Meta, Twitter & Unacademy: Mass Layoffs in Tech
Since the past week, tech giants have been laying off hundreds and thousands of employees. Some have even said that this is the lay off season and to be prepared for it.
Companies are looking to trim their expenses due to the current recession. The hirings have been frozen, cutting down extra expenditure. The global slowdown has forced them to save themselves.
Mark Zuckerberg’s Meta fired 11,000 employees at once which is about 13% of its workforce. The CEO took responsibility and apologised for the same.
Elon Musk after buying Twitter for $44 billion laid off 50% of its employees which counts about 3700 people. Musk said that it was important as the company was losing $4M/day.
BYJU’s recently announced that it will lay off 2,500 employees in the next six months. Surprisingly, the company appointed Messi as its ambassador next week.
Unacademy laid off 350 employees recently as a measure to cut costs amid harsh economic conditions. Its founder has earlier said that company won’t layoff anyone.
UDAAN has laid off a total of 1,000 employees in two rounds of layoffs as part of the startup’s cost rationalisation process.