Big Tech Hemorrhage

Submitted by ub on Thu, 01/26/2023 - 10:54

After giving birth to thousands of jobs and expanding the economy. this serious condition can lead to financial destruction.

However, early detection and prompt treatment can lead to a full recovery.

According to LinkedIn news, this growing list of organizations is reportedly making Layoffs headlines in the past week:

  • Digital and print publisher Dotdash Meredith is laying off roughly 7% of its staff, or 274 workers.
  • Noom has let go an unspecified amount of workers in its third round of layoffs, according to employees posting on LinkedIn.
  • Tier Mobility is laying off 80 employees, or roughly 7% of its overall headcount, in addition to 20 from its subsidiary Spin.
  • IBM will terminate 3,900 roles, or about 1.5% of its workforce, as it spins off two health units to focus on cloud computing and IT services.
  • Vacation rental management company Vacasa shed 1,300 jobs in what is one of the largest layoffs in Portland, Ore., since early in the pandemic.
  • Corvus cut about 14% of its workforce as it looks to expand its commercial insurance business in Europe.
  • LinkedIn members are posting about layoffs at skincare brand Curology, smart gym maker Tonal, software company Yext, organic search firm Terakeet and e-marketer Code3.
  • Finch Therapeutics CEO Mark Smith said in a LinkedIn post that the biotech firm would lay off “most” of its team — 95% of staff, according to reports.
  • PagerDuty laid off 7% of its workforce, believed to be about 66 employees.
  • Innovaccer has cut 245 employees or approximately 15% of its staff. The digital health startup previously laid off 90 people in September.
  • Bolt has laid off 10% of its employees or about 50 people. The one-click checkout startup has slashed its headcount by more than half since May.
  • Reddit has implemented job cuts among its data science, software engineering, community management, and creator relationships teams, sources tell Business Insider.
  • Waymo, the self-driving subsidiary of parent company Alphabet, has reportedly let go of an unspecified number of workers.
  • In layoffs that are smaller than anticipated, The Washington Post cut 20 jobs and will leave 30 vacancies unfilled.
  • 3M, the conglomerate that makes Post-it Notes, Scotch tape, and some 60,000 other brands, is cutting 2,500 global manufacturing jobs.
  • Uber Freight has laid off 150 people from its digital brokerage team, days after Uber's CEO said no companywide job cuts are in the works.
  • Newell Brands, the parent company of Sharpie and Rubbermaid, announced it is cutting 13% of its official positions.
  • Adweek is reducing its staff by 10%, according to a LinkedIn post from its CEO.
  • Gemini, a cryptocurrency exchange, is letting go of 10% of its staff after previously cutting jobs in June and July.
  • Spotify employees are bracing for imminent layoffs that will reportedly affect some 600 people.
  • Google's parent company Alphabet is cutting around 12,000 jobs or 6% of its global workforce.
  • Riot Games, the developer of League of Legends, is cutting 46 of its 5,900 employees.
  • shrunk its workforce by 3.5% and eliminated 100 jobs.
  • TikTok laid off an undisclosed number of workers within its talent acquisition and recruiting teams, Business Insider reports.
  • Seven percent of staffers at Vox Media, which owns New York Magazine and publishes the websites Vox and The Verge, were laid off Friday.
  • In its second restructuring in six months, Boston-based Wayfair cut more than 1,750 jobs or about 10% of its total staff.
  • WeWork said it was eliminating 300 roles, primarily at its “underperforming” co-working locations.
  • More than 500 workers were laid off by student loan company Nelnet after courts blocked the Biden administration's debt relief program, Business Insider reports.
  • Capital One eliminated its Agile delivery team, letting go of roughly 1,100 employees.

More January layoffs news:

  • Paramount Global has reportedly cut an unspecified amount of jobs at Nickelodeon, according to impacted employees posting on LinkedIn.
  • Rocket Mortgage let go of roughly 50 employees, in its second round of layoffs this year.
  • Layoffs have hit the e-learning provider GoGuardian, warehouse automation company IAM Robotics and Amazon aggregator Thrasio, according to affected employees posting on LinkedIn.
  • Microsoft, LinkedIn’s parent company, is letting go of 10,000 workers as it tries to do “more with less.”
  • Thousands of employees in Amazon's retail and HR departments lost their jobs in layoffs expected to affect more than 18,000 people.
  • Hootsuite replaced its CEO and eliminated 70 roles in its third round of layoffs in six months.
  • Luxury travel subscription company Inspirato Incorporated is laying off 12% of its 800 workers, citing macroeconomic uncertainty.
  • Multiple Boston-area technology companies laid off portions of their staff in recent weeks, including drone startup American Robotics (laid off 65%, or 50 people), Definitive Healthcare (laid off 6%, or 55 people), Pegasystems software (laid off 4%, or 250 people), and internet firm Starry Group (laid off 25%, or 100 people).
  • Fintech firm Panaya Technologies said it has laid off 20% of its 600-person workforce in the U.S. and Israel. Israel-founded gifting platform Snappy is also laying off 30% of its headcount, or 100 employees, most of whom are in the U.S.
  • JumpCloud, an enterprise software company, cut its headcount by 12%, impacting around 100 employees.
  • Digital advertising firm Magnite slashed 6% of its global employees to eliminate duplicate positions.
  • Teledoc Health is laying off 300 employees, or 6% of its workforce, in a push toward profitability.
  • Virtual events platform Hubilo Technologies let go of 35% of its staff, affecting 115 people.
  • Fintech banking company nCino slashed 7% of its 1,800 employees.
  •, which employed 260 people as of last summer, plans to cut 20% of its workforce due to industry downturns.
  • The chief commercial officer role and other executive positions at Wendy’s were eliminated in a bid to cut administrative costs.
  • Weighed down by $7 billion in debt, Carvana is “quietly terminating” an unspecified number of employees.
  • San Francisco-based Unity Software is cutting 284 of its 8,000 employees after seeing weak digital ad sales.
  • BNY Mellon has joined other financial heavyweights in the decision to downsize its workforce and expects to lay off 1,500 people this year.
  • Cloud Software Group, the company behind Citrix Systems, NetScaler and TIBCO Software, has laid off thousands of employees throughout the organization.
  • With cable subscriptions declining, DirecTV is cutting 10% of its “upper ranks.”
  • California-based bikemaker Specialized is downsizing its global workforce by 8%.
  • The SmartNews app is cutting approximately 120 workers in the U.S. and China.
  • Crypto exchange platform Coinbase plans to cut 20% of its workforce following a crypto market downturn. Last June, the company laid off 18% of its workers.
  • Spring, a creator merchandise company formerly known as Teespring, shuttered a production facility in Kentucky and laid off an unspecified number of workers.
  • Social good software company Bonterra is laying off around 10% of its employees, according to LinkedIn member posts.
  • Ballooning interest rates prompted LendingClub to let go of 225 employees.
  • Wonder Group is shedding its business model and an unknown percentage of its staff as it seeks a faster path to profitability.
  • Nielsen's headcount will return to early 2022 levels following a post-acquisition hiring spree by its new owners.
  • NBC News and MSNBC News are laying off 75 people, The Wrap reported, citing anonymous sources.
  • The CEO of Lattice said the HR software platform is letting go of 15% of its workforce amid a restructuring.
  • BlackRock is slated to cut 500 employees, or 3% of its total headcount after revenue fell 15% last fall.
  • Wearable fitness tech's Whoop parted ways with 4% of its workers, which is its second round of layoffs within a year.
  • Two organizations from Alphabet’s “Other Bets” division are cutting roles: life sciences research firm Verily is laying off 15% of its staff or 240 people, and robot software firm Intrinsic will lose 40 employees or 20% of its staff.
  • Supply chain startup Flexport is trimming 20% of its global headcount.
  • Carta, an equity management platform, is letting go of 200 employees, or 10% of its staff.
  • After announcing that it may need to seek bankruptcy, Bed Bath & Beyond said it will begin a round of layoffs affecting an undisclosed number of employees.
  • Goldman Sachs is laying off roughly 3,200 employees after dealmaking slowed over the last two years.
  • LinkedIn members posted about layoffs at biotech research company Editas Medicine, software developer Scale AI and blood transfusion company Secure Transfusions Solutions.
  • Mojo Vision, an augmented reality contact lens startup, put production on hold this week and laid off 75% of its staff.
  • Primary care company Carbon Health announced its second round of layoffs in a year, reducing its global workforce by 200 people.
  • Biotech startup Fate Therapeutics plans to cut its headcount by around half to 220 employees this quarter after ending a deal with Janssen.
  • McDonald's announced it is planning to make cuts to its corporate staff over the coming months.
  • Marketing software company Attentive has let go 15% of workers, according to impacted employees taking to LinkedIn.
  • Everlane is letting go of 17% of its 330 corporate employees.
  • Crypto lender Genesis has let go 30% of its workforce, or roughly 60 employees after loaning “hundreds of millions of dollars” to Alameda Research, the trading arm of now-bankrupt FTX.
  • Consumer goods producer and Vicks owner Helen of Troy will lay off 10% of its staff by March 1.
  • Compass is letting go an undisclosed amount of employees for the third time in under a year as the U.S. housing market continues to slow.
  • Stitch Fix announced it is planning to lay off 20% of its salaried workers.
  • Vimeo cut 11% of its workforce in pursuit of “ongoing cost discipline.”
  • Salesforce is shrinking its 80,000-person staff by 10%.
  • Tech companies' deep cuts to their workforce following increased hiring during the pandemic
  • The threat of recession is fueling anxiety for both workers and businesses

2023 Will Be All About Loud Layoffs

The Tech-Layoff ‘Contagion’

Tens of thousands of people have been laid off from large tech and media companies in the past 12 months. The reasons for this are not obvious.

There's good news and worse. Amid widespread layoffs in tech and finance, Bloomberg LP reportedly plans to hire 1,000 new employees in 2023.

Meanwhile, and we really emphasize the mean portion ... Big Tech says it is allowing Donald Trump to return to the platforms in the coming weeks. Officials revealed the decision would be subject to updated content policies applicable to public figures suspended for reasons related to civil unrest—namely, suspensions of between one month and two years for further violations,

Trump had been suspended indefinitely two years ago for posts deemed to support the Jan. 6 storming of the US Capitol. The decision was eventually referred to the company's oversight board, who upheld it, but criticized it as ad hoc, directing Meta to review the suspension. The ban lift comes as Trump prepares to ramp up his 2024 presidential campaign and will allow access to the platform's an advertising and fundraising infrastructure.