From Mass Resignation to Mass Layoffs: Big Tech Companies Fire Thousands in 2022

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Twitter has been all anyone can talk about. Elon Musk has taken the social media platform by storm—and not in the best way. The billionaire, who recently acquired Twitter in a controversial deal, fired over 3,700 employees, which equates to about half of the platform’s total staff. Management cited financial issues as Twitter has reportedly been losing $4 million per day.

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It’s a huge layoff, but as controversial as it seems, it’s certainly not the worse. If employers dealt with the Great Resignation in 2020 and 2021, then the workforce might be dealing with mass layoffs in 2022. At least in big tech. Just a few months ago, the tech industry was considered a safe space from layoffs as the world went completely digital during the pandemic. But with the economic downturn, tech’s no longer as safe as it once was as the future of tech, or at least its revenues, is uncertain.

About the same time Musk announced Twitter’s layoffs, Mark Zuckerberg announced that over 11,000 employees from Meta would be let go in the coming days. It’s the biggest layoff in the tech industry, but it’s still only 13 percent of Meta’s massive global workforce. The 11,000 workers will be given at least 16 weeks of severance pay.

Meanwhile, Stripe, Coinbase, Shopify, Snap, and Microsoft have let go of 1,000 employees each, totaling a shared 5,000 tech employees. Strip lost 14 percent of its workforce, who will receive a minimum of 14 weeks of severance pay. Coinbase cut 18 percent of its employees, also giving them 14 weeks of severance base. At Shopify, 10 percent of its workforce was let go, while at Snap, 20 percent was let go. Microsoft laid off the same amount of workers, but for the massive tech company, 1,000 job cuts only account for one percent of its total workforce. Even Netflix wasn’t spared from the great tech layoffs with roughly 450 job cuts.

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There are countless reasons for the massive layoffs in the industry: ads, inflation, competition. But it just goes to show that even the job economy can be fickle.

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Anri Ichimura
Section Editor, Esquire Philippines
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