Welcome to the Tech Mem Right Home for Wednesday, August 31st,

2022. I'm Brian McCullough today. Huge, huge layoffs at Snap. Say hello to Apple X Code Cloud subscriptions. Say hello to Can't

Be Evil NFT licenses. Forget about foldable phones. I have a very interesting

foldable laptop to tell you about and if your crypto

exchange fat-fingered you ten million dollars as a mistake what would you buy?

Here's what you miss today in the world of Tech.

Time to break out the Not Great Bob, Mad Men meme. Snap is laying off around 20% of its more than 6,400 employees beginning today,

including cuts to its hardware group.

Snap's stock, you might be aware, is down around 80% this year, quoting Alex Heath at the verge.

The layoffs, which Snap has been planning for the past several weeks, will begin on Wednesday

and hit some departments harder than others the people said.

For example, the team working on ways for developers to build many apps and games inside Snapchat

will be severely impacted.

Zenley, the social mapping app Snap- in 2017 and has since run separately, will also see

deep cuts.

Another team that will see layoffs is Snap's Hardware Division, which is responsible for its

AR spectacles glasses and the

pixie camera drone that was recently canceled after being on sale for just a few

months. The company's ad sales organization is also being restructured with

Jeremy Gorman, Snaps, Business Officer departing to run ads for Netflix.

Russ Cadets Peck, a Snaps spokesperson, declined to comment on the layoffs.

Though the scale of the layoffs is significant, it shouldn't necessarily come as a surprise.

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