Midweek Check-In: An Overview Of Tech Layoffs
change happens to everyone...and everything 🤓🤓
Hi Dear Innovator 👋
You’ve gotten through the first half of the week 🤗 and that’s reason enough to parteyyyyy!!
Happy….
🎊 🎉🎊 🎉
We see you working hard on those tech goals and milestones.
We see you fine-tuning your solutions so that your users can get the best of the best.
We see you 😎 AND you should know that you’re da bomb for it!
Fr fr 😌
Give yourself a good ol’ pat on the back. You deserve this one.
#TechieDoingTheMost #InnovatorWeyGetVibes 💯💯
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On our last newsletter, we’d spilled the tea ☕on why Crypto Companies are now being mandated to have an office in Nigeria before they can operate, and all the deets on the temporary license that they’d be getting too.
If you missed it, don’t sweat it 😉 read it here
👇👇 And some other reads that you might have missed:
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2)
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If you looooove 😍 how we handle our biznesss (and we know you do 😉) share this newsletter to 3 people today. Okay? Thankssssss
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The Layoff Brouhaha…
It’s not just you, it’s starting to get hot around here 🥵🥵
From Microsoft to Duolingo, Tesla to Flutterwave, and MoonPay to TikTok, tech companies around the world have been bringing down the chopping axe on their work force and laying some people off since the start of the year, 2024.
Others, like IBM and Dell, have made significant pay cuts too and the question on everyone’s mind is ‘Whyyy?’ 🫠🫠🫠
In May of this year, Microsoft laid off a hooooge number of its engineering staff from the Africa Development Centre (ADC)1 in Lagos, and early this week, news have resurfaced again of more layoffs due its fiscal year restructure2. It seems that the roles that have been most affected are product and project management 😢😢
Early this year, Duolingo cut around 10% of its contract workforce, in favour of AI-generated content and translation. Also toeing the AI alternative, IBM slashed some of its teams and offered a pay cut to others.
Tesla made their own cuts in April of this year and Flutterwave followed suit in June too.
The biggest speculations around all these layoffs are that these companies, and others, had to take on more people to keep up with the demands of the Covid-19 year, and since then, there have been moves to prioritize their profit margins more, hence the layoffs.
We don’t know what the future holds, but we do hope that every techie that is involved comes out the better for it 🫂🫂
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Highlights This Week From Our Community Of Innovators…
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GoFree Global Inc. Unveils the Revolutionary Version 2.0 of GoFree App
GoFree Global Inc. recently announced the launch of Version 2.0 of the GoFree App 🎊🎊🎊
This enhanced version now gives users all the goodness of a finance app and the vibes of a social media app too, allowing them to chat with their friends and family.
Other cool new features include: a virtual dollar card for managing subscriptions, gift card purchases, a savings option, and numerous other functionalities.
This team has taken financial innovation to a whole new level and we here for it! 😍
Monirates Opens Pre-Seed Funding Round for $250,000 Investment
Monirates is opening its preseed round for the sum of $250,000. Yayyy!! 🎊🎊🎊🎊
The currency exchange app is giving innovators and investors the chance to invest with them and become founders of a new financial Ecosystem that’s rocking Africa right now.
Are you in? Check them out and reach out to the team for deets
Be back on Saturday too. Byeeeeee 👋