US-Based Tech Firms Have Fired 45,000 Employees This Year: Facebook, Twitter, Salesforce & More (Full Details)

Meta had announced its intention to cut approximately 11,000 jobs which represents 13% of its global headcount.

Meta

One of its main sources of income is advertising which has been hit by Apple’s new privacy policies and global economic issues in a double whammy.

Apple’s new privacy policies prevent Meta from having full access to user data without the users’ consent.

As a result it is now harder for the company to build accurate user profiles for advertising purposes.

However, Meta has company.

It’s not the only one going for layoffs. since more and more silicon valley firms are taking to job cuts due to economic conditions and other factors.

US-based tech firms have fired more than 45,000 staff as of October 2022.

Following are some of the recent ones.

Twitter

New owner Elon Musk cut 3,700 of the company’s staff, about 50% of the company’s workforce and 90% in its India office.

Since the takeover was via ‘leveraged buyout’, Twitter now owes about $1.2b in interest and loan repayments and they needed to cut costs in order to make repayments. 

Salesforce

It has also cut hundreds of jobs from their global workforce to cut costs.

It’s been facing some pressure to cut costs since the hedge fund Starboard Value purchased a stake in the company. 

Lyft

This is a popular cab-services provider operating in the US.

It has laid off around 700 employees from their staff, citing fears of an impending recession in the near future.

Stripe 

A major online payment processing company, Stripe cut 1000 jobs or 14% of its total workforce.

Jobs will be cut across multiple divisions to cut costs and focus on profits in a slow and unstable economy.

Microsoft

Microsoft laid off about 1,000 staff across multiple divisions this July in order to ‘set the right business priorities and make structural adjustments’.

Further it has also slowed down hiring in the face of a possible economic recession. 

Tencent

The most valuable Chinese company also reportedly laid off around 5,500 employees in August and froze hiring for the first time in a decade.

Layoffs took place mostly in Fanbyte, a gaming news publication owned by Tencent.

The reason given was declining revenue in the previous quarter.  

Byjus

In October, India’s largest ed-tech company Byjus also cut down about 2,500 jobs, which is about 5% of the company’s total workforce.

It’s also looking to slash costs in the marketing department and other avenues in order to manage finances better and become profitable within this financial year.