After a banner year in 2021, tech companies have laid off more than 62,000 workers in 2022, according to TechCrunch.
Reasons vary, but it’s clear that former high-flyers of the tech world – many of whom employ thousands of Texans – are struggling, along with the rest of the economy. Tech expert Omar Gallaga says fears of a global downturn in 2023 are driving many of the layoffs.
Highlights from this segment:
– Amazon is laying off 10,000 people this month, across many of its businesses. People who work on devices like the Echo voice assistants are among those significantly affected.
– At Facebook parent Meta, the 11,000 employees let go amount to 13% of the workforce. The company blames lower ad revenue, along with heavy spending related to Facebook’s virtual reality products.
– Even before new owner Elon Musk fired half of Twitter’s workforce, the company was struggling with reduced revenues.