Elon Musk fired about half of the Twitter staff last week and once again dominated the headlines. However, in the shadow of the Twitter drama, technology companies large and small are laying off thousands of employees.
As a rule, it doesn’t come out as clear as on Twitter. However, more and more reports are coming from tech and fintech companies that are hitting hard: “Robinhood, the hyped stock exchange platform, has already laid off 30 percent of the people,” writes the “Tages-Anzeiger”. Uber rival Lyft announced last week it would lay off 13 percent, or about 650, of its 5,000 employees. Payment processor Stripe announced it would cut 1,100 jobs. This list is getting longer every day.
About 50,000 tech workers are said to have recently lost their jobs in the US — less than one percent of the nearly six million tech workers. This number is likely to increase in the coming weeks and months, benefiting start-ups that have previously struggled to find good IT specialists due to the dominance of the tech giants.
The following overview shows what is currently happening at Apple, Amazon, Microsoft and Co.
Apple recently had about 154,000 employees.
According to the Wall Street Journal, Facebook parent company Meta plans to cut thousands of jobs. The group had recorded a decline in profits and a decline in sales in the third quarter. Meta is suffering from advertisers cutting their marketing budgets in the bleak economic climate.
Meta, which includes Facebook, Instagram, WhatsApp and a VR division, has about 87,000 employees worldwide.
Amazon announced a staff freeze last week. The shipping and cloud giant is holding back on hiring, given the sluggish economy. The recruitment break applies for the coming months.
Amazon recently had about 1.54 million employees worldwide.
Even the software and cloud group, accustomed to success, experienced a smaller wave of layoffs in October, affecting hundreds of employees in facilities around the world.
In early October, Catrin Hinkel, the boss of Microsoft Switzerland, said in an interview with “Tages-Anzeiger” that they wanted to hire 100 additional employees in Switzerland next year.
Snap, the American company behind the chat app Snapchat, is laying off a fifth of its employees. More than 1000 of the more than 6400 employees have to leave the social media company.
The downturn in the PC market hits Intel hard. The American chip manufacturer therefore wants to reduce costs by 3 billion dollars next year. According to a Bloomberg report, this represents a “significant reduction in the workforce.” Marketing and sales can lose up to 20 percent of their staff.
In 2021 Intel had 121,100 employees.
The strong dollar and high material and logistics costs are impacting Tesla stock. Problems with the “Full Self-Driving” software, increasing competition between electric car providers and, more recently, Musk’s chaotic Twitter takeover are making investors even more nervous.
Tesla will cut 3 to 3.5 percent of its jobs in the coming months. This was made clear by company boss Musk in June after conflicting reports. Musk said in a video interview that Tesla was building employee jobs too quickly. About every tenth job among workers is lost, while the number of factory workers will increase over time.
At the beginning of the year, Tesla had nearly 100,000 employees.
With material from the SDA news agency.
(oil)
Source: Watson
I am Dawid Malan, a news reporter for 24 Instant News. I specialize in celebrity and entertainment news, writing stories that capture the attention of readers from all walks of life. My work has been featured in some of the world’s leading publications and I am passionate about delivering quality content to my readers.
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