AI Summary
5 min readTech giants are cutting jobs to fund AI investments, while Elon Musk stands to gain significant control at SpaceX ahead of its IPO. The episode also covers rising oil prices amid Middle East tensions, airline earnings pressures, marijuana's federal reclassification, a drop in New York City shoplifting, and personal financial lessons from divorce.
Tech Layoffs to Prioritize AI
Meta plans to lay off about 10% of its staff, or roughly 8,000 people, next month to streamline operations and cover costs for its massive AI push. An internal memo notes the company will also cancel hiring for 6,000 open roles. Separately, Microsoft is offering voluntary buyouts to around 7% of its US employees—its first such program for longtime workers—as it reorganizes amid heavy AI investments. Microsoft has over 100,000 US employees as of June 2025. These moves follow recent mega-layoffs across Silicon Valley, which investors have praised for focusing resources.
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What you'll learn
- 1 (01:17) **Tech Layoffs for AI Investments** - Meta to cut 10% of staff (8,000 jobs) and cancel 6,000 hires; Microsoft offers buyouts to 7% of US employees
- 2 (02:06) **SpaceX IPO and Musk Pay Package** - Elon Musk poised for huge "moonshot" pay and super-voting shares in June public offering
- 3 (03:54) **Markets Update** - Nasdaq down 0.9%; oil rises above $105/barrel on Middle East tensions
- 4 (04:26) **American Airlines Earnings Warning** - Revises outlook to near-flat EPS due to $4B fuel cost surge; Q1 loss narrows but stock jumps 24%
- 5 (05:02) **Amex Q1 Profit Up 15%** - Spending rises 9% led by luxury (18%) and restaurants (9%)
- 6 (05:24) **Marijuana Reclassified to Schedule III** - Trump admin eases restrictions from Schedule I, allowing prescriptions and business deductions
- 7 (07:03) **NYC Shoplifting Declines 20%** - NYPD prioritizes retail theft with more subway officers and aggregated felony charges over $1,000
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Show Notes
P.M. Edition for April 23. SpaceX is expected to go public in June, and the move could mean big things for CEO Elon Musk. The company’s board has already granted him a “moonshot” pay package, and he’s expected to control the company through supervoting shares. Journal reporter Corrie Driebusch discusses why investors are all for it. Plus, it’s a gloomy day for tech workers as Meta plans to lay off 10% of workers while Microsoft offers buyouts. And the Trump administration reclassifies marijuana as a less dangerous drug, which could be a boon for the multibillion-dollar cannabis industry. Alex Ossola hosts.
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