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A comprehensive list of 2023 tech layoffs

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Last year’s techwide reckoning continues. In 2023, layoffs have yet again cost tens of thousands of tech workers their jobs; this time, the workforce reductions have been driven by the biggest names in tech like Google, Amazon, Microsoft, Yahoo and Zoom. Startups, too, have announced cuts across all sectors, from crypto to enterprise SaaS.

The reasoning behind these workforce reductions follows a common script, citing the macroeconomic environment and a need to find discipline on a tumultuous path to profitability. Still, tracking the layoffs helps us to understand the impact on innovation, which companies are facing tough pressures, and who is available to hire for the businesses lucky to be growing right now. It also, unfortunately, serves as a reminder of the human impact of layoffs and how risk profiles may be changing from here.

Below you’ll find a comprehensive list of all the known layoffs in tech that have occurred in 2023, to be updated monthly. If you have a tip on a layoff, contact us here. If you prefer to remain anonymous, you can contact us here.

  • January: 84,714 employees laid off — see all January 2023 Tech Layoffs
  • February: 36,491 employees laid off — see all February 2023 Tech Layoffs

March 2023

Twitch

Announced March 20 that it will lay off 400 employees.

Amazon

Announced March 20 another round of substantial layoffs, this time 9,000 people are set to lose their jobs. TechCrunch is hearing that around 10% of today’s total came from AWS.

Livespace

Announced March 20 that it has laid off at least 100 employees, about 2% of the company’s workforce.

Course Hero

Announced March 16 that it has cut 15% of staff, or 42 people.

Klaviyo

Announced March 15 that it has laid off 140 of its staff across all teams.

Microsoft

As a part of its recent announcement to layoff 10,000 people, Microsoft laid off an entire team dedicated to guiding AI innovation that leads to ethical, responsible and sustainable outcomes.

Meta

CEO Mark Zuckerberg confirmed rumors March 14 that the company will be cutting 10,000 people from its workforce and around 5,000 open roles that it had yet to fill.

Y Combinator

Announced March 13 that it will impact 20% of staff, or 17 team members.

Salesforce…continued

Salesforce first announced that it was laying off 10% of the workforce in January, but some employees didn’t know until February. The week of March 10, more employees are just learning they have been laid off. Salesforce confirmed that these layoffs were part of the 10%.

Atlassian

Announced on March 6, Atlassian is laying off about 500 employees, or 5% of its total workforce.

SiriusXM

Announced on March 6, the company laid off 475 employees, or 8% of its total workforce.

Alerzo

The Nigerian B2B e-commerce platform had a headcount of more than 2,000 before a first round of layoffs in September 2022. Alerzo has laid off 15% of its full-time workforce, the company confirmed on March 6, leaving about 800 employees at the startup.

Cerebral

Announced March 1, the company is letting go 15% of it’s workforce — roughly 285 employees.

Waymo

Announced March 1, Alphabet’s Waymo issued a second round of layoffs this year. Combined with the initial cuts in January, the self-driving technology company has let go of 8%, or 209 employees, of its workforce.

Thoughtworks

Announced on March 1, the company laid off about 4% of its global workforce — approximately 500 employees.

February 2023

Twitter

Announced on February 26, the company laid off more than 200 employees, including Esther Crawford, Haraldur Thorleifsson and Leah Culver. Since Musk took over Twitter in October last year, the company’s headcount has fallen by more than 70%.

Poshmark

Announced February 24, Poshmark confirmed with TechCrunch that less than 2% of its workforce was affected, primarily in the U.S. The company employs roughly 800+ employees.

Green Labs

We do not have an exact figure of how many Green Labs plans to lay off its staff. Green Labs confirmed to TechCrunch that it is conducting a round of layoffs that could impact at least 50% of its workforce.

Chipper Cash

Announced on February 20, the African cross-border payments platform conducted a second round of layoffs just 10 weeks after it cut approximately 12.5% of its workforce. Chipper Cash relieved almost one-third of its workforce, about 100 employees.

Convoy

Announced on February 16 that it is shuttering its Atlanta office and laying off workers as part of restructuring. This is the third time in less than a year that the company has laid off workers.

Sprinklr

Announced on February 15 that it will impact 4% of its global workforce — or more than 100 employees.

iRobot

Announced on February 13 that it will lay off 7% of its workforce, roughly 85 employees.

Twilio

Announced on February 13 that it will impact around 17% of its global workforce, about 1,400 people.

GitHub

Announced February 9, 10% of its staff will be impacted through the end of the company’s fiscal year. Before this announcement, which was first reported by Fortune, GitHub had about 3,000 employees.

Yahoo

Announced on February 9, 20% of its staff, impacting 1,600 employees in its adtech business. Yahoo is the parent company to TechCrunch.

GitLab

Announced February 9 that it’s reducing its headcount by 7%. The round of redundancies will impact around 114 people, though that specific figure is dependent on its actual headcount as of February 9.

Affirm

Announced on February 8 that it is reducing its staff by 19%, or about 500 employees, and shutting down its crypto unit.

Zoom

Announced the cut of 15% of its staff, or 1,300 people on February 7.

VinFast

VinFast has not shared how many employees have been cut, but a LinkedIn post from a former employee said “nearly 35 roles” were affected. Announced on February 6.

Dell

Announced February 6, impacting 6,650 people, or 5% of worldwide workforce.

Getaround

Announced February 2, 10% of staff — about 42 employees.

Pinterest

Announced February 2, 150 employees impacted. This is the second job-cutting move within weeks of the first round in December 2022.

Rivian

Announced on February 1, cutting 6% of its workforce for the second time in less than a year.

January 2023

SoFi Technologies

Announced on January 31, cutting 65 jobs, or about 5% of its 1,300-person workforce. First reported by The Wall Street Journal.

NetApp

Announced on January 31, impacting 8% of its staff — about 960 people.

Groupon

Impacting another 500 employees announced on January 31. The company said this new set of layoffs will be spread across the first two quarters of 2023.

Impossible Foods

Reportedly affecting 20% of its staff, over 100 employees, Bloomberg reported first.

PayPal

Announced on January 30, about 2,000 full-time employees, or 7% of its workforce, were affected.

Arrival

Announced on January 30, with a newly appointed CEO, slashing 50% of its workforce — 800 employees globally.

Waymo

The self-driving technology unit under Alphabet quietly laid off workers on January 24, according to The Information and several posts on LinkedIn and Blind. It’s not yet clear how many of Waymo’s staff will be affected.

Spotify

Announced on January 23, impacting around 6% of its global workforce — around 600 employees.

Alphabet

Google’s parent company announced laying off 6% of its global workforce on January 21, equating to 12,000 employees. These cuts impact divisions such as Area 120, the Google in-house incubator and Alphabet’s robotics division, Intrinsic.

Fandom

The entertainment company announced an unspecified number of employees impacted across multiple properties on January 20. According to a report by Variety, the company employs around 500 people, and the layoffs have affected roughly 10% of its staff across different sites.

Swiggy

Announced plans to lay off 380 jobs on January 20 and shut down its meat marketplace.

Sophos

Announced on January 18, 10% of its global workforce, about 450 people were let go.

Microsoft

As announced on January 18, 10,000 employees will be impacted.

GoMechanic

Laid off 70% of its workforce on January 18.

Clearco

Announced on January 17, impacting 30% of staff across all teams.

ShareChat

Announced on January 15, ShareChat laid off 20% of its workforce — or over 400 employees — just a month after eliminating more than 100 roles.

SmartNews

Announced on January 12 a 40% reduction of its U.S. and China workforce, or around 120 people.

Intrinsic

Alphabet’s robot software firm, Intrinsic, is laying off 40 employees TechCrunch confirmed on January 12. Amounting to around 20% of the headcount.

Greenlight

The fintech startup offering debit cards to kids laid off 104 employees on January 12, or over 21% of its total headcount of 485 employees.

Career Karma

Learning navigation platform Career Karma laid off another 22 people on January 12 across its global and domestic workforce.

DirectTV

Announced on January 12 plans to lay off about 10% of its management staff on January 20.

Informatica

Reported on January 11 that it will lay off 7% of it’s workforce, or 450 staffers globally.

Carta

Announced on January 11, the equity management platform cut 10% of its staff. Judging by LinkedIn data, the layoff could have impacted around 200 employees.

Citizen

Impacting 33 staff members on January 11.

Coinbase

To cut 950 jobs, or about 20% of its workforce, and shut down “several” projects, announced on January 10. This is the second round of major layoffs at the crypto exchange, which eliminated 18% of its workforce, or nearly 1,100 jobs last June.

SuperRare

The NFT marketplace is cutting 30% of its staff, announced on January 6.

Amazon

Announced on January 5, eliminating more than 18,000 roles. This announcement extends a previously announced round of layoffs in November of 2022. On January 19, the company announced it would end AmazonSmile.

Salesforce

Announced on January 4 that it’s cutting 10% of its workforce, impacting more than 7,000 employees. A month later, some Salesforce employees had just found out they were also a part of the 10% layoff announcement.

Vimeo

Announced on January 4, cutting 11% of its workforce.

Source: techcrunch

Twitter reportedly lays off 200 more employees

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Twitter has laid off at least 200 staff in another round of cuts, according to reports in the New York Times.

It said the tech giant had cut 10% of its current workforce, which it estimated at 2,000 people.

This is the latest round of job losses at Twitter since chief executive Elon Musk sacked about 50% of its 7,500 employees when he took over in October.

As staff learned of their fate, Mr Musk tweeted: “Hope you have a good Sunday. First day of the rest of your life.”

Esther Crawford, chief executive of Twitter Payments, who oversaw the Twitter Blue verification subscription model, said she was “deeply proud of my team” in a tweet after being among those released.

And senior product manager Martijn de Kuijper, who founded newsletter tool Revue which Twitter acquired in 2021, said he found out he had lost his job after being locked out of his work emails.

It’s been a while since my phone blew up on a Sunday because of news about Twitter – not because there hasn’t been any, but because we’ve all got used to it.

More divisive user-experience changes to the platform, more provocative tweets from its owner Elon Musk… we are familiar with that drill. But nobody was expecting Esther Crawford, who had established herself as an influential figure in so-called Twitter 2.0, to be laid off.

In November, she shared a picture of herself lying down inside a sleeping bag and wearing an eye mask on the floor at Twitter HQ. She has tirelessly cheerleaded the firm’s path under Mr Musk. Some thought the product manager might even become the company’s next chief executive. Mr Musk said weeks ago that he would stand aside in the role as soon as he found a replacement.

It demonstrates once again this new brutal environment in which even the most loyal are unprotected. It will be familiar to many in the commercial sector and it’s increasingly the way big tech is going as budgets start to bite.

Esther herself tweeted that it was “a mistake” to think that her “optimism and hard work” had been a bad decision. “I’m deeply proud of the team for building through so much noise and chaos,” she wrote.

She probably wouldn’t have called it “noise and chaos” this time last week.

The Twitter cuts are the latest in a long line of lay-offs in the tech industry over the past few months.

Amazon, Microsoft and Google-owned Alphabet announced tens of thousands of lay-offs between them, but the cuts across the industry are wide-reaching.

At the end of January, more than 10,000 jobs were lost in eight days across six large tech companies including Spotify, Intel and IBM.

The Twitter cuts come a month after Reuters reported the firm had made its first interest payment on a bank loan used by Mr Musk to finance the purchase.

He paid $44bn (£37bn) to take control, with $13bn – a third of the total amount – covered by loans from banks including Morgan Stanley and Barclays.

These loans are leveraged against Twitter – in other words, the tech company itself is responsible for the loan repayments, not Mr Musk.

Reuters reported Twitter paid about $300m to the banks in January.

Meanwhile, there are further indications that the tech company is struggling with financing.

It is being sued by the Crown Estate in the UK over alleged unpaid rent for its London headquarters, and faces a similar lawsuit in the US over unpaid rent at its San Francisco HQ.

And a lawyer representing more than 100 former employees sacked by Twitter told the BBC in February the number of staff launching legal action against the company “goes up daily”.

Mr Musk told this month’s World Government Summit in Dubai: “I think I need to stabilise the organization and just make sure it’s in a financially healthy place.

“I’m guessing probably towards the end of this year would be good timing to find someone else to run the company, because I think it should be in a stable position around the end of this year.”

Source: bbc

HOUSTON LIVESTOCK SHOW AND RODEOTM WRAPS AN UNFORGETTABLE 2023 SHOW WITH A STAR-STUDDED LINEUP AND A NEW ADDITION TO THE STAR TRAIL OF FAME

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The Houston Livestock Show and Rodeo returned full swing in 2023, welcoming more than 2.4 million guests over the 23-day event. This year’s show had some of the best weather in Rodeo history, action-packed RODEOHOUSTON® competitions, 10 record-breaking auctions, and an addition of a new star on the Star Trail of Fame.

“With sensational weather, unbeatable family-fun, one-of-a-kind educational exhibits, elite athletes, outstanding exhibitors, successful auctions and an unmatched concert lineup, 2023 was a spectacular, record setting year for the Houston Livestock Show and Rodeo,” said Chris Boleman, Houston Livestock Show and Rodeo president and CEO. “With the help and dedication of more than 35,000 Show volunteers and staff, we were able to provide a unique and unforgettable experience once again to our guests. But it’s truly because of the ongoing support from our community that we are able to provide millions in scholarships and change lives year after year.”

The Houston Livestock Show and Rodeo entertained guests for 23 days, Feb. 23 – 25, and Feb. 28 – March 19, 2023.

2023 RODEO HIGHLIGHTS

Attendance

  • Total attendance for all activities on the grounds, Feb. 23 – 25 (World’s Championship Bar-B-Que Contest, presented by Cotton Holdings) and Feb. 28 – March 19, 2023 (Houston Livestock Show and Rodeo) reached 2,479,004.

    o In three days, the World’s Championship Bar-B-Que Contest entertained 214,903 guests. o Showtime highest daily total attendance from 2023:

     Wednesday, March 15, 2023 – 165,623  Saturday, March 11, 2023 – 159,610
     Saturday, March 18, 2023 – 146,489
     Sunday, March 19, 2023 – 140,521

     Sunday, March 12, 2023 – 139,912

  • Paid rodeo/concert attendance reached 1,355,367.

o Highest paid rodeo/concert performances from 2023:

  •   Sunday, March 19, 2023 – Luke Bryan – 74,779
  •   Saturday, March 11, 2023 – Turnpike Troubadours – 74,657
  •   Saturday, March 18, 2023 –Brad Paisley – 74,577
  •   Friday, March 3, 2023 – Black Heritage Day, presented by Kroger – Bun B’s

    Southern Takeover – 74,573

  •   Friday, March 17, 2023 – Cody Johnson – 73,144

    RODEOHOUSTON®

    • RODEOHOUSTON committed $2.178 million to its contestants in 2023.
    • The 2023 RODEOHOUSTON Super Series invited the world’s top rodeo athletes to compete in

    eight traditional rodeo events.

o RODEOHOUSTON introduced its second women’s-only event, Breakaway Roping, for seven days in 2022. For 2023, Breakaway Roping was included in all 20 performances.

o RODEOHOUSTON Super Series athletes competed for a share of $2,178,000 in prize money. Each event champion rode out of NRG Stadium with $50,000, plus winnings from the preliminary rounds.

o The 2023 RODEOHOUSTON Super Series Champions, with total money earned, are:  Bareback Riding: Leighton Berry: Weatherford, Texas – $57,375

  •   Barrel Racing: Jordon Briggs: Tolar, Texas – $58,000

    • This is Briggs’ second Championship win in a row.

  •   Breakaway Roping: Hali Williams: Comanche, Texas – $53,750
  •   Bull Riding: Ky Hamilton: Beaver, Utah – $62,000
  •   Saddle Bronc Riding: Sage Newman: Melstone, Montana – $56,750

    • Newman is a previous RODEOHOUSTON Championship winner (2022)

  •   Steer Wrestling: Dalton Massey, Stanfield, Oregon – $54,250
  •   Team Roping: Rhen Richard: Roosevelt, Utah; and Jeremy Buhler, Maricopa,

    Arizona– $111,500 ($55,750 each)
     Tie-Down Roping: Riley Webb: Denton, Texas – $55,625

  • For 2023, RODEOHOUSTON split its Wild Card Round into a two-day event, eliminating the RODEOHOUSTON Super Shootout from the schedule. The money from RODEOHOUSTON’s previous one-day Super Shootout event was redistributed towards the Super Series purse paying down to 5th and 6th places.
  • 360 contestants competed over the 20-day event.
  • RODEOHOUSTON added two new local qualifiers for 2023 – Fort Bend County Fair and Rodeo

    in Rosenberg, Texas and Waller County Fair and Rodeo in Hempstead, Texas.

    Star Trail of Fame

  • Legendary performer Brad Paisley was inducted to the Houston Livestock Show and Rodeo’s prestigious Star Trail of Fame on March 18, 2023.
  • Brad Paisley is the 10th star honored with a gold plaque to commemorate his years of outstanding entertainment on the RODEOHOUSTON stage.
  • Paisley has performed at RODEOHOUSTON every year since 2014, and this 2023 performance marks his 15th time overall.

    Livestock Show, Horse Show and Auctions

    • Livestock and horse show competitions drew 35,320 entries.
    • Junior auction sales totaled $22,617,879 (unaudited preliminary totals).

      o Barrow: $4,201,875
      o Junior Commercial Steer: $1,169,968 (live auction of choice steers) o Lamb and Goat: $3,445,132
      o Poultry: $3,302,960
      o School Art: $2,565,911
      o Steer: $7,932,033

    • Eight auction Grand Champion and Reserve Grand Champion lots set Rodeo records.

o Junior Market Barrow

 Grand Champion: $375,000 (Rodeo record)

 Reserve Grand Champion: $320,000 (Rodeo record) o Junior Market Pen of Broilers

 Grand Champion:

 Reserve Grand Champion: o Junior Market Goat

 Grand Champion: $240,000 (Rodeo record)

 Reserve Grand Champion: $135,000 o Junior Market Lamb

 Grand Champion: $350,000 (Rodeo record)

$300,000 (Rodeo record)

$175,000 (Rodeo record)

 Reserve Grand Champion: $160,000 o Junior Market Steer

 Grand Champion: $550,000

 Reserve Grand Champion: $540,000 o Junior Market Turkey

 Grand Champion: (Rodeo record)

 Reserve Grand Champion: o School Art

 Grand Champion: $275,000 (Rodeo record)

  •   Reserve Grand Champion: $185,000 o Wine
  •   Grand Champion: $325,000. (Rodeo record)

     Reserve Grand Champion: $165,000

  • Rodeo Uncorked!® Champion Wine Auction: $2,795,200
  • Ranching & Wildlife: $463,730
  • Calf scramble and judging contest winners received 374 certificates, each worth $2,250, to apply

    toward the purchase of a registered beef heifer or steer to exhibit at the 2024 Houston Livestock Show and Rodeo. Certificate premiums totaled $841,500.

o Calf scramble exhibitors from 2022 who returned with their heifer or steer projects to compete at the 2023 Houston Livestock Show received more than $100,000 total in premiums and awards.

o The Super Scramble competition was added in 2022, where the 19 “First Catch” scramblers from each of the previous 19 Calf Scramble performances were invited to participate in the event Sunday, March 19, 2023. The 19 scramblers had an extra chance to catch one of the nine calves during the event, and each participant was awarded a cash prize based on their performance. The event awarded an additional $42,000 in cash prizes for Texas youth.

Scholarships and Education

• The Rodeo committed $22,560,562 to the youth of Texas in 2023:

$14,286,000

$200,000

$195,000 (Rodeo record)

o o o o

in scholarships to be awarded this summer; o junior show exhibitors;

n educational program grants; and in graduate assistantships.

$5,292,250 t

$2,517,722 i

$464,590

AGVENTURE, presented by Oxy

  • Approximately 71,000 people participated in a scheduled school tour or field trip.
  • More than 16,000 little cowboys and cowgirls rode the pony rides.
  • Approximately 700 chicks hatched in the Poultry Exhibit.
  • Fifty-five piglets, 17 lambs and 15 calves were born at the Birthing Center.

    The Junction

• Nearly 132,000 little farmers visited Fun on the Farm.

Official Rodeo Merchandise

• Nearly 200,000 individual items of Rodeo and entertainer merchandise went home with fans, including 108,000 caps and T-shirts, and koozies. Plus, over 36,000 reusable bags, and over 11,000 lapel pins.

Drone Show

  • The Rodeo’s first-ever drone show was performed three times, on March 4, 11 and 18.
  • Lasting approximately 10 minutes and utilizing 200 drones, the show featured Rodeo mascot

    Howdy, a bull rider, cowboys, carnival rides and more.

    Carnival and Food

  • RCS, the carnival provider, drove nearly 420,000 miles to deliver the carnival to Houston, which is the distance of 14 times around the world.
  • Approximately 2.8 million rides were taken at the carnival. The top five rides were: o XL Le Grande Wheel

    o Raptor Coaster o Skyride
    o Crazy Coaster o Rave Wave

  • 125 semi-trucks full of carnival prizes were brought to the 2023 Rodeo.
  • Approximately 725,000 prizes were won at the games. The top five stuffed toys were:

    o Squishmallow o Ramen Pillow o Bob Ross
    o Howdy H

    o Pokemon

  • The top five food items were:

    o Turkey legs o Fried Oreos o Funnel cakes o MichAuguas o Corn dogs

    More about the Houston Livestock Show and Rodeo

    The Houston Livestock Show and Rodeo promotes agriculture by hosting an annual, family-friendly experience that educates and entertains the public, supports Texas youth, showcases Western heritage and provides year-round educational support within the community. Since its beginning in 1932, the Rodeo has committed more than $575 million to the youth of Texas and education. For more information, visit rodeohouston.com and connect with #RODEOHOUSTON online via Facebook, Twitter, Instagram and YouTube for all the latest news.

Meta’s Mark Zuckerberg announced layoffs months in advance.

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After cutting around 13% of its global workforce in November, Facebook parent company Meta has announced that an additional 10,000 workers are to be laid off at the tech company.

The previous reduction in staff totaled 11,000 layoffs, which means that across the two rounds of layoffs, Meta is letting some 22,000 employees go.

The news was shared by founder and CEO Mark Zuckerberg in a letter to staff, published on Tuesday (March 14) in which he outlined impending restructuring and headcount reductions.

He said that “over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates”.

Because the company will be hiring less, Zuckerberg says he’s also “made the difficult decision to further reduce the size” of Meta’s recruiting team.

“We will let recruiting team members know tomorrow whether they’re impacted,” he added. Meanwhile, restructurings and layoffs will be announced in Meta’s tech groups in late April, and in its business groups in late May.

Zuckerberg says that in a small number of cases, “it may take through the end of the year to complete these changes”.

Overall, said Zuckerberg, Meta expects to reduce its team size by around 10,000 people and to close around 5,000 additional open roles that it hasn’t hired for yet.

In the note outlining the upcoming structural changes and layoffs, Zuckerberg told employees that “Meta is building the future of human connection,” and that he wanted “to share some updates on our Year of Efficiency that will help us do that”.

He added: “The goals of this work are: (1) to make us a better technology company and (2) to improve our financial performance in a difficult environment so we can execute our long-term vision.”

Elsewhere in the letter, Zuckerberg writes that “Flatter is faster” and that in the company’s so-called “Year of Efficiency,” it plans to make its organization flatter “by removing multiple layers of management”.

Added Zuckerberg: “As part of this, we will ask many managers to become individual contributors. We’ll also have individual contributors report into almost every level — not just the bottom — so information flow between people doing the work and management will be faster.”

In the wider tech and adjacent music industry, US satellite radio service SiriusXM announced earlier this month that it was reducing its headcount by 475 roles, or 8% of its total workforce.

In January, SoundHound, a speech and music recognition company, laid off nearly half of its staff earlier this month, less than a year after the company went public on the NASDAQ.

Also in January, music streaming giant Spotify revealed that would be reducing its own global workforce by 6%.

In August 2022, music streaming platform and Spotify rival SoundCloud started the process of reducing its own global workforce by approximately 20%

Also in August, US-based collection society BMI (Broadcast Music, Inc) was reported to be laying off “just under 10%” of its total workforce.

In addition to Meta, a number of silicon valley giants have also reduced their workforces in recent months.

In January, Alphabet, parent company to Google was revealed to be cutting 12,000 roles (around 6% of its workforce).

The week prior to that also saw Microsoft announce 10,000 job cuts.

According to tracking site Layoffs.fyi, 483 tech firms have implemented layoffs so far this year, with a total of 128,202 tech workers losing their jobs.

You can read Mark Zuckerberg’s letter in full below.

Qué es el “riesgo moral” y por qué se usa para cuestionar rescates bancarios como los de Credit Suisse y Silicon Valley Bank

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Las extraordinarias medidas tomadas por la Reserva Federal de EE.UU. con el apoyo del gobierno de Joe Biden para rescatar a los depositantes de los bancos Silicon Valley Bank (SVB) y Signature Bank, abren un nuevo capítulo en la historia bancaria del país.

El inédito paso que dieron las autoridades estadounidenses la semana pasada fue rescatar a todos los clientes de estos bancos sin importar el monto de sus depósitos, algo que no estaba contemplado en la regulación vigente, que asegura los depósitos hasta US$250.000.

En el caso del SVB, que representó la mayor caída de una entidad bancaria desde la Gran Recesión de 2008, casi el 90% de sus clientes eran empresas tecnológicas que tenían depósitos superiores a los US$$250.000.

Pero ante la posibilidad de una corrida bancaria que tenía el potencial de contagiar al resto del sistema, las autoridades decidieron ampliar la protección a todos los depositantes, así tuvieran en su cuenta un solo dólar o un millón.

Además, los reguladores estadounidenses crearon un nuevo programa de préstamos para que los bancos en problemas puedan usar algunos de sus activos financieros como medio para obtener un préstamo de la Reserva Federal.

A todas estas medidas en EE.UU. le siguió este fin de semana el rescate del banco suizo Credit Suisse, que fue adquirido por su rival USB por US$3.240 millones ante el peligro de que la entidad colapsara.

“Un punto de inflexión”

Por ahora necesitas a la brigada de bomberos”, le dice a BBC Mundo Javier Díaz-Giménez, profesor de Economía en la escuela de negocios IESE Business School, en España, sobre las medidas adoptadas por las autoridades estadounidenses.

Lo que no está muy claro, agrega, es qué pasará mañana cuando otro banco tenga el mismo problema.

“Este episodio lo va a cambiar todo. Esto es un punto de inflexión, un momento crucial para las regulaciones bancarias y la supervisión de los bancos pequeños y de tamaño mediano”.

“Aquí ha habido un fallo de supervisión que me parece grave”, apunta Díaz-Giménez.

Esas dudas sobre qué va a pasar la comparten muchos economistas. Entre ellos Nicolas Véron, investigador principal del Instituto Peterson de Economía Internacional y del centro de estudios Bruegel.

“(Con estas intervenciones) estamos frente a un nuevo sistema y, por ahora, es muy difícil saber qué consecuencias tendrá”.

El riesgo moral

A partir del rescate de todos los clientes de los dos bancos en EE.UU., ha surgido el debate sobre el “riesgo moral” que supone esa medida.

En economía, el riesgo moral ocurre cuando las personas se atreven a tomar decisiones más osadas porque saben que alguien los protegerá.

Clientes del banco SVB

Y en este caso, el riesgo moral entra en escena cuando las autoridades deciden rescatar a todos los depositantes de los dos bancos en problemas.

La señal que recibe el mercado es que no es tan grave que caminen por la cuerda floja.

Un poco como si el médico te dijera que no te preocupes porque siempre estará ahí para sanarte y eso te da más confianza para exponerte al peligro.

El debate es hasta qué punto ese riesgo moral es realmente importante dadas las circunstancias actuales.

Porque visto desde otra perspectiva, también estaba la alternativa de que los reguladores dejaran caer a los bancos sin garantizar los depósitos a sus clientes.

Pero eso podría haber tenido un costo gigantesco si el pánico se hubiese extendido.

“El nuevo sistema podría generar un poco de riesgo moral, pero realmente no se sabe, porque dependerá mucho de la supervisión que se haga de los bancos a futuro”, señala Véron en diálogo con BBC Mundo.

De todos modos, agrega, “que exista cierto riesgo moral no significa que el mundo se vaya a acabar mañana. Tenemos que ver qué pasa”.

Credit Suisse

Para algunos, mantener la estabilidad del sistema bancario sea como sea es lo fundamental en una situación de emergencia como la que se vivió Estados Unidos en los últimos días.

Más aún cuando al SVB y al banco Signature, se sumó un tercer rescate, aunque esta vez el mecanismo fue diferente.

Los grandes bancos estadounidenses rescataron el jueves a otra entidad que estaba en peligro de quiebra, el First Republic Bank, inyectándole US$30.000 millones.

Lo cierto es que las preocupaciones por el sector financiero se han esparcido globalmente, despertando temores sobre una posible crisis bancaria mundial, especialmente después de que este fin de semana el banco Credit Suisse tuviera que ser adquirido tras intensas negociaciones por otra entidad bancaria suiza, el UBS, por US$3.240 millones.

“Un costo para todos los ciudadanos”

Hung Tran, investigador senior del Centro de Geoeconomía del Atlantic Council, en Estados Unidos, argumenta que en el corto plazo, la protección a los grandes depositantes de SVB “fue un rescate necesario y justificado para evitar una posible crisis bancaria, imponiendo enormes costos a toda la sociedad”.

Sin embargo, a largo plazo, “el rescate refuerza el problema del riesgo moral, debilitando la disciplina del mercado y preparando el escenario para futuras crisis”, le dice a BBC Mundo el especialista en mercados monetarios y de capital.

“Esto representa un costo para todos los ciudadanos”, agrega, aunque el rescate no fuera financiado con dinero de los contribuyentes.

El punto es que, al asegurar todos los depósitos para dar una mayor estabilidad al sistema, explica Tran, “todos los bancos y sus clientes tendrán que pagar primas de seguro de depósitos más altas”.

Sobre este punto, dice Díaz-Giménez en diálogo con BBC Mundo, “la estabilidad del sistema bancario no sale gratis”.

A fin de cuentas, sostiene, si la banca está mejor regulada y supervisada, y se le exige que cuente con colchones de capital más exigentes para afrontar las crisis, eso tiene un precio.

Source: bbc

Taylor Swift’s ‘Eras’ tour kick off: top five moments from the star’s transcendent performance

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Countless artists are eager to get back on the road after the pandemic brought a halt to live music back in 2020. Several of them, legendary acts like Drake and Beyoncé, are kicking off tours for the first time in half a decade or more this year. One act, however, hasn’t seen the road since 2018, and the gap between now and then includes four No. 1 albums, two re-recordings of previous releases, and a history-making ten spots on the Billboard Top Ten. That singer-songwriter is Taylor Swift.

In November 2022, Swift announced the Eras Tour. The show was marketed as “a journey through the musical eras of [Swift’s] career”, and there was intense speculation about what that would mean. Last night (March 17), after over four months of pining and desperately waiting, she showed us.

She divided the evening into different eras but not in chronological order. With a massive 44-song setlist that clocked in at three hours and (yes, seriously) 13 minutes, the night held tons of answers to long-held questions and defied fans’ wildest dreams at every turn. If the ticketing fiasco of the Eras Tour kept you on the other side of the State Farm Stadium door, don’t worry: we’ve highlighted the moments from the night that left us wonderstruck.

Taylor Swift

Gayle and Paramore gave the crowd a warm welcome 

While Taylor’s set had enough incredible moments to fill five articles this length, it would be a misstep not to mention opening acts GAYLE and Paramore. The former is best known for her viral single ‘abcdefu’. Taylor Gayle Rutherford was overcome by emotion to be opening for such a monumental tour, and took several opportunities to make her gratitude known.

Paramore’s lead vocalist Hayley Williams echoed similar sentiments. The band took a brief pause from their set as Williams told the story of getting to know Swift when they were both teenage artists in Nashville. She recounted reaching out to Swift after the infamous VMA incident and the friendship that blossomed. When Williams launched into an earnest speech about how special Taylor is as an artist and a musician, she was nearly drowned out by impassioned screams. The crowd knew it all too well.

Taylor Swift

Stage visuals that shifted to depict each era

In comparison to previous Swift tours, the stage took on a dramatically scaled-back design. Instead of giant inflatable snakes or sparking cages that fly over the audience, she opted for sparse, understated props. But don’t be fooled: Swift still managed to prove she’s one of the best in the game at bringing her music to life visually.

Most of the heavy lifting to distinguish each different era aesthetically fell to the rear jumbotron. From a stunning video of melting snow that revealed a dense, earthy forest representing the ‘Evermore’ era, to an ethereal, abstract mosaic of purple lights and flowers that signalled the sole song on the setlist from ‘Speak Now’, ‘Enchanted,’ these brief interludes conjured atmospheres of awe.

Other subtle visual details proved a clever way to convey each track. Dancers dressed in classic Swift outfits during ‘Look What You Made Me Do’.  Small flakes of white confetti mimicking snow fell during the outro of ‘All Too Well (Ten Minute Version)’. There were also illusions of Swift diving into the stage or floating off on a cloud — every choice made it clear that the production choices were deliberate and well thought out during her time away.

Swift getting sentimental on top of a rustic cabin

Each era of the show had its triumphs, but nothing as fantastical as the portion dedicated to her Grammy-winning Album of the Year, ‘Folklore’. Swift introduced the era with a beautifully spoken recitation of the lyrics to the deep-cut ‘Seven’. When she appeared in a flowing lilac gown on the roof of a moss-covered rustic cabin and started singing ‘Invisible String’, fans erupted in surprised glee.

This section featured the era’s biggest hits (like the interconnected love triangle songs, ‘Cardigan’, ‘August’, and ‘Betty’), as well as arresting arrangements of tracks that die-hard Swifties were worried wouldn’t make the cut, like ‘My Tears Ricochet’. One of the most vocally astounding moments of the entire night came during her performance of the ‘Illicit Affairs’ outro, which she elevated to a dramatic rock sound. If fans were curious about how such folk-inspired songs would play in stadiums, the answer is: marvellously.

Taylor Swift

Stripped back sets of ‘Mirrorball’ and ‘Tim McGraw’

One of the best parts of any Swift show is the portion she inevitably plays solo. Swift found a sweet spot for such a moment in the setlist by nestling it right after the high-energy mega-hits of the ‘1989’ era. After picking up an acoustic guitar, Swift announced that her “plan” for this portion of the show throughout the tour was to play different “surprise songs” every night without repeats.

Her selections for opening night included the glittering, dreamy ‘Mirrorball’, and on piano, her 2006 country single ‘Tim McGraw’. The songs both represent significant firsts for Swift,  ‘Mirrorball’ being the first song Swift wrote for ‘Folklore’, and ‘Tim McGraw’ being the very first song the artist ever released. These choices underscore the historical significance of returning to the road to tour an entire catalogue after an unprecedented global crisis. Some of ‘Mirrorball”s final lyrics encapsulate perfectly the challenge of connecting through and beyond a pandemic, as she sang “They called off the circus, burned the disco down / When they sent home the horses and the rodeo clowns / I’m still on that tightrope, I’m still trying everything to keep you laughing at me.”

Taylor Swift

Multiple love letters to her longtime fans

More than anything, Swift’s kick-off show was a reminder of the relationships she’s developed with her loyal fan base over the past fifteen years. From joking about in-fandom memes (she referred to ‘Evermore’ as “an album I absolutely love, despite what some of you say on TikTok”), to praising the elaborate costumes attendees had put together, to making her show a more inclusive space with a comment about “guys, gals, and [her] non-binary pals”, Swift’s devotion to her fans was clear.

Early in the night, Swift addressed the crowd directly for the first time: “I don’t know how to process all of this and the way it’s making me feel,” she admitted. Perhaps it was just the bright lights, but she seemed to be welling up. The genuine emotion of a reunion this highly anticipated was more than reciprocated; many fans shed their own tears of excitement before the show even started.

It’s hard to blame them: the foundation of Swift’s career rests on the lengths she’s taken to achieve such closeness with her listeners. Years of mutual adoration culminated to give the State Farm Stadium show its euphoric pulse and made it clear that with the Eras Tour, Swift is sending a love letter to the people who have been there since the beginning.

China’s President Xi arrives in Moscow for meeting with Putin amid Ukraine war

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“I am very glad, at the invitation of President Vladimir Vladimirovich Putin, to come back to the land of our close neighbor … I am sure my visit will be fruitful,” Xi said, according to Russia’s TASS News Agency, which is run by the state.

Xi’s visit with Kremlin officials amounts to China’s most visible show of support for its neighbor since Russia’s invasion of Ukraine began in February 2022.

“I look forward to working with President Putin to jointly adopt a new vision, a new blueprint and new measures for the growth of China-Russia comprehensive strategic partnership of coordination in the years to come,” the Chinese president wrote in an article published in Rossiyskaya Gazeta, a Russian newspaper, ahead of his visit.

Xi said the friendship between China and Russia is “growing steadily and must be cherished by us all” and that the upcoming visit to Russia was a “journey of friendship, cooperation and peace.”

The leaders have a scheduled meeting at the Kremlin at 4:30 p.m. local time, which will be followed by a dinner. A Kremlin spokesperson said Monday’s meeting was to be “informal,” but that the two leaders would have “direct and very important communication.”

Official talks and a state dinner have been scheduled for Tuesday, Dmitry Peskov, the spokesperson, said.

Xi’s visit comes days after the International Criminal Court issued an arrest warrant for Putin, accusing him of war crimes in Ukraine.

Wang Wenbin, Chinese Foreign Ministry spokesman, addressed the warrant during a press conference in Beijing on Monday. Wang said China has always “advocated that dialogue and negotiation” are the best ways to end the conflict. ICC officials should “respect the jurisdictional immunity enjoyed by the head of state in accordance with international law,” Wang said.

Wang said the court should attempt to avoid “politicization and double standards.”

Xi, writing in Rossiyskaya Gazeta, also addressed the war in Ukraine, saying China is “convinced that a rational way out of the Ukrainian crisis and a path to lasting peace and universal security in the world will be found if everyone is guided by the concept of common, comprehensive, joint and sustainable security, continue dialogue and consultations in an equal, prudent and pragmatic manner.”

Putin and Xi have had around 40 contacts in the past 10 years, according to a tally from Chinese state media. The two have talked by video conference and telephone in the last year. Monday will mark their first face-to-face meeting since Russia’s invasion began.

As Xi landed at the small airport on the outskirts of Moscow at about 1 p.m. local time, he gave a short speech echoing what he’d written.

He said his country was committed to working with Russia “to firmly safeguard the international system with the United Nations at its core.”

Source: abcnews

Trump allies and rivals rally to his defence after he claims arrest is imminent

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Top Republicans, including some of Donald Trump’s potential rivals for the party’s 2024 presidential nomination, rushed to his defense after the former president said he expected to be arrested next week.

On Saturday, Trump announced he would be arrested on Tuesday in a criminal case involving hush money payments to adult film star Stormy Daniels, but there has been no official confirmation on the likelihood that charges will be brought.

“The idea of indicting a former president of the United States is deeply troubling to me, as it is to tens of millions of Americans,” said former vice-president Mike Pence, who is widely expected to launch a campaign for the Republican nomination in the coming weeks.

The reaction underscores the political risks faced by would-be opponents who are eager to convince voters that it is time to move on from the former president, but who must contend with the fact that he remains the most popular figure in the party.

Trump garnered similar support last summer after the FBI searched his Mar-a-Lago club as part of an investigation into his handling of classified documents. The search also proved a fundraising boon.

Among those coming to Trump’s defense on Saturday was House speaker Kevin McCarthy, who said a possible indictment would be “an outrageous abuse of power by a radical DA [district attorney] who lets violent criminals walk as he pursues political vengeance” against Trump.

McCarthy said he would direct relevant Republican-led House committees “to immediately investigate if federal funds are being used to subvert our democracy by interfering in elections with politically motivated prosecutions”. McCarthy has not endorsed Trump’s White House campaign, but Trump helped McCarthy secure the speakership after a contentious campaign that required multiple rounds of voting.

McCarthy’s predecessor as speaker, Democrat Nancy Pelosi, said in a statement, “the former president’s announcement this morning is reckless: doing so to keep himself in the news and to foment unrest among his supporters.”

“He cannot hide from his violations of the law, disrespect for our elections, and incitements to violence.”

On Saturday, Trump posted a message on his Truth Social platform, referring to himself in the third person, saying: “The far and away leading Republican candidate and former president of the United States of America will be arrested on Tuesday of next week.”

Law enforcement officials in New York have been making security preparations for the possibility that Trump could be indicted, but there has been no public announcement of any timeframe or any indictment.

Donald Trump in Davenport, Iowa, on 13 March.
A spokesperson and a lawyer for Trump said later on Saturday that his post was based on media reports rather than any actual update from, or communication with, prosecutors. Trump’s post cited “illegal leaks from a corrupt and highly political Manhattan district attorney’s office”.

The district attorney’s office declined to comment.

In his post, Trump called on his supporters to “PROTEST, PROTEST, PROTEST!!!”

The post evoked the message from the then-president that preceded the insurrection by extremist supporters at the US Capitol on 6 January 2021 which ultimately failed to thwart the certification of Joe Biden’s victory.

Pence, who has been escalating his criticism of the former president in recent weeks, said: “No one is above the law.” He added: “I’m confident President Trump can care for himself. My focus is going to continue to be on the issues that are affecting the American people.”

Pence had been noncommittal when asked on Thursday if Trump should drop out if he was indicted. “I think it’s a free country. Everybody can make their own decisions,” he said.

Trump has said he would continue his presidential campaign even if indicted.

Representatives for the Florida governor, Ron DeSantis, another potential candidate who is seen as Trump’s most serious rival, did not immediately respond to requests for comment. Former UN ambassador Nikki Haley, another declared candidate, did not address the investigation while campaigning in South Carolina.

It emerged in January that Manhattan district attorney Alvin Bragg had made the surprise move to impanel a grand jury to hear evidence in the Daniels case, which had previously faded from the spotlight.

Daniels met with investigators in Manhattan earlier this week to discuss Trump’s role in a $130,000 payment she received in 2016 aimed at dissuading her from going public during the election about claims she had a sexual liaison with the married Trump in 2006 – an infidelity Trump denies.

In 2016 during the election that Trump went on to win, his then-lawyer, Michael Cohen, made the payment and arranged another payout to a different woman. Cohen has said that the money was paid at Trump’s direction.

Federal prosecutors in 2018 charged Cohen with campaign finance crimes related to payments to Daniels and to a Playboy model, Karen McDougal, arguing that the payouts amounted to impermissible gifts to Trump’s election effort. Cohen pleaded guilty, served prison time, and was disbarred. Federal prosecutors never charged Trump with any crime.

Any charges, in this case, would most likely involve state crimes of falsifying business records, typically a misdemeanor but a felony, if it was part of a cover-up or wider criminal wrongdoing, and here, could revolve around campaign finance illegality.

Kevin O’Brien, a former federal prosecutor and now a partner at Ford O’Brien in New York specializing in white-collar criminal defense told the Guardian that for a felony charge, prosecutors would have to prove Trump showed an “intent to defraud” when his company “falsely accounted” for the payments to Daniels as legal expenses and effectively argue that the payments were synonymous with illegal donations to Trump’s 2016 election campaign, which would violate New York election law.

O’Brien said that any criminal charges for Trump would be messy and confusing for voters and potential jurors.

“How could this guy be running for a president facing a conviction for an act of dishonesty that was indictable?” he said.

Trump has cast the investigation as a “witch-hunt” and says he believes an indictment would help him in the 2024 race.

Senator Lindsey Graham, a longtime Trump ally, agreed: “The prosecutor in New York has done more to help Donald Trump get elected.”

Tom Jones – She’s A Lady

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Well, she’s all you’d ever wantShe’s the kind they’d like to flaunt and take to dinnerWell she always knows her placeShe’s got style, she’s got grace, she’s a winner
She’s a ladyWhoa, whoa, whoa she’s a ladyTalkin’ about that little ladyAnd the lady is mine
Well, she’s never in the wayAlways something nice to say, oh what a blessingI can leave her on her ownKnowing she’s okay alone, and there’s no messing
She’s a ladyWhoa, whoa, whoa she’s a ladyTalkin’ about that little ladyAnd the lady is mine
Oh, she never asks for very much, and I don’t refuse herAlways treat her with respect, I never would abuse herWhat she’s got is hard to find, and I don’t wanna lose herHelp me build a mountain from my little pile of clayHey, hey, hey
Well, she knows what I’m aboutShe can take what I dish out, and that’s not easyWell, she knows me through and throughAnd she knows just what to do, and how to please me
She’s a ladyWhoa, whoa, whoa she’s a lady (na, na, na, na)Talkin’ about that little lady (ooh-ooh-ooh)And the lady is mine
Yeah, yeah, yeah, she’s a lady (la-la-la-la-la)Oh, oh, oh, she’s a lady (la-la-la-la-la)Listen to me people, she’s a lady (la-la-la-la-la)Hey, hey, hey, hey, she’s a ladyWhoa, whoa, whoa, she’s a lady (la-la-la-la-la)Talkin’ about the little lady (she’s a lady la-la-la-la-la)
Whoa, whoa, whoa, whoa, whoa, whoa, whoa she’s a lady (la-la-la-la-la)Yeah, yeah, yeah, she’s a lady (la-la-la-la-la)Oh, oh, oh, she’s a ladyI can’t live without my little ladyOh, oh, oh, she’s a lady

Commodores – Lady (You Bring Me Up)

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LadyYou bring me up when I’m downMaybeYou’re gonna change my life around
You came to me when I was lonelyAnd no one caredYou made me see that I was onlyJust running scared
I saw your face and something told meYou were the oneYou smiled at me and now I seeMy life’s begun
Lady(Pretty lady)You bring me up when I’m down(Up when I’m down)MaybeYou’re gonna change my life around(Gonna change my life around, yeah)
LadyYou brought me in from out the rain (Yeah)MaybeMy life will never be the same
Once I was filled with desperationA solitary manYou gave me hope and inspirationLike only true love canNow I believe in what you’re sayingI’m ten feet tallThis love don’t need no explainingWe’ve got it all
LadyYou bring me up when I’m down(Up when I’m down)Maybe (Maybe)You’re gonna change my life around
La-la-la-la-la-laLa-la-la-la-la-laLa-la-la-la-la-la-la
La-la-la-la-la-laLa-la-la-la-la-laLa-la-la-la-la-la-la-la
WhoaLadyYou bring me up when I’m down(Up when I’m down)Maybe (Yeah)You’re gonna change my life around(Gonna change my life around, yeah)
Lady (Pretty lady)You brought me in from out the rainMaybe (Ooh, ooh)My life will never be the same(It’ll never be the same, yeah)
Lady (Woo)You bring me up when I’m down(Up when I’m down)Maybe (Maybe)You’re gonna change my life around (Yeah, yeah, yeah)
Ooh lady
Ooh ladyYou bring me up when I’m downMaybeYou’re gonna change my life aroundOoh lady
Ooh ladyYou bring me up when I’m down
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