The tech industry has been hit hard by a wave of layoffs with over 80,000 employees losing their jobs in the first four months of 2024. According to layoff.fyi, a platform that monitors job cuts in the tech sector, 80,230 employees have been laid off by 279 tech companies worldwide as of 3 May 2024.
This downturn follows a trend from previous years where tech companies have shed over 425,000 jobs globally amid a slowdown in the IT/tech and startup domains in 2022 and 2023.
In the latest layoffs, US-based customer-experience management platform, Sprinklr, let go of 116 employees, while leading exercise equipment and fitness company, Peloton, announced plans to cut 15% of its workforce, amounting to around 400 jobs.
In India, ride-hailing giant Ola Cabs has begun a restructuring process that will affect at least 10% of its workforce. Reports also suggest that Google undertook a restructuring initiative, resulting in around 200 job cuts from its core teams.
Adding to the turmoil, Tesla, under the leadership of Elon Musk, has initiated another round of layoffs, affecting hundreds of employees. The entire Tesla charging team was dissolved as part of this move.
This unsettling trend continues to cast a shadow over the global startup ecosystem.
