Tech Industry Turbulence: Massive Layoffs at Tech Giants Tech companies are facing a new reality. Companies that led a 10-year bull market must adapt to slowed growth, higher rates of interest to combat inflation, and concerns about a possible recession in the coming year. As a result, job cuts are piling up, with some of the biggest tech giants announcing massive layoffs in recent months. These massive tech giant layoffs are the biggest ones in the century so far.
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Alphabet: 12,000 Jobs Cut
Alphabet’s parent company, Google, announced Friday that it would be laying off 12,000 employees. Sundar Pichai is the CEO of Google. In an email to its staff, he announced that the company would start making cuts in the U.S. as soon as possible. He said that in other countries the process would take longer because of local laws and practices. One of the largest tech giant layoffs to date.
Microsoft: 10,000 Layoffs
Microsoft will cut 10,000 jobs by March 31, as it prepares for a slower revenue growth. The company will also take a $ 1.2 billion charge. In a memo sent to Microsoft employees, Satya Nadella said: “I am confident that Microsoft will come out of this stronger and more competitive.” The company’s website was posted this Wednesday.
Meta: 11,000 Jobs Cut
Meta, the parent company of Facebook, announced in November its largest round of layoffs to date. The company plans to cut 13% of its staff or more than 11,000 people. Meta has announced its cuts after expanding its staff by 60% during the pandemic. Competition from rivals like TikTok has hurt the business. Apple’s iOS updates and a general slowdown in online advertising spending are causing problems. Meta is the second largest tech company to lay off employees after Google.
Twitter: 3,700 Job losses
CNBC has obtained internal communications that show Elon Musk sacked around 3,700 Twitter staffers shortly after completing his $44 billion acquisition of Twitter. This is about half of the staff. Musk has changed his policies on working from home, and he wrote that all employees should be committed to a “hardcore work environment”. Since then, a significant number of employees have left.
Tesla: 6,000 Jobs Cut
Tesla CEO Elon Musk sent an email in June to all Tesla employees announcing that the company would be cutting 10% of its salaried staff. The Wall Street Journal based its estimate on public filings that the reductions will affect around 6,000 employees. Musk wrote: “Tesla is reducing its salaried staff by 10%, as we are overstaffed in several areas.” This does not apply to those who build cars, batteries, or solar panels. “The hourly headcount will rise.”
Zoom:1,300 Layoffs
Zoom CEO Eric Yuan announced to employees on February 7 that the company plans to lay off approximately 1,300 workers. This represents a 15% decrease in its workforce. The decision was taken as the world began to move towards a post-pandemic reality and amid the uncertainty of the global economy. Zoom, despite tripling its staff when the pandemic began, has had to adjust its workforce to respond to changing market conditions.
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Conclusion
The tech industry has a difficult time adapting to the new reality. A reality with slowing growth, higher interest rates, and fears of a possible recession. This has resulted in several major layoffs by tech giants such as Alphabet, Microsoft, Meta, Twitter, and Tesla, with thousands of jobs being cut. To return to financial security, the laid-off employees must consider other side hustles and online earning ways like Affiliate Marketing which is making common people millionaires.
