According to the most recent data, over 91,000 employees working in the United States technology sector have lost their jobs throughout 2022. The reasoning behind these mass layoffs varies, with many citing the lingering impact of the pandemic and others blaming periods of over-hiring due to rapid growth.
Meta has become the latest U.S.-based technology company to announce significant staff reductions. Reports indicate that as many as 11000 employees have lost their jobs accounting for a total of 13% of Meta’s workforce. Given that Meta’s stock is down 65% YTD, it is not surprising that they have chosen to streamline their workforce and reduce costs.
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