Another tech bubble bursts: 2022 has been brutal for Silicon Valley workers
The tech industry has enjoyed seemingly unstoppable growth over the past five years, but in 2022 it finally hit an immovable object: a slowing worldwide
The tech industry has enjoyed seemingly unstoppable growth over the past five years, but in 2022 it finally hit an immovable object: a slowing worldwide economy.
Tech companies big and small have eliminated tens of thousands of jobs this year as executives cite inflation, rising interest rates and lower sales in digital advertising as all putting pressure on their financial outlooks.
The breadth of the layoffs has been breathtaking, affecting every part of the tech sector from farming robots and cryptocurrency to social media and semi-autonomous vehicles.
The tech industry has been hit harder than other sectors during this economic slowdown. In a count of layoffs at companies that cut more than 100 people this year, NBC News estimated about 89,000 people have lost their jobs.
This count doesn’t include jobs lost at smaller tech firms, though, which seems to have pushed the number of tech company layoffs this year to more than 137,000, according to Layoffs.fyi, a project of San Francisco entrepreneur Roger Lee.
Rating: 5