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ACM TechNews

Twitter, Meta Push Tech Job-Cut Pace Near Early-Pandemic Levels

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An empty conference room.

Leaders in the technology industry, a major driver of the global economy for the last decade, sense that they’re in a higher-risk environment, making them less willing to spend to grow their businesses like in years past.

Credit: Yahoo Finance

Major technology companies have announced hiring pauses or job reductions amid tepid consumer spending, mounting inflation, and a strengthened dollar undermining sales overseas, bringing the job-cut rate closer to early-pandemic levels.

The Wall Street Journal reported that Facebook parent Meta Platform will fire thousands of workers this week, while Elon Musk decided to halve Twitter's staff last week following its acquisition.

Consulting firm Challenger, Gray & Christmas estimated that over 9,500 technology industry jobs vanished in October, while Stephen Levy at the Center for Continuing Study of the California Economy warns that startups may require more drastic staff cuts due to skyrocketing interest rates.

Santa Clara University's Jo-Ellen Pozner also expects companies to scrutinize speculative technology investments more deeply.

From Bloomberg
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