Shopify is laying off 1,000 employees

Here are top trending stories from the world of technology. News that we feel every tech enthusiast should keep a tab on.

1)

Shopify is laying off 1,000 employees

The season of layoff continues amid the ongoing economic downturn. The Canadian based e-commerce company Shopify has become the latest company to opt for job cuts. According to media reports, Shopify is all set to layoff nearly 10% of its workforce, which is likely to affect nearly 1,000 of its employees. The Canadian company was reportedly forced to take the layoff decision as it was unable to achieve its growth expectations in the post-pandemic scenario. Stung badly by the economic recession, several big tech companies like Apple, Meta and Google have slow down their hirings. Tech giant Microsoft, on other hand, has already opted for lay-offs.

2)

Instagram Confirms that it is prioritizing videos

In a special message, Instagram’s CEO Adam Mosseri has bluntly said that the photo sharing platform will continue to lean towards short videos in future. What simply means is that the Instagram will continue to imitate TikTok like features and won’t just remain a photo sharing platform in the future. This strong message was essentially meant as a response to Kim Kardarshian and Kylie Jenner’s outburst on Instagram. Barely a few hours ago, Kardarshian and Jenner – both of whom are among the most followed personalities on Instagram – openly said that Instagram should stop copying TikTok and allow people to share their cute photos.

3)

Russia fines Google for $34 Mn

Russia’s competition watchdog has leveled a fine on Google owned YouTube platform for little over $34 Mn, which accounts for nearly 2 Bn Russian rubles. Russia said that YouTube abused its dominant position but did not provide any further details with regards to this allegation. This is the latest in the series of retaliatory actions that Vladmir Putin’s government has taken against the big social media companies. Putin’s government has constantly accused these big social media companies of promoting anti-Russian propaganda in the aftermath of its war against Ukraine. All the popular social media platforms like Twitter, Facebook, Instagram & Whatsapp have been either banned or are facing heavy penalties in Russia.

4)

Mark Zuckerberg sells its San Francisco home for whopping $31 Mn

Meta’s founder and CEO Mark Zuckerberg, who is among the world’s richest men, has sold off its San Francisco home for a mindboggling $31 Mn. This residential sale now stands as one of the biggest real estate deals in San Francisco this year. This home was spread over 7,000 square feet and had four massive bedrooms and four adjacent bathrooms. However, Zuckerberg’s home recently caused considerable tension with its neighbors, with neighbors accusing of noise pollution problems caused due to constant repair works.

5)

Jack Ma’s Alibaba to launch IPO in Hong Kong

According to media reports, China’s e-commerce giant Alibaba is planning to list its stock in the Hong Kong stock exchange. The move comes amid the Chinese government’s ongoing crackdown on China’s big tech companies. Notably, Alibaba is already listed in the New York Stock exchange. However, many experts argue that China may soon pressurize Jack Ma’s company to delist its shares from the NYSE as part of its ongoing crackdown. Experts further add that Alibaba is anticipating that the NYSE delisting can happen anytime soon and hence it is planning to list on the Hong Kong stock exchange. Many also believe that Jack Ma’s sudden disappearance from public life is also result of China’s ongoing crackdown.