The tech industry is grappling with a wave of layoffs as more than 80,000 employees have been let go in the first four months of this year alone. According to the latest data from layoff.fyi, a platform monitoring job cuts in the tech sector, a staggering 80,230 employees have been axed by 279 tech companies worldwide as of 3 May, 2024.
This downturn follows a grim trajectory from the previous years, where tech companies shed over 4,25,000 jobs globally amidst a slowdown in the IT/tech and startup domains in 2022 and 2023.
In the most recent layoffs, Sprinklr, a US-based customer-experience management platform, parted ways with 116 employees. Similarly, Peloton, a leading exercise equipment and fitness company, announced plans to slash 15 per cent of its workforce, equating to around 400 jobs.
Meanwhile, in India, ride-hailing giant Ola Cabs has commenced a restructuring process anticipated to affect at least 10 per cent of its workforce.
Reports also indicate that Google undertook a restructuring initiative, resulting in approximately 200 job cuts from its core teams.
Adding to the turmoil, Tesla, under the leadership of Elon Musk, has initiated another round of layoffs, impacting hundreds of employees. Notably, the tech mogul dissolved the entire Tesla charging team as part of the recent layoffs.
The unsettling trend continues to cast a shadow over the global startup ecosystem.
