Hashtag Trends Nov 11 – FTX collapses. TikTok lowers ad revenue target.Amazon loses $1 trillion in value

Ontario teacher pension plan risks losing investment in crypto exchange crash, TikTok readjusts ad revenue targets, Amazon loses $1 trillion in market valuation.

Welcome to hashtag trending. Friday, November 12th, this is Tom Li, the host.

Crumbling cryptocurrency exchange FTX is now looking for any financial lifeline it can get its hands on. The platform suspended withdrawals and onboarding new customers as it tried to manage the influx of withdrawal requests. The Bahamas Securities Commission, meanwhile, has frozen the assets of FTX Digital Markets. The crypto market has felt the shock wave. Bitcoin and Ethereum prices hit new lows this week, according to The Globe and Mail. Additionally, his US$95 million investment in the platform, held by the Ontario Teachers’ Pension Plan, is at risk of evaporating.

sauce: earth and mail

The Financial Times reports that TikTok has cut its global advertising venue target by US$2 billion due to weak sales. The company hasn’t hit a hole yet, but it’s just struggling to meet its advertising revenue projections. The company has accused its employees of underperforming, but employees say the company is also to blame for wasting money unnecessarily. They often offered young employees higher salaries and poached them from competitors. We also invested generously in gorgeous venues to host our events.

sauce: business insider

Amazon has slashed its market valuation by about $1 trillion this year. The company has tumbled from its staggering $1.9 trillion valuation on June 21 to $878 billion today, according to Gizmodo. At its peak, Amazon briefly overtook Apple to become the world’s most valuable company. The company’s lower-than-expected earnings disappointed investors. In addition, the company forecasts a slower-than-usual holiday sales season and year-on-year growth of 2-8%. However, unlike Meta and Twitter, Amazon has yet to aggressively cut jobs.

sauce: gizmodo

While Twitter is in complete chaos, smaller microblogging sites are seeing a resurgence of users. Founded in 2007, Tumblr has recently attracted celebrities such as Ryan Reynolds and Lynda Carter. Tumblr has rolled out its own Blue Checkmark to attack Twitter and tackle one of the hottest topics on the web right now. This checkmark, called Tumblr’s Important Blue Internet Checkmark, doesn’t do anything to the user’s account at all, he just adds two blue checks next to the blog. No subscriptions. Checkmark can be obtained with his one-time payment of $8.

sauce: The Barge

That’s all the tech news trending right now. Hashtag Trending is part of the ITWC Podcast network. Add us to your Alexa Flash Briefing or Google Home Daily Briefing. Sign up for the Daily IT Wire newsletter to get all the important news straight to your inbox every day. Also, check out the next episode of Hashtag Tendances, our weekly Hashtag Trending episode in French, which airs every Thursday morning. If you have any suggestions or tips, let us know in the comments or email us. Thanks for listening, I’m Tom Lee.