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Big Tech is firing employees by the thousands. Why? And how worried should we be?

In the last year, more than 70,000 people globally have been laid off by Big Tech companies and that doesn't count the downstream effect of contractors (and other organisations) losing business as budgets tighten.

January 26, 2023 / 10:21 AM IST
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Tech companies are always in the news, usually touting the next big thing. However, the tech news cycle recently hasn't been dominated by the latest gadget or innovation. Instead, layoffs are in the headlines.

In the last year, more than 70,000 people globally have been laid off by Big Tech companies and that doesn't count the downstream effect of contractors (and other organisations) losing business as budgets tighten.

What exactly led to this massive shakeout? And what does it mean for the industry, and you? What's the damage? Since the end of the pandemic hiring spree, large numbers of employees have been fired from major tech companies, including Alphabet (12,000 employees), Amazon (18,000), Meta (11,000), Twitter (4,000), Microsoft (10,000) and Salesforce (8,000).

Other household names share the spotlight, including Tesla, Netflix, Robin Hood, Snap, Coinbase and Spotify - but their layoffs are significantly less than those mentioned above.