Layoffs continue, Silicon Valley renews romance with Middle East money and why Netflix is retiring its no-ads basic tier
On the show today, Middle Eastern sovereign wealth funds have parked a whole lot of money in Silicon Valley. Saudi Arabia’s Public Investment Fund, for one, spent more than $31 billion on 49 venture deals, up 33% in 2023. Why does the tech industry find it so hard to break up with Middle East money? Plus, Netflix changes up its business model — again. We look at why the streaming giant sees even more ads in its future. But first, job cuts continue across the tech landscape. Even TikTok, with its $225 billion valuation and 150 million active users in the U.S. alone, is letting people go. Marketplace’s Lily Jamali is joined by Natasha Mascarenhas, reporter at The Information, for her take on these stories.