Latest layoffs: Lyft, Stripe more than decimate staff Citing the likelihood of recession and increases in rideshare insurance costs, Lyft is laying off 13 percent of its workforce, with no team left unaffected. In a letter to employees from CEO Logan Green and President John Zimmer, the pair said attempts to cut costs over the past year were insufficient to keep profits and …
Last time the labor department put out a report, GDP growth in the US was like 2% and inflation had gone down to around 5%. Inflation is still a bit on the high side, but I'm sure most of Europe would be happy to trade. There is no recession, but with all these companies laying people off they're going to CAUSE a recession.
As for Musk and Twitter specifically... I have to give him credit. I figured it would take him at least a couple years to destroy Twitter. Never in my wildest imagination did I figure he would do something as colossally stupid as laying off 50+% of staff. If he is intent on pissing away that $44bn he just spent, there's not much anyone can do to stop him at this point, but I never figured he'd be this suicidal with Twitter.
There are a lot of companies doing layoffs, but many companies (including some of the same ones laying off) are still hiring.
This is hardly remarkable. From what I've seen over the years (decades) in tech, it's fairly common. Yet you won't often see "Companies still hiring new employees" in the headlines. "Facebook & Twitter slashing headcount!" gets more clicks.
I'm contacted somewhat regularly by recruiters fronting for a large semiconductor manufacturing company, same one apparently doing massive layoffs. Granted this is just my anecdotal experience, but I seriously doubt it's only happening to me -- I'm not unique.
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