Welcome to the "year of efficiency," reader. I'm your host, Diamond Naga Siu.
Mark Zuckerberg made this not-so-bold assertion during the Meta earnings call on Wednesday — as if mass layoffs in January weren't enough of a sign. We've seen companies pull back on employee benefits. Startups get less funding. And whole divisions (and the workers) are getting cut.
This is pretty bleak for tech workers who were living large this time last year. But Wall Street seems to love this switch towards fiscal responsibility: Meta's stock jumped 20% after the report. So let's see what Alphabet, Apple, and Amazon do later today when they each report earnings.
In the meantime, if you have any questions about tech layoffs, feel free to ask me anything! I'm hosting a Reddit AMA today at 9 a.m. PT/12 p.m. ET. in r/cscareerquestions. (Here's my proof, btw.)
Before we chat though, let's catch up on today's tech.
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1. Instagram is in its flop era. It's going the way of its sister company Facebook. And the platform really only has itself to blame, Chris Stokel-Walker writes for Insider.
- Instagram essentially launched the $100 billion influencer industry. But it's now floundering while competing with TikTok.
- Instagram's carefully crafted focus on influencers is exactly what's dragging it down, Chris reported. This dynamic leaves out the majority of its users. TikTok's algorithm takes an opposite approach with spontaneous discovery, keeping users engaged for longer — and less likely to check Instagram.
- This creates a Catch-22 for the company, Chris adds. Its original model successfully captured a loyal and engaged audience, but is now an outdated approach for a social media platform.
Get a first look at the end of Instagram here.
In other news:
2. An unopened, first-generation iPhone is going for at least $50,000. A cosmetic tattoo artist received the 2007 device but never opened it. Now she's putting it up for auction. And it's going for more than 80 times its original price. Get a piece of tech history here.
3. Home Depot is channeling "How do you do, fellow kids?" People have been jamming out to "The Home Depot Beat" on TikTok for years. And the home improvement corporation hopes this can help it connect with young people. Check out the rebrand from "my dad's home improvement store."
4. Being nice is a "drag." Philanthropy and employee perks can "create drag" on a company, the Meta CTO wrote in a personal blog post. Andrew Bosworth also said he misses when the company was more focused. More on his call to action, ending with: "The second best time is now."
5. Woman says husband "intentionally" drove Tesla off cliff. The man — now charged with three counts of attempted murder — drove off a California cliff. His wife and two young children were all in the Tesla with him. Learn about the grim situation here.
6. Big Tech could take a big hit as startups cut costs like cloud computing. Tech giants like Apple and Google are major helpers for startups: payroll, advertising, computing, and other services. This chart highlights 40 tech companies most at-risk.
7. The CEO behind ChatGPT is a doomsday prepper. Sam Altman is the CEO of OpenAI — the company responsible for ChatGPT. He also hoards a stash of gold, guns, and other supplies. Follow his path here on how he reached the helm of one of today's most watched companies.
8. Hot to not: Inside Snap's downfall. Snapchat was once the hottest app. But Apple's privacy crackdown was a direct attack on advertising, its most lucrative revenue stream. Now, its rep is dwindling as TikTok and other apps take a stronger hold. More on the dwindling snapstreak here.
Odds and ends:
9. The most affordable electric Mercedes. The Mercedes-Benz EQB starts at around $55k and is more lux than a Tesla. But the vehicle lacks the range of its competitors. Get the full test drive here with us.
10. This Chick-fil-A's traffic got so bad, it needs to be demolished and reconstructed. The chicken spot's snaking drive-thru made it a hazard to pedestrians, so a local North Carolina city ordered its demolition. The process could take six months or more to complete. Eat Mor Chikin here.
What we're watching today:
Curated by Diamond Naga Siu in San Diego. (Feedback or tips? Email dsiu@insider.com or tweet @diamondnagasiu) Edited by Matt Weinberger (tweet @gamoid) in San Francisco and Hallam Bullock (tweet @hallam_bullock) in London.
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