Layoffs continue, Silicon Valley renews romance with Middle East money and why Netflix is retiring its no-ads basic tier
On the show today, sovereign wealth funds from countries in the Middle East parked a whole lot of money in Silicon Valley. Saudi Arabia’s Public Investment Fund, for one, spent more than $31 billion on 49 venture deals, up 33% in 2023. We look at why the tech industry finds it so hard to break up with Middle East money. Plus, Netflix changes up its business model — again. We look at why the streaming giant sees even more ads in its future. But first, job cuts continue across the tech landscape. Even TikTok, with its $225 billion valuation and 150 million active users in the U.S. alone, is letting people go.
Marketplace’s Lily Jamali is joined by Natasha Mascarenhas, reporter at The Information, for her take on these stories.
More on everything we talked about
“The Mac turns 40 — and keeps on moving” from The Verge
“TikTok lays off 60 employees” from TechCrunch
“Microsoft Cuts 1,900 Jobs in Its Video Game Division” from the New York Times
“Techstars Lays Off 7% as Venture Industry Contracts” from The Information
“Alphabet’s Moonshot X Lab Cuts Staff, Turns to Outside Investors” from Bloomberg
“How Silicon Valley Learned to Stop Worrying and Love Middle East Money Again” from The Information
“Netflix hits fourth-quarter subscriber record, fueled by ‘The Crown’ and ‘The Killer’” from Reuters
“Netflix Expects to Fully Phase Out Cheapest No-Ads Plan” from Variety
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