Meta shock — Musk mayhem — Crypto nosedive

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Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories.

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Shock and anger at Meta

Meta CEO, Mark Zuckerberg.

Meta let go of 11,000 employees this week, the first mass layoff in the company's 18-year history. And it's not clear which divisions and roles were most affected — even to thousands of shell-shocked employees who remain at Facebook's parent company.

Many employees told us they were shocked by the scale of layoffs, even if they'd been expecting some headcount reduction. "Going above 10,000 was definitely more than I had in mind," one spared employee told us, "and more than people had in mind."

Here are the questions lingering for Meta employees.

For more on the Meta layoffs:

How a crypto kingpin went down

This is a photo of Sam Bankman-Fried looking to the side.

Just last week, Sam Bankman-Fried was a 30-year-old with a crypto exchange called FTX that was valued at $32 billion, a trading firm called Alameda Research, and a $15.6 billion fortune. But suddenly, 94% of his wealth was wiped out, FTX announced it was filing for bankruptcy, and Bankman-Fried stepped down as CEO

The spectacular collapse is likely to lead to more pain and result in a permanent scar on the face of the crypto industry. How did SBF and FTX get here? Our reporter Matthew Fox breaks it down.

Inside the spectacular nosedive.

Goldman Sachs introduced its newest partners

Goldman Sachs CEO David Solomon

Goldman Sachs promoted 80 people to partner this week, marking the largest class since David Solomon took over as CEO in 2018.

Outside of Goldman's C-suite, partner is the company's highest title. They get several special privileges, including a salary of about $1 million, access to a special bonus pool, and an opportunity to invest in fee-free investment funds. 

See who just got the call of a lifetime.

Elon Musk's master plan

An image of new Twitter owner Elon Musk is seen surrounded by Twitter logos in this photo illustration.

There is no shortage of mayhem at Twitter. The new paid-for checkmark system has created a Wild West of scamming and parody, Musk is asking employees to convince the engineers he laid off to come back, and the "official" badges for some accounts have been re-rolled out. 

However, beneath all of the chaos, social media expert Matt Navarra says Musk is taking steps toward his goal of turning Twitter into a "super-app."

How Musk's plan is taking shape.

This week's quote:

"If I stayed working in corporate America, I probably could climb up the ladder. But the higher you climb up the ladder, the more you work. Whereas with e-commerce, the more you work now, the less you'll work in the future."

More of this week's top reads:

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