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Tech company layoffs
Brut America
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11/10/2022
Here’s why major tech companies like Meta are laying off employees …
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News
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00:00
Mark Zuckerberg just laid off over 11,000 Meta employees, but that's not the only company having
00:05
to let people go. So why has big tech been cutting more and more employees recently?
00:09
Brute can explain in less than 60 seconds. The news of Meta cutting 13% of its workforce
00:14
comes after a series of tech layoffs. Lyft cut nearly 700 jobs, Snap over 1,000, Twitter laid
00:21
off half its workforce, and the list goes on. And many people are blaming their previous hiring
00:25
booms. A lot of these big tech companies saw sharp increases in user activity or profits
00:30
during the pandemic or shortly after it, leading them to go on hiring sprees. But the recent global
00:36
economic uncertainty, high inflation, supply chain issues, and rising interest rates have
00:41
caused these companies to question their tactics of hoarding expensive talent. And some companies
00:46
have invested heavily in new projects aimed at diversifying their revenue streams, but haven't
00:50
seen a return yet, with one example being the Metaverse. On top of layoffs, companies are
00:55
rolling back on trademark perks and benefits that they've become known for in the workforce.
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