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Meta crosses the pond – Protocol

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Good morning! Meta’s top executives move to London. Is this a coincidence or is something else going on?

What’s on the other side of the pond?

The Financial Times reported that Adam Mosseri is temporarily moving to London. Then another report said Nick Clegg will be going there too. Oh, and Meta CMO Alex Schultz has joined them. And who knows who might be next!

So why are Meta’s top three executives moving to London? Everyone is giving answers, whether it’s embracing remote working or getting closer to friends and family (Clegg’s from the UK).

  • The reason for remote working, which Meta goes with: “The last few years have brought new possibilities around the way we connect and work. We believe that how people work is far more important than where they work from,” a spokesperson told me.
  • And maybe that’s why Clegg is moving: he’s been pretty open about his distaste for California, anyway.
  • The political reason: Clegg was once a member of parliament, having served as the country’s deputy prime minister. He could be a friendly face in the crowd as UK regulators deal a major blow to technology over issues such as child and data privacy.
  • The reason for TikTok: It’s no secret that Meta is trying to compete with TikTok, and moving to London will help Mosseri grow Instagram’s product team and attract more creators. London is also its second engineering center after the United States.

Maybe they’re moving because of a mix of all those things. But it’s clear that Silicon Valley doesn’t have the grip on Meta that it once had.

  • Mark Zuckerberg spends a lot of time at his estate in Kauai, Hawaii, and he recently sold his house in San Francisco. He still has properties in Palo Alto and Tahoe.
  • And even months before the trio moved to London, Meta executives were dispersing to New York, Spain, Israel and even Cape Cod.

-Sarah Roach

Do you have any idea why executives are heading to the UK? Reply to this email or send me a note directly; I want to hear your thoughts.

Nothing says ‘love’ like a subscription

To hell with the metaverse and virtual money. Tinder is all about subscriptions.

Tinder drops plans for users to date in the metaverse or buys virtual currency, according to the letter to shareholders from Match Group CEO Bernard Kim. Instead, it will focus on subscriptions.

  • Tinder is introducing a subscription plan “based on curated recommendations,” as well as a shorter-term subscription plan that the company says will “appeal to new Tinder users and generate additional revenue.”
  • The purpose of subscriptions, in the case of Tinder, is “to better serve our female users,” the letter reads. Some of the new initiatives will include friends more involved in the matchmaking process.

Is Tinder afraid paid subscribers will fall in love, delete the app, and never look back? When it comes to dating apps, losing customers isn’t bad at all. In fact, people who unsubscribe could benefit the bottom line as well.

  • Truebill’s Yahya Mokhtarzada told me in April that it’s okay if people don’t keep their subscriptions, especially in dating apps. “If they’re doing their job, people should cancel because those people should build relationships,” Mokhtarzada said.
  • If people build relationships, they might be repeat customers if things don’t work out all the way. And if things do train, their friends may also want to join.
  • Getting people to sign up for a membership, even if only for a short time, could be more profitable than metaverse dating.

The key to subscriptions is to make them so convenient that users can’t deny having paid a little money. And if Tinder can make its dating experience much easier and better with an app subscription, new users will keep coming, even as old ones move on.

-Sarah Roach

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Automate your calendar

Working around people’s schedules to organize meetings consumes time and productivity. Automation can help.

GoodTime.io offers business software that automates work processes such as scheduling meetings and interviews.

  • The company’s newest product, Meet, automates meeting scheduling to fit everyone’s schedule and offers tips for improving meetings.
  • Its flagship product, Hire, is aimed at recruiters. It automates start-to-finish interview coordination, through to selecting the best interviewer for each candidate, to help its clients save time. And in a competitive job market, speed is key, co-founder Ahryun Moon told me. “You want to be the first offer on the table, and the best.”

GoodTime, and others like it, thrived early in the pandemic. And amid the 2021 hiring frenzy, automating the process “has become really, really important,” Moon said. But amid the recession, things look hazy.

  • GoodTime customers are now “kind of in a fallback mode,” Moon said, though his sales haven’t slowed.

After the pandemic-related slowdown and spike in unemployment in early 2020, hiring rebounded after a few quarters. Although companies are now laying off employees, Moon said, “everyone tells me that based on their experience in 2020, within a quarter or two, they’ll have to hire like crazy again.” Now might be the best time to automate workflows, before the next wave hits.

To read the full interview, Click here.

—Nat Rubio-Licht

People are talking

Yuga Labs co-founder Greg Solano is frustrated with Ryder Ripps’ allegations against BAYC:

  • “The persistence, the wickedness of the troll – frankly, how bad it all is – it’s hard.”

make moves

Thoma Bravo bought Ping Identity, an enterprise identity management company, and will make it private for $2.8 billion.

Binance co-founder Yi He will take over Binance Labs, the venture capital arm of the company.

Aparna Chennapragada leaves Robinhood as product manager. Chennapragada joined the company from Google just over a year ago.

Andrew Sneyd is FanDuel’s new Executive Vice President of Marketing. Sneyd was vice president of marketing and brand strategy at Priceline before FanDuel.

David Spirk joined Palantir as a senior advisor focused on U.S. government and international affairs. Spirk was the Department of Defense’s first data manager.

Fritz Lanman is Mindbody new CEO. Lanman will continue in his role as head of ClassPass.

Doug Adamic is Brex’s new CRO. Adamic recently held the same role at Concur.

In other news

Twitter donated money to the Association of Attorneys General of the Republic for the first time in June. RAGA is a political committee that raises funds to “fight the Democrats’ pro-abortion agenda.”

Tesla is planning a 3 for 1 stock split at its general meeting today. It wouldn’t affect Tesla’s market value.

The WeWork offices are busy again. They were 72% full at the end of the second quarter, roughly the same occupancy levels as before the pandemic.

Chips Act gives $1 billion to carbon removal research in the service of energy, more than double the existing budget.

SoundCloud lays off up to 20% of its employees due to “the difficult economic climate and headwinds in the financial markets”.

Triller influencers say they struggle to get paid. Triller has promised the creators money, brand deals, and even company stock, but many say the company hasn’t followed through.

Details of Elon Musk countersuit of Twitter must be made public by Friday, the presiding judge ruled.

Wikipedia doesn’t want everyone to edit their “Recession” page. It will only accept page updates from unregistered users after they have passed through an editor.

Facebook is removing its live shopping feature from October so that he can concentrate more effort on the reels.

Some good advice

The Wall Street Journal has compiled a list of steps parents can take to get their lazy summer kids “off screens and ready for school.” But these tips might actually help…everyone? Here are some highlights:

  • Set goals around the most entertaining apps. “Don’t watch TikTok for three hours at bedtime” is a good goal, regardless of your age.
  • Stop scrolling. Instead, watch movies on the TV, which is more relaxing than the chaos of the timeline.
  • Declutter your social feeds: Spend the rest of your summer unfollowing people, decluttering your newsletter subscriptions, and deleting apps you don’t use or want. Your brain will thank you.

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