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

In today's ExchangeWire news digest: Meta prepares to cull its 87,000-strong workforce; Walmart-owned Flipkart to cut back on M&A and hiring as losses increase in India; and research reveals billions of dollars have been spent on metaverse real estate over the last year.


Meta to initiate mass layoffs this week

Facebook-parent Meta is reportedly planning to begin widespread layoffs from as early as Wednesday (9th November). The job cuts, which are expected to impact thousands of the company’s 87,000 employees, could be the largest to hit the tech sector so far. Fellow tech giants Amazon and Lyft have also recently cut back on staff and hiring as the threat of recession looms.


Flipkart to cut back spend as losses mount in India

E-commerce giant Flipkart will rein in M&A and hiring as the company faces increasing losses in the Indian market. Last year, the company amassed USD$3.6bn (~£3.1bn) in funding and was valued at USD$37.6bn (~£33bn), with reports suggesting Flipkart is now looking for additional financing to buoy its cash-burning business.


Billions being spent on metaverse real estate


Over the last 12 months, almost USD$2bn (~£1.75bn) has been spent on the metaverse as companies and individuals race to snap up virtual real estate. According to researchers at DappRadar, around USD$1.93bn (~£1.69bn) can be attributed to cryptocurrency spend.


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Fact of the Day

53% - the percentage of companies investing in the metaverse who invest in cryptocurrencies.

Source: Bankless Times


Last week's tech teasers

Our most recent batch of tech teasers were all audio, ExchangeWire's topic of focus for November. Test your knowledge on one of the fastest growing markets in ad tech below and stay tuned for plenty of audio-focused content throughout the month!

  • USD$1.7bn (~£1.4bn) - the amount podcast ad spending is predicted to reach by the end of 2022 💰
  • 180 million - the number of Spotify users who subscribe to Spotify Premium globally 🎶
  • 21.9 million - the estimated amount of Americans who listen to digital audio on a monthly basis 🎧
  • 25% - the percentage of brands who are reportedly "silent", meaning they have no presence in audio advertising 🤐
  • 77% - the predicted percentage of total ad spend to be generated through mobile by 2027 📱