Amid growing concerns around the shrinking US economy, the technology sector seems to be taking the maximum beating. While the global technology giant Microsoft earlier announced to cut tech jobs, as per latest reports more than 32,000 tech workers have been laid off in the US till July.
The US BigTech companies including Microsoft and Meta (formerly Facebook) are preparing for the ‘worst' for the tech sector that has already seen massive stock sell-off. According to recent data, more than 32,000 workers in the US tech sector have been laid off in mass job cuts, as of late July.
The layoff includes ride-sharing platform Uber, Netflix and several cryptocurrency exchanges and lending platforms. Robinhood, Glossier and Better are just a few of the tech companies that have trimmed their headcount this year.
Since April 1 this year, more than 43,000 workers from 342 tech companies/startups have been laid off across the world and over 13 per cent are from India. In India, more than 25,000 startup workers have lost jobs since the pandemic began — and more than 11,500 have been fired this year.
The layoffs in India are dominated by edtech platforms like Unacademy (1,150 employees), BYJU'S (550 at Toppr and Whitehat Jr) and Vedantu (624), along with ride-hailing platform Ola (nearly 500), healthcare startup MFine (600) and pre-owned cars platform Cars24 (600), among others.
The other Indian startups and unicorns that have laid off employees are Meesho, MPL, Trell and Blinkit (now owned by Zomato), among others.