Top Tech News Today: Meta Job Cuts are the Largest US Layoffs This Year! Binance Backs Off from Saving Rival FTX

With Meta job cuts, Zuckerberg rocked the entire tech ecosystem! Read more tech news below

Good morning tech fam, here are some quick tech updates for you to catch on to!

What's New Today: Amazon has broken all records by being the first public company in the US to lose US$1 trillion in market value as the tech sell-off worsens in Q4 2022.

Fast-Track Insights: The fall of FTX has caused almost US$150 billion to be wiped out from the crypto market, right after the market started returning to positive momentum.

Meta Platforms Inc is ravaging the entire tech ecosystem. Zuckerberg has decided to let go almost 13% of Meta's employees, which sums up to about 11,000 employees making it one of the biggest tech layoffs for 2022. Currently, the Facebook and Instagram parent is struggling with soaring expenditures and poor execution of metaverse initiatives. Since the company's inception, this has been one of the biggest layoffs that Facebook employees have faced.

Amazon becomes the US' first public company to lose US$1 trillion in market value amid soaring economic and financial crises. Amazon's stock has lost around 50% of its value this year, which demonstrates extreme decline compared to its market cap which touched 1.9 million back in July 2021. Amazon stock plummeted right after the company posted its third-quarter earnings and laid down the company's slowest fourth-quarter growth ever.

Amid growing tumultuous conditions in the economic and financial markets, Indian business software producer Zoho Corporation announced that it had crossed the US$1 billion milestone in annual revenue, driven by its diversified product portfolio. Zoho announced new investments in its R&D sector, with plans to open approximately 100 network PoPs around the world within the next five years.

Binance has decided to back off from its deal to save rival FTX. Earlier, Binance signed a letter of intent to purchase FTX and bail out the crypto exchange from its present liquidity crunch. However, Binance decided to back out after reviewing the company's structure and books, the crypto exchange giant claimed that 'the issues are beyond help'.

The fall of the FTX exchange has caused the crypto market to lose almost US$150 million! The market has been rattled after FTX, one of the largest crypto exchanges, and Binance's biggest rival revealed a dominant liquidity crunch. This condition spooked investors once again, besides, its solvency issues raised several problems about the health of their balance sheet as they have been using the FTT token repeatedly as collateral.