🚀 Tech Job Cuts Worse Than Expected

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. The tech industry is grappling with significant job cuts, with over 50,000 workers laid off from more than 200 companies since the year's start, continuing the trend from 2023 which saw over 260,000 layoffs. Major companies like Alphabet, Amazon, Meta, and Microsoft have joined the downsizing efforts, driven by Wall Street's support for cost-cutting measures. These layoffs, the most extensive since the dot-com crash, have left many tech workers in a challenging position, facing an increasingly competitive job market with stringent qualifications and often lower pay. Despite the hardships, some workers are willing to accept significant pay cuts or change industries to find employment. The layoffs have sparked a broader conversation about the future of work in the tech industry, the ethical use of AI, and the need for companies to value human creativity and originality.

2. SpaceX's Starship, the most towering and potent rocket constructed to date, recently accomplished a monumental test flight, launching from Texas and venturing into space. This third test flight outshone previous attempts in both distance covered and duration, lasting around an hour before concluding over the Indian Ocean. Although the mission fell short of completing its intended splashdown, it still represents a pivotal step forward in the development of SpaceX's fully reusable rocket system. This progress is critical not only for SpaceX's ambitions of space travel and cargo transport beyond Earth but also for NASA's exploratory missions to the Moon and Mars. Both SpaceX and NASA officials have lauded this achievement, viewing it as a significant stride towards the rocket's operational deployment.

3. Visa and Mastercard agree to historic $5 Billion Settlement! In a groundbreaking move for the payment industry, Visa and Mastercard have come to a historic $5 billion settlement, marking a pivotal moment for small business owners. If you are a small business owner, claim your share today!*

4. Headlines

   1. Prosecutors are asking for a 40+ year sentence for Sam Bankman-Fried.

   2. Mike Pence has announced he will not endorse Donald Trump.

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