The Brief – Monday 27 April: Meta layoffs, Axel Springer’s lack of due diligence and more

🏢 Meta plans to lay off 8,000 people, equivalent to about 10% of the tech giant’s staff, and will not fill thousands more open jobs it had been hiring for. It comes as Meta has substantially increased spending on AI development. (BBC)

📰 Axel Springer did not complete due diligence on The Telegraph before agreeing to acquire the title for £575m. CEO Mathias Döpfner, wanting to complete the purchase quickly, did not fully vet the value and prospects of the company, and could struggle to recoup Axel Springer’s investment. (The Guardian)

➡️ Ex-Disney CEO Bob Iger has joined Thrive Capital in an advisory role. The venture capital firm was founded by Joshua Kushner, the younger brother of Jared Kushner. (Wall Street Journal)

🍕 Immediate Media has seen a drop in adspend of 15% since the Less Healthy Food (LHF) regulations were put in place. (Campaign)

📱 Instagram is testing a Snapchat clone called “Instants”, a new image-sharing app that lets users share disappearing photos with friends. The app, which is being tested in Spain and Italy, disallows image editing and uploads from your camera roll, though you can add text to images. (TechCrunch)