A disastrous week for big tech

Meta's, aka Facebook, shares fell off a cliff after posting a second straight quarterly decline. Revenue is down, and spending is off the charts. It's Realty Labs division has lost $9 billion so far this year trying to make the metaverse happen. It warned that Q4 isn't looking much better.

Alphabet's, aka Google, stocks plunged 9% when they posted their earnings which showed year-over-year revenues sliding. They’re going to review every project the company has in an effort to cut cost. 



Elon's now in charge at Twitter 

The former CEO and CFO are out - Elon is now in charge. He tweeted the "bird is freed". Twitter has been delisted from the stock exchange as the $44 billion deal closed overnight. Ahead of that, he made an appearance at HQ, and even brought some Tesla engineers to spend time reviewing Twitter code.

So what's next? We'll see. Musk has said that he's willing to reverse lifetime bans on people (read: Donald Trump). He wants to cut costs - he's looking at forcing employees to return to the office hoping it'll cause some to quit. He says they'll be looking at new ways to make money.

LISTEN ABOVE

A disastrous week for big tech 
Meta's, aka Facebook, shares fell off a cliff after posting a second straight quarterly decline. Revenue is down, and spending is off the charts. It's Realty Labs division has lost $9 billion so far this year trying to make the metaverse happen. It warned that Q4 isn't looking much better.  
Alphabet's, aka Google, stocks plunged 9% when they posted their earnings which showed year-over-year revenues sliding. They’re going to review every project the company has in an effort to cut cost.  
 
Elon's now in charge at Twitter  
The former CEO and CFO are out - Elon is now in charge. He tweeted the "bird is freed". Twitter has been delisted from the stock exchange as the $44 billion deal closed overnight. Ahead of that, he made an appearance at HQ, and even brought some Tesla engineers to spend time reviewing Twitter code. 
So what's next? We'll see. Musk has said that he's willing to reverse lifetime bans on people (read: Donald Trump). He wants to cut costs - he's looking at forcing employees to return to the office hoping it'll cause some to quit. He says they'll be looking at new ways to make money. 
LISTEN ABOVE

Jack Tame’s crisp perspective, style and enthusiasm makes for refreshing and entertaining Saturday morning radio on Newstalk ZB.

News, sport, books, music, gardens and celebrities – what better way to spend your Saturdays?

Jack Tame’s crisp perspective, style and enthusiasm makes for refreshing and entertaining Saturday morning radio on Newstalk ZB. News, sport, books, music, gardens and celebrities – what better way to spend your Saturdays?

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