Welcome to the Tech Meme Ride Home for Wednesday, November 9th, 2022. I'm Brian McCullough today.

The meta layoffs are here and they're brutal. But rumors are, Tik-Tok, is cutting back also. What even is the new Twitter

subscription product at this point does anybody know and if you look at today's

show title and it's just a bunch of gibberish. Hopefully I can

explain to you the big crypto blow-up from yesterday. Here's what you missed today in the

world of tech. The meta layoffs are here.

Mark Zuckerberg this morning announced plans to lay off 13% of its staff or more than 11,000

employees worldwide.

Meta will also cut discretionary spending and extend its hiring freeze through at least Q1.

Quoting Tech Crunch.

I want to take accountability for these decisions and for how we got here.

CEO and co-founder Mark Zuckerberg wrote in a statement, I know this is tough for everyone

and I'm especially sorry to those impacted.

Meta's current headcount equates to around 87,000 around the world, meaning that 11,000 people will be leaving Meta.

According to Zuckerberg, each US-based employee will receive 16 weeks of severance pay, plus two extra weeks for each year of service.

So for example, someone who has worked for Meta for four years will effectively get six months

pay.

On top of that, Meta said that workers will also be paid for all remaining unused time off and receive

stock-based compensation that was vested through November 15th.

Additionally, health insurance for employees and their families will be offered for six months.

Outside the U.S. Zuckerberg said that support packages will be similar but tailored for each

market.

...