Many large tech companies are laying off huge numbers of workers, and we are being warned that even more layoffs are ahead. If the most prosperous sector of our economy is experiencing this much trouble already, what is the outlook for the rest of the economy as we head into 2023?
It is being reported that approximately half of all Twitter workers could lose their jobs, and the widespread layoffs are apparently happening "In departments across the company".
Twitter on Friday laid off employees in departments across the company, in a severe round of cost cutting that could potentially upend how one of the world's most influential platforms operates one week after it was acquired by billionaire Elon Musk.
Numerous Twitter employees began posting on the platform Thursday night and Friday morning that they had already been locked out of their company email accounts ahead of the planned layoff notification.
Chime is one of the latest private tech firms to announce layoffs amid a worsening economic outlook and a recent wave of cuts from both public and private companies.
The layoffs will reduce Opendoor's headcount by about 18%, according to a company blog post.
Tech companies as big as Netflix have slashed jobs this year, with some citing the effects of the COVID-19 pandemic and others pointing to overhiring during periods of rapid growth.
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