Layoffs continue in the tech industry. Oracle is one of the latest companies to start cutting staff, with sources confirming that it has started laying off more employees in the US. And as of July, at least 30,000 tech workers have lost their jobs so far in 2022.
I know you have read the reports of these layoffs. Today, however, we take a look at a different side of the process: what happens next. I’m Jordan Parker Erb, and I’ll be guiding you.
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1. So you got fired. And now what? In recent weeks, we’ve seen layoffs at companies from Netflix and Twitter to Coinbase and Tesla. We talked to career coaches and experts who shared what to do if you’re fired.
Plus, check out some of the tech companies that are still hiring.
In other news:
2. Twitter Blue is about to get more expensive. Starting in October, existing users will see the cost of Twitter’s subscription service increase from $2.99 per month to $4.99 per month. In other Twitter news, the company is investigating associates of Elon Musk — including investors Chamath Palihapitiya and David Sacks — in extensive legal claims related to his $44 billion buyout deal.
3. What it was like to be fired from Amazon aggregator Thrasio. An employee who was fired from Thrasio in May said the experience was panic-inducing – but it ended up being “the best thing that could have happened”.
4. Cross-chain token bridge Nomad has drained nearly $200 million in funds in a security exploit. On Monday, hundreds of would-be hackers systematically removed nearly all of the bridge’s $190 million in funds in just a few hours. According to Cointelegraph, only $651.54 left in the wallet.
5. The CEO of digital health startup Calibrate announced layoffs on a Zoom call. Minutes after the call ended, the roughly 156 laid-off employees’ company laptops were automatically rebooted and wiped. Insiders recount the layoffs, which some have called “reckless” and “cruel.”
6. Elon Musk’s dad says he’s not just proud of Elon. On an Australian radio show, Elon Musk’s father said the entire Musk family has done “a lot of things for a long time,” but added that Elon “kind of really pushed the envelope.” Read more comments from Musk’s dad.
7. Rapid delivery startups boomed in Europe. Why didn’t they make it in the US? Analysts and industry experts said that while the ultra-fast delivery model was a big hit in Europe, it neglected to take into account the shopping habits of Americans – such as buying in bulk. Why “ultrafasts” would never catch on in the US.
8. Leaked documents show Oracle has reorganized its all-important cloud unit. The top executive running the operations and support organization has also left, according to internal emails seen by Insider.
9. How to spot fake text messages that are potential scams. We’ve broken down seven ways to spot a scam – such as checking for grammar and spelling mistakes – and five ways to stop spam or bots.
10. Ford wants to let customers buy electrics. CEO Jim Farley hopes that allowing customers to order electric vehicles online could help the automaker compete with rivals like Tesla. More on Ford’s vision to sell EVs to “bunny-slipper” customers.
What we’re watching today: