The Skin-Tech Devices Helping Execs Beautify in a HurryRead More

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Layoffs, Hiring Freeze Spread Through Tech

Photo: Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off a quarter of its workforce, just the latest example of the layoffs spreading through tech. Also today, Business Insider reported that Meta Platforms has instituted a hiring freeze through the end of this year (more on that from us here), while The Information revealed that Netflix is reining in its freewheeling approach to how much it pays people. Both stories follow Amazon’s astonishing revelation last week that it is now overstaffed in its warehouses. Tech labor may be becoming more of a buyer’s market than it has been.

And these examples may be the tip of the iceberg. Growing signs of economic strains—the Fed raised interest rates today by the largest amount in 20 years today—are likely to force more companies in different parts of tech to cut costs. The implications are interesting to contemplate. For one thing, a softer labor market could weaken the hands of employee activists at big tech companies, those workers who in recent years have tried to dictate to their employers the kinds of products they should sell, whom they should sell to and whether they need to work from an office again. 

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
markets
Musk Puts $20 Billion Value on Twitter
Elon Musk. Photo by Bloomberg.
Elon Musk offered Twitter employees stock grants at a valuation of roughly $20 billion, said a person familiar with an email Musk sent to staff, less than half what he paid to buy the company. It was a concrete acknowledgment of how much Twitter’s value has dropped since the deal—but it is still well above public market valuation levels for Twitter’s rivals.
Latest Briefs
 
First Citizens to Buy SVB’s Deposits, Loans From Government
Apple Insiders Debate Prospects for Mixed Reality Headsets
Twitter Valued at $20 Billion in New Employee Stock Grant
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Tonal’s now-shuttered Palo Alto, Calif. retail store. Photo by Getty.
Exclusive startups
Tonal’s Valuation May Fall 90% in ‘Cram-Down’ Financing
Tonal, a fitness startup with a cadre of celebrity backers, is crunched for cash after failing to find a buyer.
Clockwise from top left: Julie Bornstein, Esther Crawford, Mark Hammond, Max Cutler, Kağan Sümer. Photos via Julie Bernstein, Robert Cowherd, Microsoft, Wikimedia and Kağan Sümer.
Free Agents startups
On the Market: The Founders Who Joined Microsoft, Spotify, Coinbase and Twitter
Call them acqui-fires. Several founders who took positions at the bigger tech companies that bought their startups recently lost their jobs when layoffs rolled through Silicon Valley.
Bill Gurley in 2019. Photo by Bloomberg
Exclusive
Good Eggs Cuts Its Valuation 94% in Lifeline Financing as More Startups Get Desperate
As more startups struggle to raise money from venture capitalists and approach bankruptcy, they are going to extreme lengths to stay afloat.
SpaceX CEO Elon Musk last August. Photo by Bloomberg
Exclusive startups electric vehicles
SpaceX Plans New Funding With Backing From Saudi, UAE Investors
A subsidiary of Saudi Arabia’s investment fund and an Abu Dhabi investment firm are planning to invest in a multibillion-dollar funding round for SpaceX, Elon Musk’s rocket company, according to people familiar with the investor discussions.
Block chairman and co founder Jack Dorsey. Photo by Getty
markets
Fintech’s Big Wakeup Call
Fintechs were supposed to transform banking by making it dead simple for users to open savings accounts or pay their bills.
Art by Clark Miller.
Market Research e-commerce culture
The Skin-Tech Devices Helping Execs Beautify in a Hurry
I’m always 29 at heart,” said Liyia Wu, CEO of ShopShops, a livestream shopping app for fashion, beauty and lifestyle products.