Layoffs continue as PayPal cuts 2000 employees

Godfrey Elimian
Just in case you missed some details of these news, stay put and read.
PayPal to lay off 2000 employees in the coming weeks

Hello there! Welcome to another roundup of the major global tech news this week.

Layoffs are gradually becoming a normal phenomenon going by the trend of recent weeks. While many events occur weekly in the tech space, it is quite worrisome that there is news of employees losing their jobs for many reasons, especially the unfavourable macroeconomic conditions as companies try to surge ahead.

Last week, employees of popular payment giant PayPal became the latest casualties of the layoff season as the company announced that it would lay off about 2000 of its workers.

But that’s not all on biting harsh economic realities that have taken root globally. Global accelerator organization, Tech Nation, has announced it will cease all operations from 31st March 2023 and transfer all its assets following the termination of its core government grant funding.

The silverlining last week is Bitoin’s steady rise despite the biting economic conditions, giving a sign of optimism to investors of cryptocurrencies worldwide.

These and more news bits are included in this instalment of the global roundup. If you missed some details of this news, stay put and read.

Summary of the Bulletin

  • PayPal to lay off 2000 employees
  • Tech Nation UK said it would cease operation in March
  • Bitcoin has risen by 43% so far this year
  • Twitter set to pay creators
  • Netflix launches 2 new features for premium users

Read also: Elon Musk expected to testify in court case over 2018 tweet

PayPal to lay off 2000 employees

PayPal has joined the league of companies participating in the layoff spree after Dan Schulman, the president and CEO of the payments giant, announced this week that the company has decided to cut down their global workforce by approximately 2,000 full-time employees in the coming weeks.

Layoffs persist as PayPal cuts 2000 staff, as Twitter is set to pay Creators
PayPal cuts jobs

The cut represents about 7% of its workforce; according to a 2021 Statista report, PayPal had about 30,000 employees. This decision aligns with the company’s aim to confront the “challenging macroeconomic environment.”

Addressing these changes requires us to make hard decisions that will impact some of our colleagues. Today, I’m writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full-time employees, which is about 7% of our total workforce. These reductions will occur over the coming weeks, with some organizations impacted more than others.

Dan Schulman, the president, and CEO in the company blog post.

He clarified that although the company has made great strides in right-sizing its cost structure, there is still much work to be done and it intends to concentrate more of its resources on core priorities.

Tech Nation UK to cease operation in March

In a season where employees are losing their jobs, visa hopefuls and migrants will be looking to see what the future holds. The global accelerator organization for migrants seeking jobs and visa entry into the U.K Tech Nation announced that it would stop its activities in March a few days ago.

The decision was made after the network’s core grant funding from the Department for Digital, Culture, Media, and Sport of the United Kingdom (DCMS) was awarded to Barclays Bank. The networking organization seeks interested parties to acquire its portfolio of assets following its closure.

Layoffs persist as PayPal cuts 2000 staff, as Twitter is set to pay Creators
Tech Nation to cease operation

Tech Nation’s decision to stop operations when its DCMS contract expires in March is due to the company’s uncertainty about its ability to carry out its activities without the funding. This also applies to its services, such as its growth platform, accelerator programs, and head office visa processing program.


“With this foundation removed, Tech Nation’s remaining activities are not viable on a standalone basis. The unique Tech Nation model we built upon this foundation can no longer be supported.

Furthermore, continuing without core funding would compromise our status as a Public Interest company. We are a non-profit obligated to act in the public’s best interest and the scale-up community we serve.

We cannot continue to deliver for scaleups impactfully and impartially without core public funding underpinning everything we do and with commercial funding alone.”

Bitcoin has risen by 43% so far this year

Bitcoin has been on a positive rise since the year began. The cryptocurrency enjoyed a massive 43% increase since the start of January 2023 and remained bullish for the majority of the month, Technext reports.

Bitcoin maintains Bullish trend

Its value started at $16,500 on January 1st, 2023, and increased to $23,955 on January 30th, a Monday. Similarly, altcoins have also experienced gains, setting new monthly highs. As February begins, many cryptocurrency investors and traders are left wondering whether there will be sustained growth.

All eyes are on February, as the Feds meet on the 31st of January and the 1st of February. The CME FedWatch Tool projected that the Federal Reserve could raise interest rates again by 25 basis points.

Because of this, some cryptocurrency investors claim that they are not alarmed by the market’s recent performance and would like to wait as long as possible to see if the market is finally shedding its bearish trend.

By the way, there are differences in the opinions. Some cryptocurrency enthusiasts believe the market is poised for a significant bullish surge that will catch many people off guard.

Twitter set to pay creators

In a world where many onsite workers are beginning to lose their jobs, remote workers like content creators and creatives have created a stream that may never dry if everything goes well.

Layoffs persist as PayPal cuts 2000 staff, as Twitter is set to pay Creators
Twitter to share revenues with creators with verified badge

Twitter CEO Elon Musk confirmed this week that the micro-blogging platform would begin to share ad revenues for creators that these ads appear in their reply threads. However, the only users eligible to earn these rewards must be subscribed to Twitter Blue Verified.

The billionaire had previously hinted that this feature would be released soon after replying to a tweet regarding the termination of the co-tweets feature. He said the company was also “reviewing” revenue share for ads in a creator’s tweets so they can “create an interesting thread and get paid for it!”

Since the takeover, Twitter has seen advertisers flee amid worries about Musk’s approach to content moderation rules, impacting its revenue. Days after taking charge of the company, Musk said Twitter had seen a “massive” drop in revenue and blamed activist groups for pressuring advertisers.

Netflix launches 2 new features for premium users

Streaming giant Netflix has launched two new features – spatial audio and more download devices- for users already on the Premium plan. or looking to sign up/upgrade. These features come with no additional cost for these members.

In a statement from Rishu Arora, Netflix’s Director of Product Management, the streaming giants explained that the viewing experience of premium users had been optimised with 4k HDR resolution. She said,

Today, we’re excited to announce new features at no additional cost for members who are already on the Premium plan, choose to upgrade, or are signing up for the first time.

ishu Arora, Netflix’s Director of Product Management made the announcement via a company blog post.

Over the years, Netflix has come up with one new feature or the other for users on the Premium plan. Features like 4k HDR video resolution provide these users with the highest-quality viewing experience. An ad-free feature to watch movies and series without any advertised supported content.

Another feature is Dolby Atmos, which provides users with captivating sounds that overheads the users’ experience when watching content on the streaming platform.

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