Tech companies shed more than 386,000 jobs last year and in the first half of this year, according to Layoffs.fyi. That number is climbing. But while layoffs have taxed workers, a booming artificial intelligence market is giving the industry a renewed sense of optimism.
Meta started carrying out the last batch of a three-part round of layoffs on Wednesday, according to a source familiar with the matter, as part of a plan announced in March to eliminate 10,000 roles.
Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.
In the last couple of months, tsunamis of layoffs have hit the tech ecosystem. From Twitter to Meta, and then Amazon, the once glittering ecosystem where most young people desire to work is now facing a new threat.
15 Nov 2022
Twitter has sacked roughly half its workforce as Elon Musk ended his first week as the company's new owner. Employees are responding with a class action lawsuit. Musk insists he had no other choice but to slash jobs.
10 Nov 2022
Half of the social media giant's staff were reportedly laid off, some advertisers pulled their ads and US President Joe Biden said the platform "spews lies all across the world."
9 Nov 2022
Cornet and four other Twitter employees had filed a lawsuit in California federal court on Friday accusing the social media company of violating federal and California laws requiring employers to give 60 days' notice before engaging in mass layoffs.
9 Nov 2022
Smart algorithms can bundle and evaluate information at lightning speed, which helps determine what content is shown to users. This benefits apps like Shein and TikTok enormously.
4 Nov 2022
Employees are bracing for bad news after receiving a memo about job cuts, with every second worker reportedly at risk of being laid off. Elon Musk has already fired top executives since buying the social media giant.