Twitter has confirmed that they laid off 30% of its talent acquisition team Thursday just months after enacting a companywide hiring freeze.
A spokesperson for the Tech giant said employees will get severance packages but the amounts of those packages have not been released. The recruitment team that remains employed will be ‘reprioritized’ to account for the decreased staff levels.
In addition, more than 30,000 tech workers were laid off in the last two months as the market downturn starts to impact social networks.
According to layoffs.fyi. 20,000 tech workers were laid off in May, 16,000 in June with TrueUp estimating that 26,000 employees were laid off in June.
Snap and Meta have made moves to reduce costs as the economy takes a downward spiral. In fact, Meta CEO Mark Zuckerberg warned that he is putting the squeeze on employees to get them to be more productive with less resources,
“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Zuckerberg said, “Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn’t for you, and that self-selection is OK with me.”
The reason for the cutbacks? The poor economy,
“I’d say that this might be one of the worst downturns that we’ve seen in recent history,” the Zuckerberg said during a Thursday Q&A session with employees.
More companies that are laying off employees in June due to the poor economy and looming recession according to TechCrunch:
- Niantic – the company that released Pokémon Go in 2016, let go of 8% of it’s staff.
- Tesla laid off nearly 200 Autopilot workers, shut down San Mateo office
- Backstage Capital reduced it’s staff from 12 to 3.
- Shoe resale platform StockX, t valued at $3.8 billion, laid off 8% of their employees.
- Amount, which was valued at $1B last year, laid off 18% of staff
