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Five Largest Internet Companies Hit 1.7 Million Employees, a 60% Increase in a Year

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The digital transformation fuelled by the COVID-19 has speeded up the growth of the world’s largest internet companies. Today, these tech giants employ more people than ever and generate revenue counted in tens and hundreds of billions of dollars.

According to data presented by BuyShares, Amazon, Alibaba, Alphabet, Facebook, and eBay, as the world’s largest internet companies by the total workforce, hit more than 1.7 million employees, a massive 60% increase in a year.

Amazon Created 500,000 New Jobs Amid COVID-19 Crisis

Amazon has consistently topped the ranking as an online company with the biggest workforce, but the COVID-19 pandemic has widened the gap as eCommerce has boomed since then. While many companies were forced to cut jobs in face of the pandemic, the tech giant went on an unprecedented hiring spree in 2020. According to the company’s data, the eCommerce behemoth created 500,000 new jobs last year, adding to its already sizeable workforce.

With roughly 1.3 million employees across the globe, Amazon is only the second US company to employ more than a million people. The US retail giant Walmart currently employs 2.2 million people around the world.

With such a staggering workforce and millions of customers worldwide, Amazon undoubtedly is a money machine. Last year, the company’s revenue surged by 37% YoY to $386bn, and according to the report by CNBC, the online retailer generates more than $800,000 every minute.

Alibaba’s Workforce Surged by 113% in a Year

Alphabet, Google’s parent company, ranked as the second-largest online company by the number of employees. In 2020, the tech giant reported over 135,000 full-time employees, 16,400 more than a year before.

However, China’s biggest eCommerce company, Alibaba Group, witnessed even more impressive workforce growth. Alibaba emerged as one of the country’s biggest corporate winners of the COVID-19 crisis. The multinational tech giant gained the opportunity to expand its business significantly in 2020, as demand for its services and online marketplace traffic surged amid the lockdowns.

The company’s earnings report for the fiscal year 2021 revealed the eCommerce giant had more than 251,000 full-time employees in March, an impressive 113% increase in a year.

Statistics also showed the number of active consumers across Alibaba’s online shopping properties jumped by 11% YoY to 811 million in the first quarter of 2021, while the company’s annual revenues grew by 40% YoY to over 717 million yuan.

Facebook, ranked as the fourth-largest internet company based on the number of employees. The social media giant created 13,600 new jobs last year, with the total number of employees rising to 58,600.

As the fifth-largest company on this list, PayPal increased its workforce by 14% in this period and hit 26,500 employees globally.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Telecommunications

Lagos Residents Frustrated by Rapid Data Drain, Call for NCC Action

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Lagos residents are expressing increasing frustration over what they describe as the rapid depletion of their data bundles.

Many subscribers are now calling on the Nigerian Communications Commission (NCC) to address their concerns as they suspect changes in billing practices by telecommunication providers.

Numerous subscribers have reported that their data does not last as long as it used to. A Lagos-based teacher, Mrs. Nafidah Zaynab, shared her experience, stating that a N2,000 data bundle, which previously lasted almost a month, now depletes within just a few days.

This sentiment is echoed by many, including Idowu Anabili, a trader who has reduced his data usage due to rising costs.

Abdullahi Yunus, who runs a café, noted a significant increase in his data expenses, spending between N70,000 and N100,000 monthly, up from N30,000. He attributes this spike to faster data consumption.

Telecom operators deny any wrongdoing, attributing the faster data consumption to increased usage by subscribers.

An anonymous official from MTN explained that the variety of activities performed on smartphones has increased, leading to faster data usage.

Airtel Nigeria’s spokesperson, Mr. Femi Adeniran, suggested that background apps and high-definition streaming contribute to the issue.

Despite complaints, operators assert they have not officially increased data prices. They emphasize that automatic app updates and other technical factors may be responsible for the perceived quick depletion.

Experts suggest that the challenging economic climate may be pressuring telecom companies to subtly reduce data value.

The industry has reported a 43% rise in operational costs, although no formal tariff hikes have been announced.

The NCC has clarified that it has not authorized any increase in data tariffs. The commission highlights technical factors like automatic video play and app updates as potential causes for quick data depletion.

In a bid to assist consumers, the NCC has advised turning on data saver modes and managing app updates to conserve data.

To combat the issue, Mobile Network Operators (MNOs) have initiated a campaign to educate consumers on optimizing their data usage.

They recommend practices such as disabling automatic updates and closing unused apps.

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Social Media

Meta Shuts Down 63,000 Nigerian Accounts in Sextortion Crackdown

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In a significant move to combat online crime, Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has removed 63,000 accounts in Nigeria linked to sextortion scams.

This sweeping action is part of Meta’s ongoing effort to address the growing threat of digital extortion on its platforms.

Unmasking the Scammers

The crackdown, which took place at the end of May, targeted accounts engaged in blackmail schemes.

These scammers posed as young women to coerce individuals into sharing intimate photos, which were then used to extort money from the victims.

The removal follows a Bloomberg Businessweek exposé highlighting the rise of such crimes, particularly affecting teenagers in the United States.

The Global Impact

The U.S. Federal Bureau of Investigation (FBI) has identified sextortion as one of the fastest-growing crimes targeting minors.

The schemes often lead to severe consequences, including the tragic suicides of more than two dozen teens.

In one high-profile case, the death of 17-year-old Jordan DeMay in Michigan led to the arrest of suspects traced back to Lagos, Nigeria.

The Role of the Yahoo Boys

Many of the dismantled accounts were linked to the “Yahoo Boys,” a notorious group known for orchestrating various online scams.

These individuals have been using social media to recruit and train new scammers, sharing blackmail scripts and fake account guides.

Meta’s Response

Meta’s spokesperson emphasized the company’s commitment to user safety, stating, “Financial sextortion is a horrific crime that can have devastating consequences.”

The company is continually improving its defenses and has reported offenders targeting minors to the National Center for Missing & Exploited Children.

To enhance protection, Meta has implemented stricter messaging settings for teen accounts and safety notices regarding sextortion.

They are also employing technology to blur potentially harmful images shared with minors.

Ongoing Efforts

Meta’s actions highlight the complex and evolving nature of online crime. The company has pledged to remain vigilant, adapting its strategies to counter new threats as they emerge.

“This is an adversarial space where criminals evolve to evade our defenses,” Meta noted.

Looking Forward

As digital platforms continue to grapple with issues of privacy and security, Meta’s recent actions demonstrate a proactive stance in safeguarding users.

By dismantling these networks, the company aims to reduce the prevalence of sextortion and foster a safer online environment for all.

The crackdown serves as a reminder of the need for continued vigilance and collaboration between tech companies and law enforcement to protect individuals from the harmful effects of digital exploitation.

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Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

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Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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