Hello, tech readers. Big Sean apparently predicted the tech labor market when he said: “Last night took an L[ayoff], but tonight I bounce back.”
I’m almost certain that this prescient verse was talking about how over half the tech workers who got laid off recently are now earning more than what they made before, according to new analysis.
1. Laid-off tech workers are actually finding jobs quickly. Because tech workers are typically college-educated, with specialized skills in high demand across many industries, their chances of finding new jobs are pretty good in any economy. But right now, those odds are unusually good — and many tech workers are bouncing back stronger than ever.
- Even as the tech sector has been hammered by mass layoffs this year — more than 140,000 workers since March, by one count — the vast majority who have been let go haven’t remained on the sidelines for long.
- According to an analysis of laid-off workers conducted by Revelio Labs, a workforce-data provider, 72% have found new jobs within three months. Even more surprising, a little over half of them have landed roles that actually pay more than what they were earning in the jobs they lost.
- Even though tech companies are doing terribly right now, a lot of businesses in other industries are fine. And those other employers need a lot of coders, data scientists, and product managers — specialists the tech industry was previously hoarding.
In other news:
2. The Twitter account that tracks Elon Musk’s jet is now suspended. Musk previously said he wouldn’t ban @elonjet — which gave updates on the whereabouts of his jet — but yesterday, it graduated from getting shadowbanned to being fully suspended. Other celebrity jet trackers were also banned. More on that here.
3. An internal study from Amazon’s “Earth’s Best Employer” project slammed the company’s culture. Results of the brutally honest survey, viewed by Insider, found that Amazon’s culture is associated with “stress, burnout, churn, and a cut-throat atmosphere.” Everything we learned from the study.
4. The US isn’t ready for a super-app. Silicon Valley has long wanted an all-in-one app, and Elon Musk is the latest CEO with that dream. But the US has many unique obstacles that even prevented Mark Zuckerberg and Evan Spiegel from making this a reality. Here are the hurdles they face.
5. Private equity firms are trying to snag deals on tech companies. Public tech companies are heavily discounted right now. ‘Tis the season for holiday shopping and major companies like Squarespace, Twilio, and Alarm.com top the wishlists of private equity firms. Take a look at 37 of the companies on their shopping lists.
6. Google isn’t interested in competing with ChatGPT. The head of AI at Google reportedly told employees that making a ChatGPT competitor was not worth the “reputational risk.” Google execs said they have the technology to make a competing chatbot. These are Google’s concerns over releasing a chatbot.
7. TikTokers are disappointed in their share of ad money. TikTok started giving creators a cut of money made from advertisements on their videos, but creators are disappointed with the low payout. According to eight creators, the pay ranged from pennies to $17 for every 1,000 views. Read the full story.
8. Veganism isn’t a get-out-of-jail card for Sam Bankman-Fried. The FTX founder and CEO is currently in a Bahamian jail. Bankman-Fried reportedly tried using his vegan diet as a reason to get released on bail, but the court rejected his request. See what the judge said.
Odds and ends:
9. This is the cheapest electric SUV. The Chevy Bolt EUV price recently dropped to $28,000. This is well below the average $65,000 price tag for an electric vehicle. Cost is currently the largest barrier to this greener transportation option. Come along for the 259-mile range ride.
10. Take a room tour of the world’s largest cruise. Royal Caribbean just launched the world’s largest cruise ship. The megaship, called Wonder of the Seas, is filled with vibrant spaces, but the rooms pale in comparison. All aboard for a tour of the balcony stateroom.
What we’re watching today:
- Adobe’s earnings call is today. Keep up with other earnings here.
- Digiday is announcing the European winners for its Marketing and Advertising Awards
- The second half of Harry and Meghan’s docuseries is released on Netflix.
Curated by Diamond Naga Siu in New York. Feedback or tips? Email firstname.lastname@example.org or (tweet @diamondnagasiu). Edited by Hallam Bullock (tweet @hallam_bullock) in London and Jordan Parker Erb (tweet @jordanparkererb) in New York.