Meta layoffs ripple through Seattle region | Seattle not approving of approval voting

Layoffs continue to ripple through the tech industry. Meta and Redfin both announced substantial job cuts Wednesday: 

• Redfin trimming workforce, shutting down home-flipping business: Amid a slowing housing market, the Seattle-based real estate company is eliminating about 13% of roles in its second round of cuts this year. Redfin will also wind down RedfinNow, its iBuying business aimed at digitizing and accelerating how people sell their home.

• Meta cutback is largest in company history: The social media giant is slashing 11,000 jobs, including an unknown number in the Seattle region where the company employs more than 8,000. It’s a dramatic reversal of CEO Mark Zuckerberg’s big bet on growth. Above: Zuckerberg at Meta's Seattle office in 2015.

At the same time, some companies are expanding:

• Crypto exchange Gemini growing in Seattle area: The company co-founded by the Winklevoss twins (of Facebook fame) plans to hire 100 people in the region even after recent employee cuts of its own and overall turmoil in the cryptocurrency industry.

• DoorDash moves into new Seattle office: The food delivery company is growing its engineering footprint in the city with a 30,440-square-foot space in a downtown building.

And others are raising new cash: 

• Joylux lands $5.5M: The Seattle startup markets products to support the health of menopausal women. 

• Abett raises $6.5M: Founded by an early Amazon employee, the healthcare startup helps employers get a handle on benefits data.

Meanwhile, in election-related news: 

• Disapproving of approval voting: Initial election results from King County on Tuesday evening showed just 26% of voters in support of an initiative led by Seattle tech veterans to implement a new voting system.

Last word: 

• From Seattle startup vet Nikesh Parekh: "Companies need to right-size their operating expenses to revenue growth that is 50% of what they have experienced over the past five years. And revenue contraction like Meta's requires open heart surgery to get back on track."