Sources: Byju’s plans to layoff about 12,000 people, or nearly 25% of its workforce, over the next year; Byju’s denies the number of job cuts is more than 2,500 (Pradip K. Saha/The Morning Context)

Manish Singh / TechCrunch:
Indian edtech giant Byju’s plans to lay off 5% of its workforce, or around 2,500 people, in a bid to achieve profitability by 2023  —  Indian edtech giant Byju’s said on Wednesday it has eliminated 5% of its workforce, or about 2,500 roles, across multiple departments as it looks to improve …

Rebecca Bellan / TechCrunch:
TuSimple confirms plans to lay off 25% of its workforce, or an estimated 350 workers, following a rough year for the self-driving trucking company  —  Update: CEO Cheng Lu said laid off workers will remain on the payroll for two months and will receive severance.  —  Well, we knew it was coming.

Moneycontrol:
Prosus valued its 9.67% stake in Byju’s at $578M at the end of Q3 2022, implying Byju’s total value to be $5.9B; Byju’s was valued at $22B in October 2022  —  Although Prosus’ accounting entry implies that it values Byju’s at $5.9 billion, experts say that different shareholders may value a private company differently in their books.

Kathryn Hardison / Wall Street Journal:
Carvana says it will lay off about 1,500 people, or ~8% of its workforce, adding to the ~2,500 workers it laid off in May 2022  —  Planned workforce reductions come as demand from consumers remains under pressure  —  How Carvana’s Stock Crashed: What Went Wrong  —  Created with sketchtool.

Zecharias Zelalem / Context:
The UN Food Programme and the WHO say a nearly two-year internet and phone shutdown in Ethiopia’s Tigray region is hampering aid delivery and health monitoring  —  What’s the context?  —  As fighting rages on in Ethiopia’s war-torn Tigray region, one of the world’s longest telecommunications shutdowns …

Meta:
Mark Zuckerberg says Meta plans to lay off 13% of its staff, or 11,000+ employees, and will cut discretionary spending and extend its hiring freeze through Q1  —  Mark Zuckerberg just shared the following with Meta employees:  —  Today I’m sharing some of the most difficult changes we’ve made in Meta’s history.