Tens of thousands of tech employees in jobs previously thought to be secure and high-paying have had to pack their bags in recent months. They’re seeking out new positions as a downturn in the wider economy hits the tech industry especially hard. SoundCloud, one of the leading music streaming platforms favored by emerging artists, added its name to the growing list of struggling companies this week, reportedly cutting up to to 20% of its staff. Since the beginning of 2022, Crunchbase estimates more than 200,000 workers in the tech industry have lost their jobs. Unemployment claims across the U.S. economy are at an eight-year high.
Hiring freezes and layoffs have impacted just about every corner of the tech industry, from young Web3 hopefuls to established steaming giants and just about everything in between. Tesla, Netflix, Coinbase, and Robinhood have all announced layoffs in recent months, citing reasons ranging from rising inflation to a disastrous crypto market. There are signs those downturns are heading for Big Tech giants as well.
Here are some of the biggest companies cutting back.
