Two dozen US tech employers announced mass job cuts last week

In 2022, almost all big technological firms like Netflix, Robinhood, Glossier, Better among others have slashed jobs this year, some citing COVID-19 pandemic while others blamed it to rising inflation.

In just past week, about two dozen US tech employers announce mass job cuts including Stripe, Lyft and Chime, and Twitter.

According to details, compiled by Crunchbase News, leading the charts of tech giants laying off its staff is Twitter, which almost slashed 3,700 employees.

Following Twitter is San Francisco-based fintech firm Stripe which cut 1050 staff, the again San Francisco-based transpiration firm Lyft which reduced 760 staff.

San Francisco’s another proptech firm Opendoor reduced 550 staff, Booking.com laid off 226 employees, Seattle’s Zillow laid off 300 staff, New York’s digital health firm cut 1,095 staff, while another similar New York firm Peloton reduced 4,084 staff in 2022.

Los Gatos’-based entertainment firm Netflix reduced 480 staff, San Francisco’s enterprise software Twillio cut 800 jobs. Boston’s e-commerce firm Wayfair reduced 870 jobs, while New York’s ecommerce firm Vroom said goodbye to 647 employees.

Apart from this, multiple firms did cut their workforce by 20-50 per cent. However, they did not declare the number of employees affected.

Call it inflation concerns, rising interest rates and geopolitical issues, firms’ businesses have seen a roller-coaster ride in stock market in 2022. This has affected those startups too which were benefited during the pandemic. Live Mint