Technology Timeline: Tech Layoffs In Q4 2022

Rising inflation and interest rates drove many tech companies to announce layoffs and hiring freezes last year. These were some of the biggest announcements in Q4 2022.

October 6

Peloton Interactive announced four rounds of layoffs in 2022, cutting about 2,800 jobs in February, 600 in July, and 800 in August. In October, the fitness technology company announced it would be cutting 500 more jobs, reducing its workforce to around 3,825 people. The company about 3,000 people, or 8% of its global workforce, alongside other cost-saving measures.

November 2

Opendoor CEO and Co-Founder Eric Wu announced that the real estate technology company would be letting go of 550 people, or 18% of its workforce, due to the challenging real estate market.

60 workers in July, according to WSJ. Payments giant Stripe also announced that it had cut 14% of its staff, more than 1,000 workers, blaming global economic challenges.

November 4

Elon Musk laid off half of Twitter’s workforce, firing 3,700 people, a week after acquiring the social media platform for $44 billion. The world’s second richest billionaire, worth $144.4 is losing over $4M/day” in a tweet.

November 9

Meta laid off more than 11,000 people, cutting its workforce by 13% and extending its hiring freeze throughout Q1 2023.

November 15

The software company, Asana, announced plans to lay off 9% of its workforce as part of a restructuring plan to improve operational efficiencies and operating costs.

November 16 company, BigCommerce Holdings, announced that it would reduce its total workforce by about 13% across employees and contractors as part of its restructuring plan.

Amazon announced in November 2022 that it would be cutting its workforce. On January 5, 2023, CEO Andy Jassy confirmed the company’s plan to lay off over 18,000 people.

December 21

U.S.-based memory chip maker Micron Technology announced its plan to reduce its workforce by nearly 10%, or nearly 4,800 of its 48,000 employees, in 2023.