Besides Meta, Here's a List of Tech Giants Whose Employees Have Been Mass Laid-off

Meta Platform Inc carried out a massive termination of work (Photo: Doc. Pixabay)

YOGYAKARTA – The list of technology giants whose mass layoffs of employees must be known, considering that currently there is a wave of massive layoffs from technology companies for reasons of business adjustments.

One of the tech giants that is cutting staff aggressively is Meta Platform Inc.

On Wednesday November 9th, Meta announced that it would lay off more than 11.000 people. That figure is equivalent to 13 percent of the total number of Meta employees.

The layoffs came as Facebook's parent company doubled down on its investment in the risky metaverse amid a collapsing advertising market and decades of high inflation.

The layoffs are the largest this year and the first in Meta's 18-year history, following thousands of layoffs at other tech companies including Twitter Inc, and Microsoft Corp.

Like its colleagues, Meta recruited employees massively during the pandemic to meet the surge in social media use due to consumers being stuck at home due to social restrictions. However, his business has suffered this year as advertisers and consumers halted spending in the face of soaring cost pressures and rapidly rising interest rates.

"Not only has online commerce returned to previous trends, but the macroeconomic downturn, increased competition, and loss of advertising signals have caused our revenue to be much lower than I expected," Meta Chief Executive Officer Mark Zuckerberg said in a message to employees.

"I misunderstood, and I take responsibility for it," Zuckerberg said, quoted by VOI from Reuters, Friday, November 11, 2022.

Meta, once worth more than a trillion US dollars, is now worth only 256 billion US dollars (IDR 4012 trillion) after losing more than 70% of its value this year alone.

In addition to the layoffs, which will impact units at Meta with a disproportionate hit to hiring and business teams, the company will also reduce office space, lower its discretionary spending, and extend its hiring freeze through the first quarter to control spending.

In addition to Meta, here is a list of technology companies that have cut their employees in large numbers.

List of tech giants that are doing mass layoffs

Twitter

After being acquired by Elon Musk, Twitter Inc. immediately made efficiencies by laying off thousands of employees. Reportedly, half of the number of Twitter employees or 3750 people were laid off last Friday.

According to a Washington Post report, mass layoffs on Twitter are expected to continue in the coming months, no matter who owns the company.

Twitter Illustration (TheDigitalArtist/Pixabay)

This was triggered by the economic crisis and recession that made the social media company's advertising revenue drop drastically.

Twitter management is currently planning to cut the company's payroll spending by about $800 million by the end of next year. This means the salary of almost a quarter of the workforce in the company.

Microsoft

In mid-October, the technology giant, founded by Bill Gates, laid off 1,000 employees.

Based on the Wall Street Journal report, as of June 30, 2022, Microsoft is recorded to have 221.000 people. This means that about 1 percent of employees have been laid off.

"Like all companies, we evaluate our business priorities on a regular basis, and make appropriate structural adjustments. We will continue to invest in our business and hire in key growth areas over the next year," Microsoft told ABC News, Wednesday, October 19.

Microsoft's move comes amid slowing growth in the technology sector and other global pressures. Microsoft shares have fallen about 30 percent this year.

Amazon

Another tech giant doing mass layoffs is Amazon. The company founded by Jeff Bezos is said to have laid off 99.000 people.

The move comes after Amazon has employed twice as many people in recent years. Namely due to the needs of warehouse staff in meeting customer demands.

This is information about the flat technology giants that have mass layoffs of their employees.