We Meta Get Used To It 🚷🤖

👀 TLDR

In this week’s What’s Appening, we cover Meta’s (reported) decision to lay off around 20% of its employees, with the money saved going into AI. It is, of course, not surprising, but should we be greeting these AI-induced layoffs with a little more than a shrug? We also report on how Elon Musk says he is going to start over with xAI, the Washington Post’s algorithmic pricing, Buzzfeed nearing bankruptcy, and Google Maps big upgrade. Oh, and as it’s St Patrick’s Day, we are highlighting Shift - the Global Network for the Irish ☘️

🎬 Our Top Take

🚷🤖 Meta – Report Says 20% of Global Workforce Will Be Laid-Off

A few weeks back, we reported on Jack Dorsey’s Block laying off large swaths of its staff, noting that investors loved the idea. But today, it’s Meta.  A Reuters report, which Meta has confirmed by not denying, has said the social media giant will lay off around 20% of its employees. The money saved will go into AI development and data centers. And yes, once again, investors loved the idea. Yet this feels different to us: Block is a nimble, fintech-focused company, Meta is one of the world’s most valuable and recognizable companies. It’s a global behemoth. To divest in people in order to funnel that money into AI at such a scale feels, well, unprecedented. Shouldn’t the alarm bells be ringing a little louder? Perhaps, but what we get from perusing both tech- and business-focused media about the story is a sense of inevitability, as if we expect this to be the norm. Indeed, the reaction from Wall Street seems to be that it is not only acceptable, but also welcome. We might be looking back one day soon and feeling quite uneasy with that sentiment. #MetaOff Read more here.

📲 App of the Week: Shift

It is, if you weren’t aware, St Patrick’s Day, obviously a big day here at 3Advance, given our Irish roots. It’s also a huge day for our partner, Shift. We’ve been working tirelessly to build the app for the global Irish (and culturally Irish) for two years, and we are thrilled to see it out in the wild and in the hands of users in America, Ireland and beyond. So whether you’re looking for the best Irish pubs in your city, to find Irish artists and events, or a little romance through Shift Dating, we’d recommend you download Shift – we can’t think of a better day to do it. We are immensely proud of the app, and the best thing is: there’s so much more to come. Get Shift right here.

🧐 Stat of the Week: 20 Million

📈📉 Bitcoin – Milestone Hit as 20 Millionth Token Is Mined

Whatever you think of Bitcoin, it’s hard to deny that it’s been quite the ride. From a side project for computer ‘geeks’ all the way to BlackRock’s balance sheet, it’s been unlike anything in financial history. This week marked the mining of 20 million Bitcoins, meaning there are just one million to go. But don’t worry, the rate of Bitcoin issuance means it’ll be well over 100 years until we reach the final token at 21 million. #Milestone Read more here. 

🗞️ Other Stories

📍 Meanwhile at 3Advance

Happy St Patrick’s Day from Paul, Darren, and the 3Advance team ☘️ You may have noticed today’s App of the Week is Shift – and there is no better day to download it. After two years of building it, it’s been good fun seeing it in action this week. So get out there – and maybe let Shift guide the way.