E103: Tech layoffs surge, big tech freezes hiring, optimizing for profits, election preview & more
- Nov 5, 2022
- 1:28:51
- Full Episode
(0:00) Jason's new brand deal (1:18) Bestie updates (9:12) "Ligma/Johnson" blunder outside of Twitter HQ (15:38) Surge of tech layoffs at Twitter, Stripe, Lyft, Opendoor, Chime and others; preparing for a longer downturn than originally anticipated (35:28) Macro trends, big tech freezes hiring, how founders can think about the last 3 years and the next 3 years (54:04) Midterm election preview, understanding the shift toward populism (1:17:32) Science corner: Understanding Meta's AlphaFold competitor
Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg
Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast
Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg
Intro Video Credit: https://twitter.com/TheZachEffect
Referenced in the show: https://twitter.com/elonmusk/status/1588538640401018880 https://twitter.com/yoyoel/status/1587230924554399744 https://twitter.com/dee_bosa/status/1587158734689767425 https://twitter.com/TechBroDrip/status/1586370087287521280 https://twitter.com/elonmusk/status/1586149451348910081 https://layoffs.fyi https://twitter.com/Post_Market/status/1577793695734284289 https://twitter.com/bullfightcap/status/1588311417052012544 https://www.youtube.com/watch?v=vBkzm4a7iY4 https://finra-markets.morningstar.com/BondCenter/BondDetail.jsp?ticker=C996374&symbol=COIN5259271 https://www.cnsnews.com/article/washington/susan-jones/622-labor-force-participation-declines-3rd-straight-month https://fred.stlouisfed.org/series/CIVPART https://research.stlouisfed.org/publications/employment-research/are-economists-underestimating-the-labor-force-participation-rate https://www.bbc.com/news/business-63471725 https://www.google.com/finance https://twitter.com/bgurley/status/1554589241560010753 https://appleinsider.com/articles/22/11/02/apple-is-freezing-hiring-cutting-budgets-claims-new-report https://www.cnn.com/2022/11/02/politics/cnn-poll-democrats-midterm-elections/index.html https://www.theatlantic.com/ideas/archive/2022/10/covid-response-forgiveness/671879 https://www.axios.com/2022/11/04/trump-presidential-run-2024-announcement https://projects.fivethirtyeight.com/biden-approval-rating/ https://www.joshbarro.com/p/the-problem-with-pro-democracy-rhetoric https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCSSTUS1&f=M https://about.fb.com/news/2022/11/ai-protein-research-could-drive-progress-in-medicine-clean-energy
Brief Summary
The episode covers Twitter's advertiser boycott, tech layoffs, media accountability, and midterm election predictions.
Key points
- Elon Musk's Content Moderation Challenges. Discussion on how Elon Musk's takeover of Twitter has led to misinformation about racist tweets.
- The Importance of Fact-Checking. A conversation on the decline of fact-checking in journalism and its implications.
- The Shift to Profitability. Companies are pivoting from growth to profitability, emphasizing cost-cutting measures.
- Elon's Impact on Tech Profitability. Elon Musk's strategies at Twitter could redefine tech profitability standards.
- The Job Market's Mixed Signals. Despite job additions, the labor force participation rate is declining, indicating deeper issues.
- The Rise of Gig Work. The pandemic has accelerated the growth of gig work, changing how people earn income.
Episode highlights
- Elon Musk's Content Moderation ChallengesDiscussion on how Elon Musk's takeover of Twitter has led to misinformation about racist tweets.“This is being manufactured by people who are not operating in good faith.”4:25Nov 5, 2022
- The Importance of Fact-CheckingA conversation on the decline of fact-checking in journalism and its implications.“They don't fact check things that fit their narrative.”10:32Nov 5, 2022
- The Shift to ProfitabilityCompanies are pivoting from growth to profitability, emphasizing cost-cutting measures.“It's better to grow at 20% and be profitable than at 100% and burn money.”18:41Nov 5, 2022
- Elon's Impact on Tech ProfitabilityElon Musk's strategies at Twitter could redefine tech profitability standards.“Elon is really going to show everyone just how profitable these tech companies can be.”19:54Nov 5, 2022
- The Job Market's Mixed SignalsDespite job additions, the labor force participation rate is declining, indicating deeper issues.“The data is very mixed; this feels like the last gasp of the bull market.”36:06Nov 5, 2022
- The Rise of Gig WorkThe pandemic has accelerated the growth of gig work, changing how people earn income.“There's a whole new class of work that revolves around the individual.”39:45Nov 5, 2022
- Market DownturnMajor tech stocks are experiencing significant declines, indicating a brutal market environment.“It's just pure math.”46:15Nov 5, 2022
- Republican Wave PredictionsPolling suggests a potential Republican wave in the upcoming elections, with significant gains expected.“It must translate into a Republican wave.”55:00Nov 5, 2022
