Meta fires 8,000 on a record quarter. Unacademy sells for 90% less than its peak

About this episode

The episode discusses Meta's significant layoffs alongside its record quarterly revenue and the sale of Unacademy at a drastically reduced price.

On Wednesday, Meta began firing 8,000 people.This makes up 10% of its global workforce. The cuts started at 4am on 20 May, rolling across time zones. People found out by email. Meta's quarterly revenue that same week: $56 billion. It's capex guidance for 2026: up to $145 billion, almost all of it going into AI. This is the current trend in Big Tech: record profits, mass layoffs, redirect to machines, repeat. Then, closer home: Unacademy is being sold to upGrad for $218 million — over 90% below its 2021 peak of $3.44 billion. The edtech gold rush is over and what's left is the reckoning. Tune in. Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

People in this episode

Host: The Ken

Topics covered

• layoffs
• business news
• edtech
• AI investment
• Big Tech trends

Keywords

• Meta
• layoffs
• Unacademy
• upGrad
• AI
• Big Tech
• business news

Mentioned in this episode

Organizations: Meta, Unacademy, upGrad

Places: India

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