In recent years, the high-tech sector in Silicon Valley has seen a great deal of transformation. At several of the most prominent technology organizations, layoffs have been widespread, and recruiting has been put on hold. The following is a collection of the most recent news about layoffs at technology businesses in Silicon Valley. If you want to know more about this matter you can visit at Techlayoffs.io .
Meta
The layoffs, which affect around one-fifth of the workforce. The price cuts were disclosed in a press statement that was issued on Wednesday. The corporation has also said that it intends to maintain its employment freeze until the beginning of the next fiscal quarter. The social media company has been around for a long time, but this is the first time that there has been a substantial wave of job losses.
In a statement that he sent out to staff, he told them, “I realize this is difficult for everyone, and I’m very sorry to those who are affected.” Additionally, the firm plans to reduce its footprint in real estate, review its investment in infrastructure, and transition some of its employees to desk-sharing arrangements.
Redfin
Redfin has announced that it would be making its second wave of layoffs in less than three months. In addition to this, it announced that it would be terminating its involvement in the home flipping business, which was formerly known as RedfinNow. The company attributes this decision to the rapid change that has occurred within the real estate market as well as to the conditions of the macroeconomy.
The real estate corporation with headquarters in Seattle has issued an official statement in which chief executive officer Glenn Kerman reveals that the company is in the process of making staff cutbacks and will lay off 13% of its total workers, which will result in the loss of 862 positions.
Zendesk
A number of employees at Zendesk, a customer relationship management (CRM) business located in San Francisco that was purchased for $10.2 billion by a consortium of private equity companies at the beginning of June of this year, have been let go.
According to rumors on Blind and Twitter, the firm has made the decision to lay off around 350 employees, which represents 5% of the company’s total staff. This change has had an effect on positions in a number of areas within the organization, including Engineering, Sales, and Recruitment, among others.
Opendoor
As a result of a sudden change in pricing, the firm was compelled to sell properties for a price that was lower than what it had paid for them, which led to the layoffs. CEO Eric Wu has said that the current real estate market is one of the most difficult to navigate in the last four decades.
The rapid shift in the property market took the firm off guard, and rising interest rates caused some prospective purchasers to hold off on their purchases.
Lyft
According to The Wall Street Journal, Lyft will be eliminating approximately 700 employees, which is equivalent to 13% of its personnel. John Zimmer and Logan Green, the co-founders of Lyft, sent a message to the workforce of the company announcing the layoffs.
“We are facing a potential recession sometime in the next year, and ride-share insurance rates are rising up,” they said. “We are facing a possible recession sometime in the next year.”
In July, Lyft let go of 60 employees, which represents less than 2% of its total employment. There are almost 4,000 people working for the ride-hailing firm, and that number does not include the drivers. In May, it said that it intended to lower the rate at which it hired new employees and cut the budgets of some of its divisions.
Stripe
The digital payments behemoth Stripe Inc., which was valued at $95 billion in its most recent fundraising round, is in the process of reducing its staff by around 14 percent. According to an email sent to staff by Stripe’s founders Patrick and John Collison, the company will have about 7,000 employees after the last round of layoffs.
This year, U.S. technology companies have been decimated as investors have become more pessimistic due to tighter monetary policy and concerns about an impending recession.
Salesforce
It has been claimed that Salesforce, the business that developed Salesforce, has let go of hundreds of employees. The corporation declined to provide a precise figure but said that it was far lower than one thousand. People were notified yesterday, and according to a source close to the firm, those engaged in the incident were informed yesterday as well.
The layoffs were initially reported by Protocol (although it got the number and timing wrong).
Despite the fact that it is not on the same magnitude as the recent layoffs at Twitter, this is another another in a long line of high-profile job losses in the technology industry.
Conclusion
The present economic slump has dealt a severe blow to the technology sector, as seen by the widespread layoffs and hiring freezes at Silicon Valley businesses.
While the current situation is difficult for everyone, it is especially tough for those in the tech industry. We can only hope that the situation improves soon and that those who have lost their jobs can find new ones quickly. If you want to know more regarding this matter you can just visit at Techlayoffs.io .
