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Daily Crunch: Meta decimates its staff as the social media giant lays off 11,000

To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here.

Whooo-weee interesting times for crypto land, as Bitcoin crashes down to under $17,000 for the first time in a while. Wild, given that the cryptocurrency was trading at $65,000 or so a year ago. That’s a 74% decrease. What kind of winter is this — are we seeing a crypto cold snap or crypto permafrost? Answers on an immutable blockchain transaction, please.

If you’re excited to make sense of the crypto world, we’ve got an event in Miami coming up in a couple of weeks — details and tickets here!  — Christine and Haje.

The TechCrunch Top 3

  • More social media struggles: Though the subject matter was a downer, Paul wrote a great story about Meta’s confirmed layoffs of 11,000 employees, explaining what happened, why and what it means in the greater context of Meta’s future. More in Big Tech below.

  • It was good while it lasted: For a few hours this morning, us TechCrunchers were elated to see our precious Twitter handle get the “Official Twitter Badge,” but as Amanda writes, what Twitter giveth, Twitter quickly taketh away.

  • This is what really happened: It was Elon Musk, in the boardroom, with the badge code. As we just mentioned, Musk was killing spirit all over Twitter today, rolling out gray checkmarks for high-profile accounts and then deleting them. Kyle has more.

Startups and VC

Edge computing cloud and global data network Macrometa raised funds in a round led by Akamai Technologies, as the two announce a new partnership and product integrations, Catherine reports. The funding also included participation from Shasta Ventures and Sixty Degree Capital. Akamai Technologies CTO Andy Champagne will join Macrometa’s board.

Startups might be in a funding midwinter, but the ray of sun shining on some VCs speaks of a different trend, reports Ingrid. EQT Ventures, the venture fund arm of Sweden’s investment giant EQT making early-stage bets on startups primarily in Europe, has closed its latest fund and filled its coffers with €1 billion (and $1.1 billion in total commitments).

Like our headline stories, but more summarized:

Three tips for managing a remote engineering team

Three arrows going past a brick wall
Three arrows going past a brick wall

Image Credits: Inok (opens in a new window) / Getty Images

Remote work is not for every business, and it may not be everyone’s cup of tea. When Greg Soh and his co-founder decided to build a distributed engineering team for their startup, numerous questions raced through their minds: Will the team be productive? How will decisions be made? How do they keep the culture alive? Today, the startup manages a remote team of about a dozen engineers, and they’ve learned quite a bit along the way.

On TechCrunch+, he shares some of the tips and advice the company has learned — most of the advice is best applicable to earlier-stage startups.

Three more from the TC+ team:

TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!

Big Tech Inc.

Following today’s Meta announcement regarding the layoff of 11,000 employees, Ingrid did a deep dive into the company’s 8-K and emerged with some fresh catch, including the predictable — that slashing expenses on hiring and capex investments will help the company’s 2023 bottom line.

Meanwhile, Frederic writes about IBM’s Osprey quantum processor, which isn’t exactly the 4,000 qubits the company wants to achieve by 2025, but at 433 qubits, it's a good start.

And we have five more for you: