It’s been another brutal week for tech layoffs. In the past six days, numerous major tech companies have announced they are cutting jobs. The most recent is e-commerce juggernaut eBay, which has announced it will cut 9% of its workforce.
Here’s the latest:
Wayfair: Last Friday, digital home goods retailer Wayfair announced it would cut 13% of its global workforce. That’s around 1,650 employees. Part of those cuts will see Wayfair letting go 19% of its corporate team. The company said the cuts were not related to its most recent quarterly performance, but are intended to return the company to its core structure, noted CNBC.
TikTok: On Monday, social media giant TikTok confirmed that it will lay off 60 employees, reported NPR. Most of the layoffs will impact those working in its sales and advertising positions. TikTok said the layoffs are a result of a routine reorganization.
Riot Games: (February 19, 2024), Riot Games, maker of the popular “League of Legends” game, announced it would cut 11% of its staff, or 530 jobs. In a statement, the company said, “Some of the investments we’ve made aren’t paying off the way we expected them to.”
Brex: Also (February 19, 2024), fintech startup Brex announced it laid off 282 employees, or about 20% of its workforce.
eBay: The most recent tech giant to lay off employees, eBay announced today it will eliminate approximately 1,000 roles, equaling about 9% of its full-time employees. In a memo to employees, eBay CEO Jamie Iannone said “our overall headcount and expenses have outpaced the growth of our business,” which was one of the reasons for the layoffs. The company has requested that all U.S.-based employees work from home today “to provide some space and privacy for these conversations.”
With these most recent layoffs, just over three weeks into the new year, the tech industry has seen a total of 13,240 employees laid off across 72 companies, according to layoff tracking site Layoff.fyi.
In all of 2023, 262,595 employees were laid off across 1,186 tech companies.
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