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Meta to cut 10,000 jobs in second round of layoffs

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(Last Updated On: March 15, 2023)

Facebook-parent Meta Platforms (META.O) said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn, Reuters reported.

Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and “flatten” layers of middle management.

They followed the company’s first mass layoff in the fall, which eliminated more than 11,000 jobs, or 13% of its workforce at the time, after a hiring spree that doubled the employee count it had as of 2020.

Worries of an economic downturn due to rising interest rates have sparked a series of mass job cuts across corporate America in recent months. Tech companies have led the way, shedding more than 290,000 workers since the start of 2022, according to tracking site Layoffs.fyi.

Meta’s purge of employees has been one of the sector’s most pronounced. On top of inflation woes, the company is also facing down unique threats to its core digital ads business while spending handsomely on Chief Executive Mark Zuckerberg’s plans to build a futuristic metaverse.

In a message to staff on Tuesday, Zuckerberg said most of the new cuts would be announced in the next two months, though in some cases they would continue through the end of the year, read the report.

“For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call,” Zuckerberg wrote.

“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years.”

Zuckerberg said he planned to further reduce the size of the recruiting team, which was already hard-hit in the fall layoffs. Restructurings in the tech group would be announced in late April and cuts to business groups would come in May.

Meta also will remove multiple layers of management and ask many managers to become individual contributors, while eliminating non-engineering roles, automating more functions and at least partially reversing a commitment to “remote-first” work that Zuckerberg made amid COVID-19 pandemic lockdowns, Reuters reported.

The first of the latest wave of cuts appeared to have started even before Zuckerberg’s announcement. On Friday, Meta said it was exploring “strategic alternatives” for Kustomer, a customer service company it acquired last year.

It also disbanded its skunkworks New Product Experimentation team and reassigned leader Ime Archibong to work on product for Messenger, according to an internal memo seen by Reuters. Both changes were initially reported by the Wall Street Journal.

Investors have grown wary of Zuckerberg’s prolific spending as revenue growth from Meta’s main businesses petered out amid high inflation and a digital ads pullback from the pandemic e-commerce boom.

The company also has struggled with Apple-led (AAPL.O) privacy changes and competition for young users from short video app TikTok.

At the same time, Meta has been pouring billions of dollars into its metaverse-oriented Reality Labs unit, which lost $13.7 billion in 2022, and investing in infrastructure to support its artificial intelligence usage.

Wall Street has been rewarding Meta steadily since its November restructuring, after its share price fell more than 70% earlier in 2022. The stock received another boost in February when Zuckerberg dubbed 2023 the “Year of Efficiency,” with new cost controls and a $40-billion share buyback.

The latest downsizing indicates “how desperate the company is to get costs under control as its revenues have fallen amid declining marketing budgets,” said Hargreaves Lansdown analyst Susannah Streeter, Reuters reported.

“Virtual reality is an expensive business to be in, so while (Meta) maps out a path through an uncertain landscape, it needs to find efficiencies elsewhere,” she added.

In his memo, Zuckerberg made scant mention of virtual reality and instead emphasized the company’s focus on AI, saying Meta’s single largest investment was in “advancing AI and building it into every one of our products.”

Meta has teased AI-powered “creative aids” that can generate images, videos and text but has yet to offer any such products on its apps, even as peers have launched dueling generative AI chatbots and productivity tools in recent months.

With the latest cuts, Meta expects expenses in 2023 to come in between $86 billion and $92 billion, lower than the $89 billion to $95 billion forecast previously, read the report.

Science & Technology

Asteroid that could wipe out a city is near, but don’t fear

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(Last Updated On: March 24, 2023)

An asteroid big enough to wipe out a city will zip harmlessly between Earth and the moon’s orbit this weekend, missing both celestial bodies.

Saturday’s close encounter will offer astronomers the chance to study a space rock from just over 100,000 miles (168,000 kilometers) away. That’s less than half the distance from here to the moon, making it visible through binoculars and small telescopes, AP reported.

While asteroid flybys are common, NASA said it’s rare for one so big to come so close — about once a decade. Scientists estimate its size somewhere between 130 feet and 300 feet (40 meters and 90 meters).

Discovered a month ago, the asteroid known as 2023 DZ2 will pass within 320,000 miles (515,000 kilometers) of the moon on Saturday and, several hours later, buzz the Indian Ocean at about 17,500 mph (28,000 kph).

“There is no chance of this ‘city killer’ striking Earth, but its close approach offers a great opportunity for observations,” the European Space Agency’s planetary defense chief Richard Moissl said in a statement.

Astronomers with the International Asteroid Warning Network see it as good practice for planetary defense if and when a dangerous asteroid heads our way, according to NASA.

The Virtual Telescope Project will provide a live webcast of the close approach.

The asteroid won’t be back our way again until 2026. Although there initially seemed to be a slight chance it might strike Earth then, scientists have since ruled that out.

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Launch of 3D-printed rocket ends in failure

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(Last Updated On: March 23, 2023)

A rocket made almost entirely of 3D-printed parts made its launch debut Wednesday night, lifting off amid fanfare but failing three minutes into flight — far short of orbit.

There was nothing aboard Relativity Space’s test flight except for the company’s first metal 3D print made six years ago, The Associated Press reported.

The startup wanted to put the souvenir into a 200-kilometer-high orbit for several days before having it plunge through the atmosphere and burn up along with the upper stage of the rocket.

As it turned out, the first stage did its job following liftoff from Cape Canaveral Space Force Station and separated as planned. But the upper stage appeared to ignite and then shut down, sending it crashing into the Atlantic.

It was the third launch attempt from what once was a missile site. Relativity Space came within a half-second of blasting off earlier this month, with the rocket’s engines igniting before abruptly shutting down.

Although the upper stage malfunctioned and the mission did not reach orbit, “maiden launches are always exciting and today’s flight was no exception,” Relativity Space launch commentator Arwa Tizani Kelly said after Wednesday’s launch.

Most of the 33-meter rocket, including its engines, came out of the company’s huge 3D printers in Long Beach, California.

Relativity Space said 3D-printed metal parts made up 85% of the rocket, named Terran. Larger versions of the rocket will have even more and also be reusable for multiple flights.

Other space companies also also rely on 3D-printing, but the pieces make up only a small part of their rockets.

Founded in 2015 by a pair of young aerospace engineers, Relativity Space has attracted the attention of investors and venture capitalists.

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TikTok hits 150 mln U.S. monthly users, up from 100 million in 2020

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(Last Updated On: March 21, 2023)

TikTok said on Monday the short-video sharing app now has 150 million monthly active users in the United States, up from 100 million it said it had in 2020, Reuters reported.

The Chinese-owned app confirmed the figure ahead of TikTok CEO Shou Zi Chew’s testimony set for Thursday before the House Energy and Commerce Committee.

On Friday, six more U.S. senators backed bipartisan legislation to give President Joe Biden new powers to ban TikTok on national security grounds. Last week, TikTok said the Biden administration demanded that its Chinese owners divest their stake in the app or it could face a U.S. ban.

The app faces growing pressure in Washington including calls to ban the app by many in Congress who fear its U.S. user data could fall into the hands of China’s government. TikTok said in September 2021 that globally it had more than 1 billion monthly users.

Senate Intelligence Committee chair Mark Warner, who is cosponsoring legislation to give the administration more powers to ban TikTok, said at a Christian Science Monitor breakfast that he did not think TikTok U.S. data was safe.

“This notional idea that the data can be made safe under (Chinese Communist Party) law, just doesn’t, doesn’t pass the smell test.”

TikTok said it has spent more than $1.5 billion on rigorous data security efforts, rejects spying allegations and said “if protecting national security is the objective, divestment doesn’t solve the problem: a change in ownership would not impose any new restrictions on data flows or access.”

The new figures are a sign of the app’s wide popularity especially among younger Americans. Commerce Secretary Gina Raimondo told Bloomberg News there could be political ramifications to banning TikTok. “The politician in me thinks you’re gonna literally lose every voter under 35, forever,” she said.

According to Reuters some TikTok content creators will come to Washington this week to make the case why the app should not be banned.

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