Happy Friday, readers! I'm your host, Jordan Parker Erb, and today I'm helping break down why we probably won't see a true recession anytime soon — despite stormy skies in the tech industry.
Shall we?
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1. The likelihood of a true recession seems low. The tech industry is dealing with layoffs and stock crashes, and execs are warning about a recession — but the economy is actually doing just fine, Neil Dutta writes. He explains:
- Despite stumbles in the industry, the biggest driver of the economy — average Americans' consumption — continues to expand at a solid pace. Tech isn't the whole economy, after all.
- Americans spent the pandemic loading up on goods, and now they're not. But that doesn't mean consumers are suddenly spending a great deal less overall; they're just shifting where they spend.
- Instead of spending on big-ticket items like washing machines, couches, and laptops, they're going out to restaurants, heading to the movies, and taking to the skies.
Why he says we shouldn't be fearing a recession.
In other news:
2. We rounded up tech leaders' best career advice for college grads. The CEOs of Apple, Snap, and other tech giants spoke at this year's commencement ceremonies, urging students to lead with their values and focus on building relationships. Read their other tips.
3. Bolt's CEO fielded questions from employees a week after layoffs rocked the fintech. Screenshots viewed by Insider show employees probing Maju Kuruvilla about the firm's lay-off strategy in a company-wide "ask me anything" meeting. What we learned from the screenshots.
4. Each month, forgotten subscriptions cost consumers more than they realize. Subscriptions for that app or delivery service you forgot about could be cutting away at your savings: A new study found that on average, overlooked subscriptions are costing users about $133 each month. Here's what the study found.
5. Check out Facebook's new executive structure as Sheryl Sandberg exits. Her exit is prompting broader changes — and her successor Javier Olivan will have almost twice as many direct reports as Sandberg had in the same role. See our chart here.
6. Coinbase said it was withdrawing some job offers and freezing hiring indefinitely. The company sent emails to alert the affected candidates, which one recipient slammed as "unprofessional." Read the full text of the letter Coinbase reportedly sent.
7. Even amid the tech slowdown, these eight companies are still hiring. We spoke with talent leaders from companies like Adobe and PayPal, who shared what opportunities are still available — and insider tactics for getting hired.
8. Elon Musk wants to cut 10% of Tesla jobs. Per Reuters, Musk told Tesla executives to pause all hiring worldwide because he has a "super bad feeling" about the economy. More from the report here.
Odds and ends:
9. Buick revealed an electric concept car with some wild features. The concept car, dubbed the Wildcat, combats road rage — if it senses an elevated heart rate, it will dim the lights, switch on massaging seats, and deploy its integrated aromatherapy functions. Check out the car here.
10. You can get Apple's basic AirPods for just $100 right now. The second-generation AirPods are just $99.99 now from Amazon, Walmart, and Target, $20 off their usual price. A better deal isn't expected until Amazon Prime Day — here's what you need to know.
The latest people moves in tech:
- Ghost-kitchen startup Reef Technology quietly ousted a key exec.
- Meta's VP of AI, Jerome Pesenti, will leave the company later this month.
- Bernard Kim became Match Group's CEO, succeeding Shar Dubey.
- Christoph Aeschlimann is Swisscom's new CEO.
- Variety reported that Jonathan Bing has exited Netflix to lead communications at Vice Media Group.
- After less than a year, Christopher "CJ" Moore has left Apple's car project for Luminar, according to Bloomberg.
- Warner Bros. chairman Toby Emmerich will exit the company.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email [email protected] or tweet @jordanparkererb.)