The companies that have cut jobs this year


Meta Platforms CEO Mark Zuckerberg speaks at Georgetown University in Washington on Oct. 17, 2019.

Andrew Caballero-Reynolds | AFP | Getty Images

The job cuts in tech land are piling up, as companies that led the 10-year stock bull market adapt to a new reality.

Days after Twitter’s new boss Elon Musk slashed half his company’s workforce, Facebook parent Meta announced its most significant round of layoffs ever. Meta said on Wednesday that it’s eliminating 13% of its staff, which amounts to more than 11,000 employees.

Last month, Meta announced a second straight quarter of declining revenue and forecast another drop in the fourth quarter. Digital advertisers are cutting back on spending as rising inflation curbs consumer spending, and apps like Facebook are suffering from Apple’s iOS privacy update, which limited ad targeting.

The tech industry broadly has seen a string of layoffs in 2022 in the face of uncertain economic conditions. Here are the big ones that have been announced recently. 

Meta: about 11,000 jobs cut

Twitter: about 3,700 jobs cut

Lyft: around 700 jobs cut 

Stripe: around 1,100 jobs cut

Online payments giant Stripe laid off roughly 14% of its staff, which amounts to about 1,100 employees last week. 

CEO Patrick Collison wrote in a memo to staff that the cuts were necessary amid rising inflation, fears of a looming recession, higher interest rates, energy shocks, tighter investment budgets and sparser startup funding. Taken together, these factors signal “that 2022 represents the beginning of a different economic climate,” he said.

Stripe said it will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. It will also pay the cash equivalent of six months of existing healthcare premiums or healthcare continuation.

Stripe was valued at $95 billion last year, and reportedly lowered its internal valuation to $74 billion in July.

Coinbase: around 1,100 jobs cut

In June, Coinbase announced it cut 18% of full-time jobs, translating to a reduction of around 1,100 people.

Coinbase CEO Brian Armstrong pointed to a possible recession, a need to manage costs and growing “too quickly” during a bull market. 

Coinbase, which held its stock market debut, has lost over 80% of its value this year, cratering alongside cryptocurrencies.

Those laid off received a minimum of 14 weeks of severance plus an additional 2 weeks for every year of employment beyond one year. They also were offered four months of COBRA health insurance in the U.S., and four months of mental health support globally, according to the company’s announcement. 

Shopify: around 1,000 jobs cut

Netflix: around 450 jobs cut

Microsoft: less than 1,000 job cuts reportedly

Snap: more than 1,000 jobs cut 

Robinhood: 31% of its staff

Retail brokerage firm Robinhood cut 23% of its staff in August, after slashing 9% of its workforce in April. 

Robinhood CEO Vlad Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”

The stock is down by more than half in 2022.

Chime: about 160 jobs cut

Tesla: cutting 10% of salaried employees



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