The wave of tech layoffs in 2024 continues to impact numerous companies across the industry. According to Layoffs.fyi, a total of 60,000 job cuts have already occurred across 254 companies in the first few months of the year. Major tech giants like Tesla, Amazon, Google, TikTok, Snap, and Microsoft have all implemented significant layoffs, leading to a substantial reduction in their workforces.
Beyond these large corporations, smaller startups have also been affected by layoffs, with some companies even shutting down operations completely as a result. The ongoing trend of job cuts is shedding light on the impact of innovation in both large and small tech companies, as well as the growing adoption of AI and automation in various sectors.
The list of tech layoffs in 2024 is extensive and continues to be updated regularly. In June 2024 alone, several companies have already announced significant layoffs. For example, Ginkgo Bioworks terminated 158 employees, with further layoffs expected to follow. Moovit is cutting 10% of its workforce, while Wex is laying off 375 employees, accounting for 5% of its total workforce.
Other notable layoffs in June include PayPal eliminating up to 85 employees in Ireland, Rapyd laying off 30 employees in Israel, and StackPath closing shop and liquidating its assets. Companies like Chegg, Unit, Loop, Care/of, Running Tide, Satellogic, ByteDance, VRChat, Paytm, Kissflow, and Copia Global are also among those making significant job cuts in an effort to navigate the changing landscape of the tech industry.
Looking back at the previous months, the trend of layoffs has been consistent across the industry. Companies like Gro Intelligence, Jasper Health, Cirium, Walnut, Fisker, Cue Health, and Foursquare have all implemented substantial workforce reductions as they navigate challenges and changes within their respective markets.
As the tech industry continues to evolve and adapt to new trends and technologies, the impact of these ongoing layoffs remains a significant concern for both employees and the broader industry. The list of companies affected by layoffs in 2024 serves as a stark reminder of the ever-changing nature of the tech sector and the importance of innovation and adaptation in the face of these challenges.
