Headline RoundupNovember 11th, 2022

Big Tech Companies Lay Off Thousands of Workers

Summary from the AllSides News Team

One after another, big tech companies laid off thousands of workers in recent months. 

By the Numbers: Twitter, now operated by Elon Musk, laid off 3,700 employees — about half the company. Facebook parent company Meta laid off about 11,000 workers. Rideshare app Lyft cut 700 jobs. Several others, including Microsoft, Snap, Stripe, Coinbase, and Shopify cut about 1,000 jobs each. Salesforce, San Francisco, CA's largest employer, said it laid off hundreds earlier this week. Even vape maker Juul said it would eliminate about 400 jobs. Amazon paused corporate hiring, and Apple paused hiring outside of research and development. 

For Context: Major tech companies’ stock prices fell throughout the year as Wall Street corrected following almost two years of record gains. With the Federal Reserve’s contractionary anti-inflation interest rate hikes adding to recession fears, tech companies are now preparing for an economy with lower demand. 

How the Media Covered It: Coverage was mostly balanced but more common in tech and business outlets, which tend to lean left or center. Outlets across the spectrum also covered tech workers’ complaints.

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