Meta warn Employees of Bad times, Slashes hiring by 30%

Here are the top trending news from the world of technology. News that we feel every tech enthusiast should follow.

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Meta warn employees of bad times, slashes hiring by 30%

Meta’s founder and CEO Mark Zuckerberg has given a stern warning to its employees that they should brace for some tough-times. This obviously means that most Meta employees can’t expect salary hikes or promotions – at least not for the remainder of 2022. The company has already announced that it will slash hiring by nearly 30% in 2022. Zuckerberg has cited the economic downturn as the reason for the so-called downturn, describing the current economic slump as the worst downturn in recent memory. While it is a fact that the economy is in bad shape, Meta is also going through a tough time because of massive investment in Metaverse technology.

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Amazon Restricts Sale of LGQTB products in UAE

Online retail giant Amazon has now made it difficult for UAE citizens to buy or even search for LGQTB products on its platform. This restriction came after the UAE government pressurized Amazon to impose, at least, a partial ban on LGTB products, citing that the same sex marriage is outrightly banned in the Muslim country. Amazon, on its part, has said that it believes in freedom of expression but has to comply with rules of the operating country. Notably, same sex marriage is banned in almost all official Muslim countries.

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China’s Tech giants wants to self-regulate NFT Industry

China’s biggest tech companies – Tencent, Baidu, Ant Group & others – have come together to make better rules and bring more transparency in the NFT industry. These big tech giants have joined hands with China’s Cultural Industry Association to form this group. Although this group won’t have any sweeping regulatory powers, it can form new regulations for the nascent NFT industry. Notably, NFT trading faces strict restrictions in China, with China’s communist regime calling it a speculative asset.

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Ankiti Bose, former CEO of Scandal hit Zilingo, Quits Company’s Board   

Ankiti Bose, who was fired as Zilingo’s CEO earlier this year, has resigned from the company’s board of directors. This means henceforth Bose won’t have any official relationship with the scandal hit startup. Zilingo, which is backed by the biggies like Sequoia and Temasek, recently hogged a lot of media limelight after it came to light its CEO Ankiti Bose has allegedly misused the company’s funds and finances. Bose, on other hand, has always accused some powerful people in Zilingo are playing a witch hunt against her. Zilingo is this year’s second big scandal in the Indian startup industry. Earlier this year, the Indian startup industry witnessed a massive scandal in fintech startup BharatPe, which led to the firing of BharatPe’s CEO & MD Ashneer Grover.

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Bitcoin braces for a worst quarterly drop in a Decade

Bitcoin, the world’s most popular cryptocurrency, is well on its track to endure a worst-ever quarterly trading session in a decade.  Bitcoin has dropped nearly 56% ever since the ongoing bloodbath started in the crypto market. This is the biggest drop in Crypto since the third quarter of 2011. On Thursday the price of Bitcoin slipped below the psychological mark of $20,000. The ongoing bath in cryptos has caused a massive panic in the investors, with investors going for heavy selling. Investors have already lost billions due to the ongoing crypto crash.