With more people than ever using tech than ever, tech giants are bound to run into problems from time to time. We as a society are more dependent on tech than ever and have been recently seeing the aftermath of that too.
Tech giants are laying off people and announcing company-wide hiring freezes. This means that the reign of tech might finally be over.
Elon Musk has the reins of Twitter and announced that he will be firing more than half the workforce there. Before his takeover, Twitter had 7,500 employees that worked day and night to make sure of smooth sailings in the Bluebird world.
But later on, he asked a few of the people to come back so that the Twitter platform stays online. He got rid of the CEO and CFO first, and the rest of the employees are still reeling in from the effects.
One of them commented that the firings are like Russian roulette and anyone can get fired. With the people getting to know about the firing on November 4th, there is still time to reverse the decision.
The parent company of Facebook, Meta has reported losses worth more than $500 billion in the last year and an additional $67 billion this year. With the holiday season also forecasted to be weak, there is a chance that the company might be laying off thousands of employees.
This is happening due to the weak economic growth of the world and most countries still reeling in from the effects of the pandemic. With Facebook also focusing on short-form video content, there is a chance that Facebook might be able to be saved.
The parent company of Snap has laid off more than 20% of the workforce and they were mostly from the mini-games development department. They have been working to have these add-ons on the app since 2017 and have not been a hit with the public.
The CEO said that these steps need to be taken to assure the long-term survival of the company and ensure that the company remains committed to revenue growth.
In the end
Intel, Microsoft, and Amazon are also on the list of companies that have been planning to lay off employees and have firm-wide hiring freezes. Indeed, it is not the best time to be in tech right now.