Layoffs keep happening across the tech industry. Oracle is one of the latest firms to start cutting staff, with sources confirming it's begun laying off more US employees. And as of July, at least 30,000 tech workers lost their jobs so far in 2022.
I know you've read the reports of these layoffs. Today, though, we're taking a look at a different side of the process: what happens next. I'm Jordan Parker Erb, and I'm going to walk you through it.
If this was forwarded to you, sign up here. Download Insider's app here.
1. So you got laid off. Now what? In the past few weeks, we've seen layoffs at companies from Netflix and Twitter to Coinbase and Tesla. We spoke with career coaches and experts who shared what to do if you've been laid off.
- Step one: Do nothing (for a little while). Two career coaches said the first thing to do after being laid off is take a step back and allow yourself time to process.
- If you can, seek legal counsel to help review any agreements your company asks you to sign. Then, negotiate the terms of your departure. Once you start the job hunt, tap into your network — and consider posting about your situation on social media.
- Ready to take a cue from Beyoncé and begin your career "Renaissance"? Here's how to look to your network for opportunities and regain your confidence.
Plus, check out some of the tech companies that are still hiring.
In other news:
2. Twitter Blue is about to get more expensive. Starting in October, existing users will see the cost of Twitter's subscription service rise from $2.99 a month to $4.99 a month. In other Twitter news, the company is probing associates of Elon Musk — including investors Chamath Palihapitiya and David Sacks — in far-reaching legal requests about his $44 billion takeover deal.
3. What it was like to be laid off by Amazon aggregator Thrasio. An employee who was laid off by Thrasio in May said the experience was panic-inducing — but ended up being "the best thing that could've happened."
4. The cross-chain token bridge Nomad has been drained of nearly $200 million in funds in a security exploit. On Monday, hundreds of potential hackers systematically removed almost all of the bridge's $190 million in funds in just a matter of hours. As per Cointelegraph, only $651.54 remains in the wallet.
5. Digital-health startup Calibrate's CEO announced layoffs on a Zoom call. Minutes after the call ended, the roughly 156 laid-off workers' company laptops were automatically rebooted and wiped. Insiders recount the layoffs, which some called "callous" and "cruel."
6. Elon Musk's dad says he's not proud of Elon alone. On an Australian radio show, Elon Musk's father said the whole Musk family has done "a lot of things for a long time," but added that Elon "sort of really surpassed the mark." Read more comments from Musk's dad.
7. Rapid-delivery startups boomed in Europe. Why couldn't they make it in the US? Analysts and industry experts said that while the ultra-fast delivery model was a hit in Europe, it neglected to consider Americans' shopping habits — like buying in bulk. Why the "ultrafasts" would never stick in the US.
8. Leaked documents show Oracle has reorganized its all-important cloud unit. The top exec running the operations and support organization has also departed, according to internal emails viewed by Insider.
Odds and ends:
9. How to identify fake text messages that are likely scams. We broke down seven ways to spot a scam — like checking for grammar and spelling mistakes — and five ways to stop spam messages or robotexts.
10. Ford wants to let customers buy EVs online. CEO Jim Farley hopes that letting customers order electric vehicles online could help the carmaker compete with its rivals like Tesla. More on Ford's vision to sell EVs to customers "in their bunny slippers."
What we're watching today:
- Uber, Airbnb, PayPal, and others are reporting earnings. Keep up with earnings here.
- The 2022 Flash Memory Summit starts today.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email [email protected] or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.
