Meta to Cut Down 87,000-Strong Workforce; Flipkart Tightens Belt in Face of Increasing Losses

In today’s ExchangeWire news breakdown: Meta prepares to lay off its 87,000 employees; Walmart-owned Flipkart to curb M&A and hiring as losses mount in India; and research shows billions of dollars have been spent on Metaverse real estate over the past year.

Meta plans to initiate mass layoffs this week

facebook parents Meta reportedly plans to start with large-scale layoffs already from Wednesday (November 9th). The job cuts, which are expected to affect thousands of the company’s 87,000 employees, could be the biggest yet to hit the tech sector. Dear tech giants Amazon and Lyft have also cut recently on staff and recruitment as the threat of a recession looms.

Flipkart cuts spending as losses mount in India

E-commerce giant Flipkart will rein in M&A and hiring as the company faces mounting losses in the Indian market. Last year, the company raised $3.6 billion (~£3.1 billion) in funding and was valued at $37.6 billion (~£33 billion), with Flipkart reportedly now looking for additional funding to boost his cash-burning business.

Billions are being spent on Metaverse real estate


During the last 12 months, nearly $2bn (~£1.75bn) was spent on the Metaverse while companies and individuals compete for virtual real estate. Around $1.93 billion (~£1.69 billion) can be attributed to cryptocurrency spending, according to researchers at DappRadar.

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fact of the day

53% – the percentage of companies investing in the Metaverse and investing in cryptocurrencies.

Source: Bankless Times

Last week’s tech teasers

Our latest tech teasers were all audio, ExchangeWire’s November focus. Test your knowledge of one of the fastest growing advertising technology markets below and stay tuned for plenty of audio-focused content throughout the month!

  • $1.7bn (~£1.4bn) – the projected level of podcast advertising spend by the end of 2022 💰
  • 180 million – the number of Spotify users subscribing to Spotify Premium worldwide 🎶
  • 21.9 million – the estimated number of Americans listening to digital audio monthly 🎧
  • 25% – the percentage of brands claiming to be “silent” meaning they are not present in audio ads 🤐
  • 77% – the projected percentage of total ad spend that will be generated from mobile by 2027 📱