Silicon Valley Is Sending Jobs Abroad

Is it just me, or has it already been a long week? Writing to you from behind a big cup of coffee, I’m Jordan Parker Erb. Today I’ll be explaining why tech companies are moving their highest-paying jobs overseas, and how to earn money on Instagram – even with a small following.

Let’s talk tech.

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Arms reaching around the globe to type on a laptop located where the USA is

iStock; Rebecca Zisser / Insider

1. Tech companies are moving their highest-paying jobs abroad. The confluence of remote work and the Great Resignation has Silicon Valley firms rethinking how they hire workers – and how much they pay them.

  • Whereas Big Tech companies were once set on keeping employees within an arm’s reach, the boom in remote work has pushed them to tap into a much larger talent pool.
  • For a senior software engineer who would earn about $ 190,000 working remotely in the US, companies could instead hire someone with a similar level of experience for about $ 91,000 in Latin America.
  • One tech CEO said: “If nobody needs to come into an office anymore, does it continue to be worth it to hire the top US tech workers?” For many companies, the answer is increasingly “no.”

What the surge in outsourcing means for tech workers.

A blue bar graph shows how much tech companies earn per second.

Andy Kiersz / Insider

2. New data shows how much Big Tech firms profit each second. According to a recent study, the average tech company profits $ 182 per second – but for companies like Apple, Microsoft, and Google, that number is closer to $ 1,000 per second. Take a look at the full chart.

3. Sam Bankman-Fried’s FTX could buy Robinhood. People with knowledge of the matter told Bloomberg that FTX is internally deliberating how to buy the brokerage. However, when asked about the possible buyout, Bankman-Fried said “there are no active M&A conversations with Robinhood.” Get the full rundown here.

4. Tech workers were miserable even before the market downturn. Interviews and internal surveys suggest that employees were already frustrated with compensation and leadership at companies like Amazon, Google, Microsoft, and Facebook before the tech-stock collapse – and experts don’t think it’s going to improve.

5. Toyota is recalling 2,700 of its new electric SUVs. The company said it is recalling the all-electric bZ4X because its wheels may come off. What we know so far.

6. Amazon employees urge execs to denounce the Supreme Court’s decision to overturn Roe v. Wade. Hundreds of workers added their names to an internal petition, viewed by Insider, that asks the company to take “immediate and decisive action against the threat to our basic human rights.” Here’s what employees are asking of Amazon.

7. Tesla employees say crowding and slow WiFi is roiling Elon Musk’s return-to-office plan. Staff told The Information that desk space and parking spots were in short supply, and that the WiFi was too weak for them to work at Tesla’s Fremont site, as was mandated by Musk in May. Here’s what else they said.

8. Electric vehicles are getting more expensive. Americans are paying $ 54,000 on average for electric vehicles – but a year ago, they were paying closer to $ 44,000. What to know about the 22% surge.

Odds and ends:

instagram logo phone

Rafael Henrique / SOPA Images / LightRocket via Getty Images

9. Want to start getting paid on Instagram? Here’s how many followers you’ll need. Dozens of influencers shared when they started making money, and how many followers they needed to do so. I know you’ve thought about it – so here’s how to get paid on Insta.

10. We rounded up the best early Amazon Prime Day gaming deals. As Amazon’s two-day sales event approaches, stores like Best Buy and Target are running competing discounts on games and accessories for Nintendo Switch, PS5, and Xbox. See the deals you can snag right now.

What we’re watching today:

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Curated by Jordan Parker Erb in New York. (Feedback or tips? Email or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.

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