Tech Layoffs Accelerate as Major Companies Slash Thousands of Jobs
Recent weeks bring a massive surge in tech industry layoffs, with the known number of impacted workers jumping by 46% in just a few weeks. Experts warn that the worst of these workforce reductions likely arrives in early 2023.
A recent wave of tech layoffs forces industry observers to quickly revise earlier predictions of a calming market. Major companies including Twitter, Meta, Amazon, Stripe, and Salesforce announce thousands of job cuts, pushing the total number of known impacted tech workers this year from 92,558 to 134,739 in a matter of weeks.
This sudden 46% increase shows that November alone impacts nearly as many people as the entire summer of June, July, and August combined. Executives and industry sources indicate that founders potentially push even more layoffs into the days ahead of the Thanksgiving holiday to minimize public backlash.
The current situation highlights a difficult reality for many late-stage startups that raised massive funds during the boom cycle but lack the revenue to justify their valuations. Experts warn that the true extent of these workforce reductions remains hidden and likely materializes in the first quarter of 2023 as company runways continue to shrink.