One of the clearest indicators that an economic downturn, if not a recession, is knocking at the door is when companies start with layoffs. Twitter was this week just the last tech giant that announced and executed a massive layoff, allegedly firing half of its staff. Stripe CEO Patrick Collison announced the layoffs of over 14% of its workforce, amounting to more than 1,000 jobs. Raid-hailing operator Lyft announced the layoff 13% of its workforce, or nearly 700. Brace for the Tech Winter.
Amazon announced it would no longer fill certain corporate positions, while Apple stopped hiring in most departments. Facebook parent Meta and Google parent Alphabet have frozen hiring over the past few months.
Over the past decade, tech companies experienced an almost unprecedented bull cycle and spent lavishly, too. With a global recession on the horizon that could be much longer and harsher than many expect, these layoffs could only be at the forefront of a much broader layoff tsunami.
If you have information about downsizing at tech companies, please let us know through our whistleblower system, Whistle42.