The latest string of layoffs may surprise you . . . or not

Monday, December 04, 2023

When the tech layoffs rain, sometimes it pours. In today’s top story, Manish reports on the latest round of Spotify layoffs expected to impact about 1,500 jobs. The streaming service points to rising capital costs as the culprit. Also today, Romain writes that Twilio lays off another 5% of employees amid activist pressure, while Ivan covers lays off of Filmic employees. The company was acquired last year by creative app studio Bending Spoons.

Over on TechCrunch+, Alex goes into why Spotify is laying off employees. It’s a matter of respect.

Meanwhile, Manish reports that edtech startup Doubtnut was acquired by Allen Career Institute for $10 million. Why is this significant? Doubtnut was once offered a $150 million deal by Byju’s. Get the scoop.

And it’s time to treat yo’self to something new for the kitchen. Amanda shares a list of the best kitchen gifts for techy chefs.

Image Credits: Sergi Alexander / Stringer / Getty Images

More top reads

It’s in their DNA: 23andMe confirms that hackers stole ancestry data on 6.9 million users. This is an update to last Friday’s story in which the genetic testing company, in an SEC filing, claimed hackers accessed a “significant number” of files about users’ ancestry but were muddy on the details.

A game of social media leapfrog: Fitness tracking app Strava gets in-app messaging to help you bypass WhatsApp. Let’s run.

Is there such a thing as a run on cars?: If so, you might want to head over to Tesla ASAP. The electric carmaker’s cheapest vehicle is losing half its tax credit next year. See which one that is.

Put that data right where I can see it: ArmorCode raises $40 million to consolidate security data in one place. Read more.

Pulling at Threads: The number of Threads downloads returns to growth mode as X adds Walmart to its advertiser exodus list. Read how Threads is gaining traction.

Trouble with a capital M: Meta faces a major legal challenge after media owners in Spain pursue a privacy breach lawsuit that could set Meta back $600 million in competition damages. Get the scoop.

That’s the ticket: TikTok expands its in-app Ticketmaster ticketing feature to users in 20 countries. Read more.

You heard ’em: It seems like generative AI is everywhere these days. If only it were easier to adopt. AssemblyAI heard the call and is building easier-to-use AI speech models. All with $50 million in new funding.

Graphite with a purpose: Up Catalyst draws a €4 million seed round to make battery graphite from carbon dioxide. Here’s how. (TC+)

It’s all about the capture: The makers of the pro photography app Halide venture into video with Kino, due out this February. Learn more.

What’s in a word?: Well, if you’re talking about AI, everything. Introducing the words of the year.

Bits and baubles: Atomic Industries closes $17 million in seed funding to exascale America’s industrial base. Read more.

Weekend warriors you may have missed:

GM and Toyota are shaping up to be the biggest losers in the EV transition (TC+)

VC Office Hours: Unlocking the Farmers’ Market with Black Farmer Fund (TC+)

India’s MoveInSync eyes $50-60M in fresh funding

Robotics Q&A with Meta’s Dhruv Batra

Deal Dive: Betting on beauty fads is big business (TC+)

Image Credits: David Paul Morris / Bloomberg / Getty Images

On the pods

Equity covers the latest in tech news from the weekend and what’s making headlines early in the week. We’re talking through CoreWeave’s new $7 billion valuation, what’s happening in crypto, delays at Google’s AI project and Spotify cutting staff in light of economic conditions. Listen here.