reggie: thousands of workers laid off at meta. the company will end its lease at a san francisco office. kumasi: making landfall. nicole smashes into the florida coast overnight as a rare late-season hurricane. reggie: good morning. it is thursday, november 10. kumasi: we have to check in with drew about this chilly weather. drew: you might see some frost on your windshield or your plants. a frost advisory until 9:00 this morning. many of us from san jose, walnut creek, finding temperatures in the 30's. we are at 34, 39 in palo alto. 33 in fairfield. take a couple of layers with you, top it off with a winter coat because it is a cold start to this thursday. take the sunglasses with you. we find rain in the forecast this weekend. kumasi: new developments on a story we first brought you yesterday on abc 7 mornings. mass layoffs at meta. we are hearing from a former employee who said she knew it was coming. the company is letting go of 11,000 people, 13% of its staff. this after a series of layoffs in the tech industry. these compani

already down with meta employees working from home. now that concern intensifies. i don't know what happened now because like the people know how to anymore coming. and i don't know what happened there. my business has done some business owners were afraid to speak on camera made our owns this shopping center and his influential in this community recently. they have been working with the city on an ambitious housing retail and open space development today in a statement the mayor of menlo park setting part metas. willow village project is on the council's agenda next week, so i won't comment. her according to mera severance package employees will get 16 weeks of base pay plus two weeks for each year of service. what's your plan now? oh, i think i might take a break a rest for a while and looking for manual job. yeah in menlo park loose peÑa abc 7 news. and these layoffs by meta are the most significant job cuts in the tech giants history and they come just a week after twitter announced plans to slash half of its global workforce. so

the tech industry today twitter now hiring back some employees cut in last week's layoff bloodbath meta reportedly sending out thousands of pink slips this week and mastodon gaining popularity in the wake of users quitting twitter in droves. a cnet reporter will join us with the scoop. also us health officials are making plans to deploy fema if hospitals get even more overwhelmed what the could be the worst flu season in years, dr. monica. gandhi will be here to share how you can protect your family from the flu rsv and covid but first tomorrow is election day and one of the most high-profile state propositions is prop 1 governor newsome starred in one of the ads urging voters to support it. in state after state fundamental freedoms are vanishing women are under attack. but this november we say not here prop 1 will enshrine reproductive rights in the california constitution. so clinics the right to reproductive freedom while california is not the only state that has the abortion issue on the ballot joining us live now to discuss how this issue may. or may be energizing voters is san jos

this is way different from the meta metaverse. people clearly want to stream. it is not clear whether people want to live in the metaverse. it's also not clear whether advertising is going to rescue this model, especially not in the near-term with the economy weakening, right >> you have it right, and the in this case thing about the old model of linear, cnbc always had live news, live information every day. you had a constant model but other people programmed spo sporadically there wasn't a new movie every night on cbs because they couldn't afford that in streaming, you're battling with netflix and amazon who have a different incentive structure. they all came from a place of rationality where people didn't over spend and they all had shared economics it's a much more difficult pivot. that's been our talking point forever, right now what's happened is you had a collapse in linear cord cutting is accelerating during the pandemic and now during the slowdown. you can't control the speed of the collapse of linear and you can't, you know, slow down the investment i

and chris cobra, welcome to the program on a day that provides a rude awakening for thousands of meta employees. as the facebook owner is beginning, major layoffs, according to the wall street journal c o. mark zuckerberg acknowledged the company's recent missteps and says that his over optimism about growth had led to over staffing. what lay of meta, which currently employes, $87000.00 people, or just some among many tech jobs currently cut in silicon valley? twitter just fired over half of its people after ill on mosque took over the site, although the companies apparently trying to get some of them back over at microsoft, 1000 of over 200000 employees are being laid off. and the world's largest retailer online retailer, amazon has announced a hiring freeze for the coming months. let's take a closer look at the matter with alicia garcia. harold. she is the chief economist for asia pacific at nexus investment managers. welcome to the program alisha. well, is it just the worsening economy, economic climate and tech firms taking in less ad revenue? that is to blame here. well, yes, i m

julia, thank you ju julia borstein >> meta is up 3% after a pretty rough stretch. it doesn't sound like the s.e.c. can really move to ban tiktok, though, mark what do you think? >> no, i don't think i think if you're an investor you have to assume that's a very low probability event. i think the only interesting angle is that there's probably the issue, the unissue that has more political consensus other than lashing out at big tech is lashing out at china so it may be something that would occur, but i think the probability is pretty low. but anything that sort of gums up tiktok, that's been the biggest competitive risk, no doubt about it to facebook, to snap, to meta. so anything that's bad for tiktok is positive for meta. >> but not a reason for investors to buy it necessarily on this news >> no. >> is there a reason for investors to buy either of these companies, which got shellacted on earnings. >> engagement continues to climb. this is a company that's a highly profitable business, 30% margins. they're aggressively investing in artificial intelligence $35 bill

microsoft 34, and meta down 72%. this year, this year, well, your next guest says these companies are still meaningful, maybe they don't have quite the impact, but they matter a lot. jason brady at thornburg, good to have you back on again. i know there's people who have to be looking at meta and thinking, wow, down 72% threw fourths of its value, there is got to be value there. is there value there, or is this the classic value trap >> that's a great question, brian. i would say that what is happening within the dynamic of the ownership of that name happens a lot in markets, right? where a name goes from being a growth leader to becoming a value name, and that's a painful process. that's one which often overshoots from a price perspective. the real question for meta is what is the r.o.i. that they're spending on the metaverse. it's still very cash flow genre tiff in its main business, and the growth is slowing a lot, but it's a very successful business, one where you should be willing to pay some interesting multipl

meta laying off 13% of its staff. about 11,000 people as concerns continue to rise around the com company's executive. steve joining us with more. >> reporter: meta layouts impacted several parts of the company to rein in costs the spending is still going to continue in reality labs that's the melt at that verse business of the company that lost $10 billion last year and is on pace to lose even more all of that spending frustrated spenders last month. he urged faith and patience for payoff there's astronomical meta verse levels here's what we were told about last week's layoffs and what they mean for the company's meta verse plans. >> the cover business, it doesn't change our minds where tows all of that money go? in short he said, yeah, it is. in his view and meta's view, they're building a brand-new computing platform from the ground up and that ksts -- that does all the things that meta's promising. for now javari pointing to the new meta verse pro set expensive, clunky and will be moore ubiquitous. >> you've calle

platforms like meta used to be an amazing conversion channel. ever since the changes apple made, you are seeing spend shift out of national branch channels into environments like retail media. you look at amazon's most recent earnings, advertising drew 20% quarter over quarter. there's really strong roi within those environments and branch safety. you don't have to worry about -- in an environment like amazon. caroline: i love that you bring us back to branch safety. is there anything in the here and now that will change that twitter traffic? >> this is not the first time a moment like this has happened. in 2017, brands paused. in summer 2020, brands paused on facebook because of hate speech. both platforms inevitably regain the trust of advertisers. what it took was the corporate executive team going from conference room to conference room and showing that they can stabilize their platform and deliver on their words. i do not think this has to be a for everything for twitter. with the industry needs to see is stability and action, not words. ca

has this challenge is certainly i want to look at meta here just for a 2nd. what have been the individual problems at meta that are now leading to so many people getting fired? well, this is because i met that real. i mean the, the, they made it very, you mostly, i bred bed on the metal burst and you know, that happened we realized in the way they saw the earth. and that's very important . that is happening to midtown is that you know, a vision or submission of the company. so beyond the met, the also try to compete with the current this of their well, if you remember with libra and you didn't work either, you know, there's many, many attempts to disrupt that have worked well. and finally, and because they corporation have to say that is also the dissolution of for met out, but i think it's more didn't know but, but maybe i had suffered probably the most that they would have open skies. you know what i mean that the internet would be open to everybody. they clear by now on . this is china that this is not going to be the safe. i have to say something importan

"some of the most difficult changes we've made in meta's history". that's how chief executive mark zuckerberg described the decision — announced on wednesday — to cut 11,000 staff worldwide. shares in the company that owns facebook have plunged around 70% so far this year as investors worry about a downturn in online advertising revenue. and it's not the only name in big tech that has been struggling. the bbc�*s technology editor zoe kleinman has the story. the top tech companies are facing hiring - freezes and lay—offs. staff at twitter find out if they've been sacked. coinbase just telling employees in an email that it plans to lay off 18% of its workforce. big tech is having a bad time. meta's lay—offs are the latest in a string of us tech firms tightening their belts. last friday, twitter�*s new owner, elon musk, laid off half the staff, saying he had no choice as the platform was losing money. meta boss mark zuckerberg took an uncharacteristically humble approach in announcing his news. in a message to staff, he said he was sorry, an

is responding >>> facebook's parent company meta laying off thousands. why mark zuckerberg is slashing jobs on the heels of cuts at twitter. >>> and those who serve, the veterans answering a new call in the classroom. >> announcer: this is "nbc nightly news" with lester holt >> good evening, everyone, again tonight from our election headquarters in new york it was a good day for democracy. president biden's first public reaction to yesterday's midterm elections in which democrats defied the gravity of broad voter dissatisfaction and history itself to avoid massive losses in that widely predicted republican wave. let me tell you from the start tonight, much of our reporting this evening is framed by what we don't know, and that is which party will control congress. at this hour, control of the senate is still up for grabs with some races too close to call, while the georgia senate contest is headed toward a december runoff election and the house still in play for both sides, though republicans currently lead there is broad agreement that these were not th

also on the show, 11000 jobs acts that meta as the firm, struggles with costs and a weak advertising market will get the word from wall street and feeling pressure from the communist party, taiwanese producers and china consider moving production abroad. hello, i'm chrissy plots, and in berlin, this is the w business. after voting in mid term elections on tuesday, americans are still waiting for the final results of key races that will decide which party holds the majority in congress. and what president joe biden can accomplish over the next 2 years, republicans had counted on high gas prices and inflation pushing voters into their corner. our correspondent, washington d. c. janelle de allow, has more thank you, christie, anyone who is watching the results of these midterm elections come in, can see that the much forecasted read wave is not in fact happening. given that inflation and the economy where the top of mind for voters in this election, does that mean that voters are in fact happier with how the democrats have handled the economy than initially thought? well, no, not necess

meta shares closed up 5%, but overall this year meta stock has lost 71% of its value and it's not just facebook. san francisco-based salesforce is cutting jobs though on a smaller scale, the company laying off fewer than 1,000 workers on monday. back in august salesforce said it had increased its workforce 36% over the past year, but now demand for its software is lighter than expected in some industries. >>> let's get to some other stories we're following around the bay area. el cerrito's police chief is holding a meeting right now to install plate readers in sections around town. he says the plan would help property crime. critics have concerns on that. >>> two people are recovering tonight after being shot just after 3:00 this afternoon. police say one victim is in stable condition. no word yet on how the other person is doing or a motive for the shooting. >>> also a new develop to tell you about related to the man charged with attacking the husband of house speaker nancy pelosi, a federal grand jury issuing an indictment charging david depape with assault and attempted kidnapping.

meta was one bright spot, up over 5% on the day. they announced the plan to layoff one that -- 11,000 workers. the big technology market story is all about crypto. binance saying they are walking away from that deal to acquire ftx. we are seeing those crypto prices absolutely tumble. bitcoin down over 25%, falling below 16,000. we have the latest news. this is a rapidly evolving situation. ftx saying, they have an $8 billion shortfall. roughly one year ago today, we were looking at bitcoin at its all-time record high, right near 69,000 u.s. dollars. what a difference one year makes for bitcoin. emily: all right. thank you so much for checking in. u.s. financial regulators are investigating whether ftx properly handled customer funds. binance walks away from a deal to save the exchange. katie greifeld covers the markets with us. what just happened in the last 24 hours? katie: almost as quickly as binance said it would come to the rescue, it is already backing away from the deal. there's two big concerns. that big financial hole that

thousandsof layoffs expected first time in meta's 18 year history and meta employs around 87,000 around the world and they've been on a hiring spree in the last few years and up to 20,000 new workers added over the last 24 to 14 months or so so no more nonessential travel according to this journal report and that's because of the meta wverse bet costing $15 billion this year and up to $20 billion next year according to reports. meta, if you talk to a lot of silicon valley vcs and watchers like i have, they're up to 87,000 workers is because they've been trying to hire people so their competition couldn't. silicon valley is in a world of pain so the high paying six figure jobs are gone. the startups lift a snap of twitter and we'll talk about later on. stu: tough times in silicon valley. now let's go to cost koenen. i love the store -- costco and i love the stock but wells fargo doesn't. susan: still getting the $1.50 hoes1.50hot dog and drink deal s too expensive and it's after the covid discount bulk buying boom and wells says costco worth $490 and world holding not buying and slowing

you been very -- very busy covering both meta-and twitter your the start with meta-and get that out of the way. is meta-planning to lay off thousands of people this week? what do we know? >> the company is not confirming anything, but what mark zuckerberg said is they are planning for cuts. and this is something he has also told employees at an all hands meeting a few months ago that the company will look a lot smaller at the end of 2023 then it is right now and 2022. so all of those things seem to suggest that something like this is coming. obviously, i think they could learn a thing or two from what happened at twitter over the past week in terms of how not to handle a situation like this with employees and all the information that is shared. i imagine meta-will probably be a little bit more structured and whatever they ultimately end up doing, but it does feel like something like this is probably coming very soon. emily: let's talk about what is actually happening at twitter. you reported that more than 3700 people would be laid off, has that happened? have all of those people been

and then you have meta. this is a much more aggressive story in tech with meta set to fire a lot of people. is that the bigger story to focus on? vlad: i really don't know. i personally still think twitter has an outsized influence for how big of a company it is. keeping a close watch on how the company develops is a big deal. for meta, we have seen this intensifying over the course of the deal. and apple is halting hiring outside -- except for research and development. this started earlier in the year with the crypto industry which dropped jobs in substantial numbers. it seemed exclusive to the crypto industry. but the global economy drives everything and tech has the relationship with it where so much of it comes down to the consumer. investors looking at the metaverse. it is not paying off in the near term and everyone is trying to fix their balance sheet. twitter itself, months ago leadership said they were cutting back on office space. what we are seeing with twitter can now be extended to the broader t

twitter and also at other big tech companies like amazon and facebook, which of course is owned by meta. it does seem that the once highly praised tech worker whose skills companies would bid against each other for are now facing a job market downturn they may have never experienced since the boom of social media. but we begin with twitter and the exclusive story from one contractor whose work was axed with no notice at all, not even with e—mail. melissa ingle had worked at twitter for a year. herjob — battling misinformation on the platform. she had worked on elections across the world and even on making sure that misinformation about covid and the vaccine was spotted. it has been said that twitter�*s product is content moderation, and what i mean by that is users do not want to be on a platform that is full of toxicity and harassment, abuse, racism, they do not want to be on that type of platform, that type of extreme language, and advertisers do not want to have their brand associated with that, so without those human reviewers, you have a huge safeguard, the guard rails essent

and i asked her what had gone wrong at meta for so many people to lose their jobs? well, is it because.

meta se suma a las filas de compaÑÍas tecnolÓgicas de la bahÍa que despidieron a muchos empleados. son 11 personas que estÁn sin trabajo. >>> queremos saber cÓmo afecta a la economÍa local y tambiÉn a los pequeÑos comerciantes. andrÉs brender tiene el reporte.>>> un 13% de la plantilla de meta es de 11 mil personas y hoy dejaron de trabajar en la empresa. tambiÉn con la inflaciÓn que causa preocupaciÓn, la primera es quÉ consecuencias tiene para nuestra economÍa, hablamos con el economista (hablan en inglÉs) que dice que si los trabajadores no consiguen dinero pronto se podrÍan irdel Área. entre los precios de viviendas aquÍ le preguntamos a la asociaciÓn de bienes raÍces de california cuÁl es el panorama. esto contribuirÁ a una menor demanda habitacial para la compra pero la renta podrÍa seguir subiendo. >>> estamos en una recesiÓn? >>> es posible, es un resultado o esperamos ver con los aumentos en las tasas de interÉs. tambiÉn puede ser un factor de ciertas compaÑÍas que hicieron apuestas. >>> algunas compaÑÍas del Área de la bahÍa anunciaron despido

they are sort of the real world manifestation of the meta-verse. what can they do to solve this problem? >> you just need to do an outreach to those large groups of people who are sitting here waiting to actually participate. i think what we look at is web three is already starting to prove that there are individual entrepreneurs who are out here innovating and creating for the next generation. if you want to participate and you are not already in web three, you are going to have to reach out to the people there who are building and creating. metta is not just there as the only company making a difference here. it is actually some of the independent entrepreneurs that are. >> we did see in the nft space women coming together. a lot of it felt celebrity endorsed in some way. coming together and trying to build some art. i think a lot of it was hot women but i do think that is all inclusive. i am interested in what you think and be done in the here and now. that was the evidence in the particular form of web two. what is being lost now? >> i think wh

reggie: thousands of workers laid off at meta. the company will end its lease at a san francisco office. kumasi: making landfall. nicole smashes into the florida coast overnight as a rare late-season hurricane. reggie: good morning. it is thursday, november 10. kumasi: we have to check in with drew about this chilly weather. drew: you might see some frost on your windshield or your plants. a frost advisory until 9:00 this morning.

let's start with the meta story. when we looked earlier at the best performers in the s&p 500, the top performer was meta this is coming on ghoulish news that they're looking to chop employment to the tunes of potentially thousands. if you look into it, they were adding a lot of bodies since the pandemic started what happened? is this necessary? >> totally necessary and i think the action in the premarket speaks to the pain point, the pressure point of investors around the meta story. recall when they reported their september results, the media reaction of the stock. it was up 8% on the dau and the revenue numbers and then it absolutely imploded when zuckerberg doubled down and said he would be increasing spending on the metaverse and i think that speaks to this issue around head count in this case, he's probably going to cut -- they haven't given the specific numbers, but it's probably 10%. which would be the largest head count of my of the big tech companies. far less than what twitter did this is a step in the rig

meta to begin big job cuts. >> u.n. climate talks kickoff in egypt with a deal to discuss climate reparations in get rich companies to pay for the damage from global warning. an interesting day. a jobs report deemed strong, strong enough or the fed to keep raising rates. some questions for some and as a result stocks managed to end a four day slight and close higher on the week. you can see the s&p 500 was up nearly 1.4%. the nasdaq up more than 1.5 percent. the s&p 500 was down 1.5%. another exciting story was u.s. china listed stocks, the nasdaq china golden dragon index was up more than 9% and 17% on the week. it is the story that will not die. no matter what the chinese government says about ending covid zero, markets keep hearing rumors that it will which is what spurred the stocks today or friday. we will see what happens to them today. a selloff in u.s. treasuries after the stronger than expected report for the payrolls number. and the 2-year note got up to 4.8% on friday. quite a selloff. a little rally. you can

meta has been struggling financially for a few months. now that includes a dramatic drop in ad revenue and share price. >> the whole social media space and especially meta is reliant on ad revenue. i think that's why they are going to be hit harder than, say, like an amazon. >> meta has not responded to our calls for comment on the layoff reports. facebook has more than 44,000 employees worldwide. >>> well, about 40 minutes from now, another drawing. this powerball jackpot keeps growing. nearly $2 billion. the it's the largest lottery prize in u.s. history. we know there is very little chance you're going to win. the odds 1 in 292 million. but we keep playing. those billion dreams led to long lines at this gas station in san leandro. it's a lucky station. someone bought a ticket here over the weekend worth about a million dollars. it matched five of the six numbers in the last drawing. >> and then i got seven tickets here. so i'm hoping, you know, that's god's lucky number. hopefully i'll be a lucky man. i don't expect to win whole money.

facebook's parent company meta is reportedly preparing for the company's first large-scale layoffs in its 18 year history according to reports it could happen as soon as wednesday and could affect thousands of meta employees abc 7 news reporter. dustin dorsey is on the story. thousands of meta employees could soon be in the market for a new job after sweeping cuts at twitter meta formally known as facebook is expected to lay off thousands of employees starting later this week, you know, i'm not surprised to it to a certain point san jose state university engineering professor and tech expert ahmed benafa says these layoffs highlight a growing economic issue especially in california. he these job cuts come out of time. which inflation is causing issues for tech companies like meta twitter and others many increased hiring this year with the expectation of a big boom in the economy after covid. unfortunately benafa says that did not happen and now layoffs. i mean, it's across the board that the tech industry, you know in all the consumers and all the only all the different dimensions of

let's talk about meta, major cost-cutting. su: meta reportedly planning to begin layoffs as early as this week, we wall street journal reports. they say staffers were already told to cancel all non-essential travel. the last come as meta struggles with growing losses while the vesting -- ceo mark zuckerberg said in the most recent earnings call that meta will likely be smaller in 2023. the stock down some 73% year to date. if you drop into the bloomberg survey, in terms of bigger picture u.s., what we have is about a 48% increase in layoffs year-over-year and that more layoffs are on the way. there is a bloomberg for that if we can see it. if not we will just go with it. david: and there it is. let's talk about twitter now. speaking of non-essential workers, had to rethink that recently. they fired a little too many. su: it was a matter of non-essential workers, it was a matter of cost-cutting for twitter. sources now saying that in cutting half the workforce inadvertently cut a lot of people they did not need and had not anti

i ended up selling meta. that was earlier in the year when i saw that the focus was going more into the metaverse and focusing on what was the advertising side, sort of advertising on facebook and instagram, albeit slow, but they would capitalize there i think the mistake that is being made there, sort of focusing on what should be an r & d project and not making it the core focus of the company right now. i think until investors see some sort of potential profit story coming out of metaverse or hear, yes, we will go back and focus on this massive subscriber base that we have within the ad base as we recover within the economy, i think it's going to be a tricky stock to own i sold my shares. >> by the way, do you own shares of disney? >> thank you i -- >> whoops. >> well, we will wait for that answer maybe after the break or next time. we'll see. >> she did that pretty well. it almost looked like it was technical. >> can you do it >> when you're talking -- -- >> the blinking doesn't help. >> no, the blinking.

ceo mark zuckerberg said in the most recent earnings call him meta--- call meta will be smaller in 2023 then this year. shares are down more than 70% this year. haidi: meanwhile, chaos at twitter continues. they may have fired too many workers, maybe fired the wrong ones, maybe fired them too soon. what's going on? su: twitter is now reversing some layoffs and bringing back dozens of workers that were either fired erroneously, according to people close to the matter, or, it did not realize it now needs to execute a lot of new features that elon musk wants. sources say that must himself -- elon musk himself tweeted friday workforce reduction was unfortunate, but there is no choice when the company is losing $4 million a day. musk tweeted that everybody that exited the company was given severance and the severance given was more than the legal amount. meanwhile, checkmarks, verification, is a big part of the new rollout for an eight dollar per month subscription service. those have been delayed. the second major reversal, measures musk put in place. the checkmark the day after the electio

layoffs to come out of meta this week. you have more on that story. emily: we do. thank you. in addition to that, twitter asking some laid off employees to come back and beginning to pertinently ban users who impersonate real people. as ed said, meta reportedly cutting thousands of jobs as soon as this week. kurt wagner joins us to talk about this more. you have been very busy covering meta and twitter. is meta planning to lay off thousands of people this week? what do we know? kurt: the company is obviously not confirming anything but pointing people to what mark zuckerberg has said previously, which is that they are planning for cuts. and this is something he has also told employees at an all-ha nds meeting is the company will look a lot smaller at the end up 202 -- end of 2023 than it is now in 2022. all that seems to suggest that something like this is coming. we can probably learn a thing or two from what happened at twitter over the past week in terms of how not to handle a situation like this with employees, and all

meta on the other hand is rallying helping the nasdaq. reports of looming layoffs possibly affecting thousands as soon as this week. investors taking that as positive sign that the company is serious about cutting costs after multi-billion dollar spending on the meth verse iec chairman diller talked about the evolution on "squawk box" earlier today. here's what he said. >> if he just paid attention to his basic businesses i think all is well and maybe better because of tiktok or whatever but all is well those businesses are great they are great they are great i mean, built from nothing they are just fantastic businesses. if you change the name of your company to something that doesn't yet exist, bury what wildly does exist successfully, something is quite odd in that >> here to discuss mkm partners, a buy rating and $140 price target on meta name change aside, clearly indicative of what the market has been worried about lately which is all the spending on the metaverse and changing the company's entire focus which is not focusing on the b

meta can turn it. >> obviously, the cloud. we've been asking the same question of you, and i'm sure you have the same question you're saying this is counter what they -- counter to what they told us on the call, to a certain extent, this decision to eliminate more jobs, but how counter? to your point, are they really going to follow through by significant cutbacks through the year of 2023 and sort of reverse direction in the way you want them to? i'm not seeing that yet, are you? >> no, no, not at all. it's a show me story it's all talk. it's a show me story i think they came off completely tone deaf. i asked zuckerberg a question on the earnings call, what gives you conviction these investments are going to pay off i don't think they gave a response other than, look, we are in use of billings of users andthere's an incredible opportunity to monetize against the base i think they have not proven what this investment level is what the payoff is in this environment, no one wants to be around to be part of that until they actuall

meta forecast a weak holiday quarter and higher costs next year meta has declined comment on the report. >>> twitter delaying the launch of the verified account system until wednesday. twitter blue will let anyone who pays $8 a month who gets the blue check mark. the report comes amid concerns of the spike of misinformation of unverified, but check marked accounts twi >>> twitter laid off half of the employees on friday, but now calling some back. they made a mistake and now realizing the experience of others is necessary to build the changes sought by the new owner elon musk. >>> a major health care deal appears to be in the works a report reporting that village md owned by walgreens boots is in advanced talks to combine with summit health the deal worth $9 billion including debt could be announced as soon as today cigna is expected to invest in the combined company village md runs primary care centers. about 150 of them in the new york and new jersey area summit owns medical practices and urgent care centers. those under the brand city md in new york and new jersey area this would be

meta chief executive mark zuckerberg said the cuts were "the most difficult changes we've made in meta's history". for more on that, i am joined now by kari paul, us west coast technology reporter for the guardian newspaper. great to get you on the programme. you know, i imagine you've been covering the sector for a long time and i remember the days when the tech boom was being talked about in heady term so now these cuts, where are they coming from and why are they coming from and why are they coming from and why are they happening now? we are they happening now? i've seen kind _ are they happening now? i've seen kind of— are they happening now? i've seen kind of a _ are they happening now? i�*e: seen kind of a downturn across the industry. you know, they had a lot of runaway success during the pandemic. covid release set everyone on lockdown, a lot of more use of online services so these companies are big boom and this is kind of an expected slowdown from that, but a difficult one. mark zuckerberg talked about taking personal responsibility in terms of some of the changes that he i

reporter: meta's announcement has stunned a lot of people who live and work in the bay area. he says his six month contract with meta finishes next week, when he got an e-mail about the layoffs, he thought -- >> strange, a sign of the times. not terribly surprising. as facebook has kind of been leaving the whole social media thing i'm going into the metaverse. reporter: he has with the uc berkeley school of business. with meta announcing massive layoffs, salesforce also announcing this week it is laying off about a thousand people, and twitter cutting 3700 workers. >> that will hit the bay area quite hard. i think the much-needed rebalancing in terms of how these businesses are run as well as the cost of living here in the bay area -- we always assume there's a hawkish stick and it never ends when in reality there's ups and downs. reporter: roger lee founded three startup companies since he graduated from harvard. he created layoffs.fyi to track layoffs nationwide. >> i've got the most comprehensive database and list of layoffs. so far, layoffs fyi has recorded in the b area

each of you have helped make meta a success ." we will have more in the afternoon newscast. >>> south bay county is falling short of its water goals and in the east bay, one city is looking a new technology to keep people safe, but first, cain velasquez is out on bail right now. we have video of a velasquez walking out of the jail in downtown san jose. he was arrested, you might remember, this past february after police say he shot at a pickup truck carrying the man accused of molesting a close relative. prosecutors say velasquez didn't hit his intended target and shot the man's stepfather instead. a judge granted the $1 million bail but ruled there is enough evidence to bring the case to a jury. velasquez has pleaded not guilty to attempted murder and multiple gun assault charges. >>> tonight the police department will be talking about bringing automated license plate readers to the city. the devices will help combat and increase commercial property crime and the catalytic converter thefts. he is asking for eight license plate re

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the bulls hoping for a year-end rally and later a mea culpa of sorts and major layoffs to come for meta and drilling down on what's next for the energy trade i'm melissa lee. this is "fast money. with us karen finerman, and steve. >> the company is walking away to buy it non-u.s. assets. it was in august when same bankman fried was on the cover of "fortune" magazine the next warren buffett, and there is a caveat or could he crash and burn i guess it's the latter. a valuation of $32 billion kate rooney with the latest on this one. >> that's right, the deal to buy the company is off the table and in a statement the company is saying as a result of corporate due diligence as well as latest news reports regarding miss handled customers fun and alleged u.s. agency investigations we have decided not pursue the potential acquisition of ftx.com the company goes on to say in the beginning our hope was to score customers to provide liquidity but the issues are beyond our control or ability to help this. had been a non-binding letter of intent binance was in the middle of the due diligence after a

meta closed the lowest level since 2015. down to 7000 incidences of people saying that if graham had crashed and it was down. it would suspect that they pressure on the stock comes from the disappointing numbers. pinterest had its best day in more than two months last friday after a strong earnings. it has a street like what they saw, getting up some of those gains in the monday session. pinterest really interesting. look at the stock year to date relative to meta and snap. actually, relative to its peers, pinterest has held up really well. i'm interested in what the story is here and what investors see in pinterest relative to meta. that said, it is still down pretty significantly year to date. i'm hoping you can ask which direction the stock goes from here. emily: i will indeed. thank you. pinterest has been outpacing his peers, posting third quarter results and an uptick in monthly users after three quarters of decline. a decrease in digital ad spend while marketers worry about economic uncertainty joining meat now for mo

shares of meta ended up more than 2%. snap up about 3.5% after repreport reported that brendan carr says they move to ban tiktok, referring to the management of user data and carr said, quote, i don't believe there is a path forward for anything other than a ban. he is of course one of five fcc commissioners. and the fcc itself does not actually have any authority over tiktok currently in talks to determine if can or should be divested to a u.s.-based company tiktok got back to us with a statement saying, quote, commissioner carr has no role in the confidential discussions with the u.s. government, going on to say we are confident that we are on a path to reaching an agreement with the u.s. government that will satisfy all reasonable national security concerns a treasury spokesperson telling cnbc that its sippious division is devoted to taking actions to safeguard national security. melissa, they also note it doesn't comment on transactions, that it may or may not be reviewing. i want to point out shares of oracle were do

meta ceo mark zuckerberg is cutting thousands of jobs. the overnight e-mail he sent to employees, explaining why. >>> and also coming up, lucky in california. the several winning lottery tickets sold in the state. >>> plus how california is cashing in. >>> but let's get straight to our election coverage this morning. it begins in the south bay. san jose's mayoral race is gaining a lot of voter attention today. supervisor cindy chavez facing off with city council man matt mahan. here's a look at the latest results with matt mahan leading 52% to chavez's 48%. and 91 precincts reporting, it is a tight race and a lot of votes are still being counted as well. >>> you know, his pac and a couple of other pacs spent a million dollars telling people, really distorting my record. that is something, as a community, we need to discuss. what we don't want to do is discourage people from running for office. >>> when it comes to homelessness, chavez's plan focuses more on permanent housing, mahan's on emergency shelters. arson, mahan made a good point y

. >>> meta is the latest bay area tech company to announce massive layoffs to their workforce letting go of 11,000 people this week. that's 13% of its global workforce and most significant job cuts in the company's history. industry experts believe the layoffs have to do with consumer spending habits. during the pandemic, meta recruited around 30,000 new workers to keep up with the public's online shopping splurge. one of the social media giant's main forms of revenue is advertisements. with people hunkering down and buying less, companies are limiting purchase of ad space. >> there is inflation, so households probably are scaling back their consumption of things. so when the overall economy slows down, these companies are affected because they make revenue through advertising and other means. >> the company says it is offering laid off workers severance packages with four months' salary and extra two weeks pay for every year they have been with meta. >>> no surprise, the layoffs are a big topic online with dozens of people talking about either being one of the 11,000 or knowing someo

an order of magnitude more than we have shipped to meta. it will give that kind of delivery of hundreds of 400 gig ports and predictable latency at a buffer and architectural level, where they can handle the applications coming in. this is long-term planning but a lot of the investment will go into ai and ml which will have an impact on the infrastructure and how we design for them, develop for them and how they procure for us. emily: talk to us about how we should be looking at growth for the next year. will these macroeconomic concerns be a headwind for arista? how will it impact cloud adoption of we are heading into a recession? jayshree: that's really good question. we've just had one of our best quarters ever but the rest of the world is not as beautiful. as we look at it, we are going to be thoughtful and vigilant of is there a macro reception and what is our part in it because we are having micro momentum. we think some of the key trends has not affected the data center and it remains strategic and relevant. should a recession come,

meta-is the one stuck to watch. mark zuckerberg takes full responsibility for lower revenue and they are cutting and cutting hard, 11,000 jobs across the company. the stock is up by 3.4%. tom: this baloney about teams, they don't have teams, they are cutting. that's what they are doing. they can do silicon valley massage -- ohlone -- it's people's livelihoods. lisa: 13% of their staff and this is the biggest silicon valley cut so far. interesting for mark, saying he believed pandemic related e-commerce surge in the outside revenue growth would be a permanent deceleration. how many companies also assume this would be a permanent shift and it was not stop jonathan: access the last few years. are we unwinding the excess of the last few years? lisa: it's a great question. i point to some of those names after the market that will be reporting earnings because there are a number of companies that have an offended over the past 10 years of a shift in how much we are unwinding what we had just seen. jonathan: that's it is u

and now to bay area news and the south bay meta. the parent company of facebook has started to lay off employees. the social media platform says the move is necessary to adjust to a changing economy. call for shells. clifford has details. >> well, there had been rumors over the past few days that facebook could start laying off employees this week. that is now a reality as the company is letting go of thousands of workers. meta founder mark zuckerberg says that 11,000 employees will be let go this week. that's about 13% of the company's total workforce. meta has offices all around the world and we don't yet know exactly how many people who work at the menlo park headquarters will be laid off. >> in a letter to staff, zuckerberg says we've cut costs across our business, including scaling back budgets, reducing perks and shrinking. our real estate footprint where restructuring teams to increase our efficiency. but these measures alone won't bring our expenses in line with our revenue growth. so i've also made the hard decision to let

is it a mass firing at meta? well, tell you why the tech giant is laying off $11000.00 employees and ending the war on drugs. could columbia's cocaine industry be legalized? ah, as we approached winter temperatures rising across europe, yet ascending congress and the details. but because the driving force of the weather is the atlantic, which is relatively warm, yes, carrying from that direction. so despite what happens in the sky, temperatures do tend to recover at the moment, then we've got a picture in the northern half of europe caught a strong southwesterly windsor temperatures. cross the you care about 567 degrees above the average, even more mat in places that transfers across the denmark. rest is southern scandinavia. there is some snow in the high ground. otherwise we talked about occasional range. how's the wants to some degree spreading across the rest of europe as well? now, is preceded by rain and they'll be significant rain in some parts, fitfully slovenia, and particularly developing in the barrack

and chris cobra, welcome to the program on a day that provides a rude awakening for thousands of meta employees, as the facebook owner is beginning, major layoffs, according to the wall street journal c o. mark zuckerberg acknowledged the company's recent missteps and says that his over optimism about growth had led to over staffing. what lay of of meta, which currently employes, $87000.00 people, or just some among many tech jobs currently cut and silicon valley trader just fired over half of its people after ill on my.

. >> we're starting work on the meta verse many other brands are full of this the they're questioning what's next >> when you start to think about all of those components coming together to be a seamless, fluid, virtual world that persists and has its own economy, it's taking time to develop that. >> when we're talking about the meta verse, choosing your identity, you can be any skin color, gender, body shape size, color. there's no box you have to fit in. >> the meta verse is today what the world used to be in the early 2000s or late '90s doing the first steps on something that will change your priority how we live these experiences. >> learn more about creating business value in the meta verse. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. at fidelity,