Over 17K tech workers were laid off since the beginning of June
As of the beginning of June, more than 17,000 tech workers in the United States (US) have been laid off in mass job cuts, according to a tally by Crunchbase News.
Some companies cited the effects of the COVID-19 pandemic as the reason for the mass layoffs. Meanwhile, other companies are saying that they have overheard during periods of rapid growth.
Tech companies as big as Netflix, Robinhood, Glossier, and Bette are just a few of the notable companies that trimmed their headcount in 2022.
Startups—especially the ones that benefited from a pandemic boom—are starting to feel the pressure too with valuations starting to dip. Several companies have said that it’s much more difficult to raise new funding in this environment.
In a report by Nearshore Americas, the declining demand for digital services is visible in the stock markets. The tech-heavy Nasdaq Composite Index has shrunk more than 23% this year.
