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Friday, March 03, 2023
Many tech stocks have been in a tailspin for the better parts of the last 12 months, which was one factor in the reduction of the workforces of numerous companies and startups in the tech sector after the pandemic years of growth. Even massive tech companies like Amazon, Meta, and Twitter carried out mass layoffs.
The first chart shows in November 2022 alone, more than 50,000 tech workers were laid off globally. The highest wave of tech layoffs came in January 2023 when over 80,000 employees have been laid off.
The second chart shows tech companies with the largest amount of employees laid off. Alphabet had the highest amount of layoffs in January 2023, with Meta and Amazon following in November of 2022.
Source: Statista (a), Statista (b)