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Today, Explained

The tech boom is over

Today, Explained

Vox

Politics, Daily News, News

4.3 • 10.3K Ratings

🗓️ 14 November 2022

⏱️ 24 minutes

🧾️ Download transcript

Summary

Mark Zuckerberg fired 11,000 employees at Meta. Elon Musk axed half his staff at Twitter. Other tech giants are slashing jobs and eliminating perks, too. Recode’s Peter Kafka says the era of big tech growth is over. This episode was produced by Amanda Lewellyn, edited and fact-checked by Matt Collette, engineered by Paul Robert Mounsey, and hosted by Noel King. Transcript at vox.com/todayexplained   Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

I'm a creep.

0:07.0

Our company is now meta.

0:10.0

Meta is making a huge investment in virtual reality or the so-called metaverse.

0:16.0

Your avatar will be able to make natural eye contact and reflect your facial expressions in real time.

0:22.0

Things like raising an eyebrow, squinting, widening my eyes or scrunching my nose.

0:30.0

You're spending more than what it took to create Tesla on this market that we're not sure is going to work in Silicon Valley.

0:37.0

Meta is the latest Bay Area tech company to announce massive layoffs to their workforce, letting go of 11,000 people this week.

0:46.0

Raising an eyebrow and widening my eyes because it's not just Meta.

0:51.0

Something is shaking the foundations of Big Tech right now.

0:54.0

What it is coming up on today explained.

0:59.0

Support for the show today comes from another show.

1:01.0

This one's called Things That Go Boom, which sounds like a lot of fun.

1:05.0

And things that go boom is a podcast about national security, which might sound like less fun to you.

1:11.0

But bear with me here.

1:12.0

This season, Things That Go Boom is going deep on food and conflict and how war might impact some of your favorite foods from warm,

1:20.0

chocolate chip cookies to crunchy, tadig.

1:24.0

We did an episode earlier this year on how the war in Ukraine was affecting grain supplies.

1:28.0

Between supply chain issues, empty shelves and a potential nuclear attack on the bread basket of the world.

1:33.0

Now's a great time to talk about the way war impacts the food we eat.

1:37.0

Go listen to Things That Go Boom on Apple Podcasts or wherever you listen to such programs.

1:44.0

It's today explained, I'm new well King 2022 has been a year for tech companies.

1:51.0

Mark Zuckerberg's 11,000 employees or 13% of the company gone.

...

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