Thousands Of Tech Workers Were Laid Off Last Week. Experts Say It's Just The Beginning.

Welcome back, friends! I am writing to you from sweltering New York City, I am your host, Jordan Parker Erb.

We're busy today, so I'll go straight to the news, starting with why experts warn that the technology downturn is just beginning.

Understand, it's a busy day.

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1. Thousands of workers were laid off last week. Experts say this is just the beginning. With persistent inflation, diminishing venture capital funding and fear of public markets, tech companies are more than ever forced to do the unthinkable: lay off employees.

• After years of boom in the tech industry that fueled the growth of giants like Apple, Amazon and Facebook, troubling signals have emerged this year: The industry experienced a major downturn at the end of spring.
• Last week, Lyft laid off 700 employees. Fintech giant Stripe has cut about 14% of its workforce, and the announcement from Stripe's founders is a lesson in how to handle layoffs. Additionally, Twitter has fired thousands of employees via email. It is said that Meta is preparing for a mass layoff.
• Investors, founders, and recruiters told Insider there was more to come. A man told us. “On a macro level, I don't think it will be as disastrous as it was in 2008. That doesn't mean it won't hurt.

A preview of what's to come for the tech industry.

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In other news.

2. Elon Musk's Twitter has a lot going on. here is the last

Everything you may have missed over the weekend.

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3. Andreessen Horowitz is betting big on educational technology in the next decade. General Partner Catherine Boyle explained that even with cuts to educational technology funding this year, A16z continues to lead. Explains why this sector is worth betting on.

4. Apple users will soon be able to say goodbye to "Hey Siri". According to Bloomberg, Apple is considering replacing the play phrase "Hey Siri" with "Siri." See what that means.

5. CNN's Chris Licht faces fury in the newsroom as more layoffs loom. Licht duly took the helm after the planned shutdown of the CNN+ broadcast service, causing shockwaves. But now, as one insider told us, "people are starting to think there is no plan."

6. A former Apple employee admitted to defrauding the company of $17 million. A former employee faces up to 20 years in prison after pleading guilty to running several fraud schemes. Get the full summary.

7. This offer was used by Tesla Alum to raise $2.5 million for his startup. Return, a Web3 climate tech startup, allows people to buy carbon credits to offset their crypto activities. We watched the presentation that the founder used to raise initial capital. Check it out here. Also check out our comprehensive searchable database here.

8. Despite industry layoffs, some technology companies are still hiring. We've compiled a list of 15 high-paying tech jobs at big companies like Microsoft and startups. Check out our list of open jobs with salaries over $200,000.

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Tips:

9. We tested the new, cheaper Netflix plan with ads. After more than a year of Netflix's most expensive subscription tier, Insider Basic tested with ads and found that some titles weren't available and some weren't announced at all. Here is the Netflix guide with ads.

10. What is Google Keep? The platform is a surprisingly versatile version of the Google Notes app. Learn five useful ways to use the app, from creating voice memos to setting time and location reminders.

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What we notice today.

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Hosted by Jordan Parker Erb in New York. (Comments or tips: Email jerb@insider.com or tweet to @jordanparkererb .) Editing by Lisa Ryan ( lisarya tweet ) in New York and Shauna Gosh ( shonaghosh tweet ) in London.

Musk has started mass layoffs on Twitter