2022, a tumultuous year for the technology sector. Tech companies from Amazon to Twitter eliminated thousands of jobs.
For more than two decades, the tech industry was a reliable source for valuable stocks and high-paying jobs. But in 2022 that all changed.
In November, U.S. companies Amazon and Meta laid off more than 21,000 workers. Twitter’s new owner, billionaire Elon Musk cut 3,700 employees, half of the workforce, citing the company was losing four million dollars a day.
Worldwide, some 138,000 jobs were cut in the industry, according to the website, layoffs.fyi. The layoffs have impacted every tech sector from semi-autonomous vehicles to social media.
One U.S. analyst says job losses in the tech industry could be just the beginning.
Joining the discussion:
- Joshua White is an Assistant Professor of Finance at Vanderbilt University.
- Anthony Chan is the former Chief Economist with JP Morgan Chase.
- Scott Schober is a cyber expert and the President and CEO of Berkeley Varitronics Systems.
- Liz Miller is Vice President and Principal Analyst at Constellation Research.
— Reuters (@Reuters) November 29, 2022
On TikTok, former employees from Twitter and Meta are giving an unfiltered look at what it feels like to get laid off https://t.co/sIudR9NV4f
— Bloomberg (@business) November 24, 2022