insulated, |
| 1:34.3 | revolves around Bitcoin. So yesterday that Gemini is laying off about 10% its workforce. |
| 1:39.4 | And that is very much to do with like volumes on crypto exchanges, which are down. |
| 1:43.8 | And then also |
| 1:44.3 | coin prices are also down so that's like two forces that are hitting Gemini at the same time |
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