Meta lays off thousands, FTX crashes, and Twitter has a very strange week

Hey friends! Welcome back to Review of the week, the newsletter where we recap TechCrunch’s top headlines from the past seven days. Get it in your inbox every Saturday morning by by registering here.

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Twitter had such a weird week that it could have easily compiled this entire newsletter, so we’ll stick to the main points:

FTX crashes: Once one of the largest crypto exchanges in the world, FTX effectively imploded this week. It briefly looked like competitor Binance was going to swoop in to acquire FTX, only for Binance to take one look at FTX’s books and pull out almost immediately. FTX founder Sam Bankman-Fried has since resigned and the company has declared bankruptcy.

Meta abbreviations: Meta – the parent company behind Facebook, Instagram and Whatsapp – laid off 13% of its workforce this week. With a worldwide workforce of approximately 87,000 employees, this is over eleven thousand cut roles.

Gmail will no longer allow you to switch back to the old Gmail: I don’t like the new look that Gmail has started rolling out back in July? Bad news. While users could previously revert to the old design, the Gmail team announced this week that the new design will be the “standard experience” for everyone within weeks.

Google finds exploits in Samsung phones: “Google claims it has evidence that a commercial surveillance system vendor exploited three zero-day security vulnerabilities found in newer Samsung smartphones,” writes Zach Whittaker. “Chaining vulnerabilities allow an attacker to gain kernel read and write privileges as the root user and ultimately expose device data.”

audio summary

Looking for a new podcast to listen to on your commute? Here’s what’s been happening on the TC podcasts lately:

  • The Chain reaction crew broke down the absurd FTX collapse as it happened.
  • Equity (featuring TC’s Becca Szkutak) covered the seemingly endless layoffs we’re seeing from tech companies big and small, and what the FTX collapse means for them and companies like it.
  • Darrell joined The TechCrunch Podcast by TC Senior Reporter Dom-Madori Davis to talk about the “coalition of reproductive rights VCs” and recap the week’s biggest tech stories.


Not a member of TechCrunch+ yet? Here’s what paywall members check the most:

How ButcherBox Launched to $600 Million in Revenue: How ButcherBox grew from a humble Kickstarter to $600 million in revenue in just a few years? Haje outlines the company’s path so far.

The stock market: In his increasingly popular daily newsletter, Alex Wilhelm asks: Has everyone been valuing software companies wrong all along?

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