In the last year, more than 70,000 people globally have been laid off by Big Tech companies—and that doesn’t count the downstream effect of contractors (and other organizations) losing business as budgets tighten.

What exactly led to this massive shakeout? And what does it mean for the industry, and you?

What’s the damage?
Since the end of the pandemic hiring spree, large numbers of employees have been fired from major tech companies, including Alphabet (12,000 employees), Amazon (18,000), Meta (11,000), Twitter (4,000), Microsoft (10,000), and Salesforce (8,000).

Other household names share the spotlight, including Tesla, Netflix, Robinhood, Snap, Coinbase and Spotify—but their layoffs are significantly less than those mentioned above.

Importantly, these figures don’t include the downstream layoffs, such as advertising agencies laying off staff as ad spend reduces, or manufacturers downsizing as tech product orders shrink—or even potential layoffs yet to come.



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https://fortune.com/2023/01/31/big-tech-layoffs-70000-salaries-innovation/