elon musk Musk Reportedly Plans Massive 75% Layoffs at Twitter Elon Musk plans to cut Twitter's workforce by 75% if his acquisition goes through, leaving the platform with a fraction of its current staff. Experts warn such drastic cuts could severely cripple essential operations like security and content moderation.
snap Snap Reports Weak Q3 Earnings, Revenue Misses Expectations Amid Restructuring Snap misses analyst revenue expectations as its net loss accelerates to $360 million despite strong user growth. The social media giant declines to provide financial guidance for the upcoming quarter.
brex Corporate Spend Giant Brex Lays Off 11% of Staff Amid Pivot to Enterprise Fintech decacorn Brex cuts 136 workers and loses its CFO to competitor Rippling as it shifts focus away from small businesses. The layoffs highlight that even highly valued startups face pressure to achieve sustainable profitability.
clear capital Real Estate Tech Firm Clear Capital Cuts 27% of Workforce Amid Housing Slump Clear Capital lays off an estimated 378 employees as rising interest rates severely reduce mortgage industry volume. The company calls the restructuring a necessary response to a shifting housing market.
momentive global SurveyMonkey Parent Momentive Global Cuts 11% of Workforce Momentive Global, the parent company of SurveyMonkey, lays off 11% of its staff as part of a strategic restructuring effort to improve operating margins.
noom Weight Loss App Noom Slashes Coaching Staff in Second Round of Layoffs Noom cuts 500 employees, mostly coaches, reducing its coaching team by half since the start of the year. The layoffs signal a major strategic shift away from the live chat support that defined the platform.
adobe Adobe Acquires Figma for $20 Billion Amid Major Tech Shakeups This week's biggest tech news includes Adobe's massive $20 billion acquisition of Figma, a major hack at Uber, and widespread cutbacks at Google's internal incubator. Companies across the industry are shifting their focus toward AI and profitability.
patreon Patreon Lays Off 17% of Workforce and Closes European Offices Patreon cuts 80 jobs across its Go-to-Market, Operations, Finance, and People teams while shutting down its Berlin and Dublin offices. The company insists the restructuring aims to ensure long-term stability for creators who rely on the platform.
remote work Tech Industry's Return-to-Office Push Exposes Deep Disrespect for Labor Major tech companies like Apple and Google hypocritically force employees back to the office despite building the tools that make remote work possible. This contradiction reveals an underlying disregard for workers that mirrors traditional corporate greed.
patreon Patreon Eliminates Entire Internal Security Team in Latest Tech Layoff Patreon confirms it lays off its entire internal security team, consisting of five employees. The company declines to explain the decision but claims it relies on external organizations for security assessments.
stripe Stripe Cuts Dozens of TaxJar Employees Amid Fintech Downturn Stripe dismisses up to 55 employees from its TaxJar division as it winds down the tax compliance startup's dedicated sales and marketing efforts. The reduction follows a 28% drop in Stripe's internal valuation.
wayfair Wayfair Cuts Nearly 900 Jobs to Reduce Costs Amid Slowing Growth Online home goods retailer Wayfair lays off about 5% of its global workforce as pandemic-era e-commerce growth fails to materialize. The company expects to incur $30 to $40 million in severance costs during the current quarter.
warner bros discovery Warner Bros. Discovery Slashes 70 HBO Max Jobs in Cost-Cutting Push Warner Bros. Discovery lays off 70 employees across HBO and HBO Max as the newly merged company attempts to eliminate redundancies and save $3 billion.
facebook Teens Abandon Facebook While Twilio Faces Major Phishing Hack A new Pew study shows teen usage of Facebook drops to just 32% as young users flock to TikTok and YouTube. Meanwhile, Twilio suffers a massive SMS phishing attack compromising employee credentials.
rivian Rivian Boosts 2022 Loss Forecast to $5.45 Billion Amid Supply Chain Woes Rivian maintains its target of delivering 25,000 electric vehicles this year despite expecting an extra $700 million in cash burn. The automaker reports rising preorders and a Q2 revenue beat as it navigates inflation and recent layoffs.