Silicon Valley companies have laid off 20,000 workers in the last week, accelerating the job cuts and hiring freezes that have been sweeping the tech industry for months.
Over the past week, Silicon Valley firms have implemented massive job cuts and hiring freezes that have been ricocheting through the tech industry for months. An insightful chart highlights which tech industry (including FinTech) has faced the biggest layoffs so far this year.
The tech firms and their employees are well known for their high salaries, frequent hiring, bonuses, stock ownership plans, generous benefits, and opulent workspaces. However, it seems to have come to an end, with the flow of money into the sector drying up in the face of the ongoing economic slowdown.
In 2022, tech companies like cloud software provider Salesforce, Microsoft, social media firm Snap, Apple, Netflix, and Google have laid off employees.
Since October, when Elon Musk took over Twitter, he has fired about half the company’s 7,500-strong staff. Musk, who also heads Tesla, reportedly said in June that he wants to pause hiring and cut the employee count by 10 percent because he has a “super bad feeling” about the economy.
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