Tech Sector Witnesses Massive Stock Sell-Off; Over 32K Tech Workers Fired in US, More Than 11K in India This Year

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San Francisco/New Delhi, 1: More than 32,000 tech workers have been laid off the US till July this year, including at Big Tech companies like Microsoft and Meta (formerly Facebook) and the worst has not been over yet for the tech sector that has seen massive stock sell-off.

According to the data compiled by Crunchbase, more than 32,000 workers the US tech sector have been laid off in mass job cuts, as of late July.

“We’ve included both startups and publicly traded companies that are based the US. We’ve also included companies based elsewhere that have a sizable team in the United States, such as Klarna,” the analysis said.

The layoff includes ride-sharing platform Uber, Netflix and several cryptocurrency exchanges and lending platforms. Meta Freezes Hiring for Several Verticals, Mark Zuckerberg Says, ‘No Job Cuts’.

Robinhood, Glossier and Better are just a few of the tech companies that have trimmed their headcount this year.

Since April 1 this year, more than 43,000 workers from 342 tech companies/startups have been laid off across the world and over 13 per cent are from India, according to latest data compiled by layoffs.fyi, a website that tracks layoffs startups.

India, more than 25,000 startup workers have lost jobs since the pandemic began — and more than 11,500 have been fired this year.

The layoffs India are dominated by edtech platforms like Unacademy (1,150 employees), BYJU’S (550 at Toppr and Whitehat Jr) and Vedantu (624), along with ride-hailing platform Ola (nearly 500), healthcare startup MFine (600) and pre-owned cars platform Cars24 (600), among others.

The other Indian startups and unicorns that have laid off employees are Meesho, MPL, Trell and Blinkit (now owned by Zomato), among others.

(The above story first appeared on Onhike on 01, 2022 12:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website onhike.com).

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Charles writes for the Headline column of the website. He has done major in English, and a having a diploma in Journalism. He has worked for more than 1.5 years in a media house. Now, he joined our team as a contributor for covering the latest US headlines. He is smart both by him looks and nature. He is very good with everyone in the team.