It’s the dot-com bust all over again.

As of late July, more than 80,000 workers have been laid off in mass job cuts so far in 2022.

Companies as big as Microsoft, Netflix, Lyft, Tesla, Robinhood, and Better have slashed thousands of jobs this year.

The public markets have been hit hard in 2022, and that’s trickled down to the private markets.

Inflation concerns, rising interest rates, and geopolitical issues have contributed to a roller coaster stock market.

Startups—especially those that benefited from a pandemic boom that’s starting to cool—are feeling the pressure too.

Valuations, particularly at the late stage, have started to dip, and startups say it’s much more difficult to raise new funding in this environment.

Some of the businesses even came under fire for their rash choice.

Let us look at the companies that have fired their employees-

Microsoft is the first major tech company to fire workers. According to estimates, Microsoft layoffs will affect 1% of its 1,80,000-person staff across all of its offices and products.

Netflix first laid off several journalists working for the company’s entertainment site Tudum in late April. After that, the company laid off an additional 150 employees in mid-May, then cut a further 300 in late June.

Twitter reportedly laid off 30% of its talent acquisition team on July 7.

Robinhood, Trading app laid off roughly 9% of its full-time workforce.

PayPal let go of approx 100 employees and plans to shut down its San Francisco office.

Coinbase is laying off 18% of its staff to ensure they stay healthy during this economic downturn.

Better.com laid off 900 people or 9% of its workforce over Zoom conversation. Better then laid off another 3,100 people in March. They claimed that the employees are let go due to their poor performance and low production levels.

OpenSea, the NFT marketplace, is cutting 20% of its staff because of an unprecedented combination of crypto winter and broad macroeconomic instability.

TikTok reportedly started laying employees off on July 18 as part of a global restructuring plan. A TikTok staffer told Wired that fewer than 100 people will be cut.

Lyft cut around 60 employees, or about 2% of total staff, on July 20 as it consolidates global operations.

Bird, the scooter startup, is slashing 23% of its staff, affecting a range of positions from new hires to senior teams.

Gemini, the crypto exchange run by the Winklevoss brothers, announced cutting 10% of its staff.

BlockFi cut 20% of its staff due to a dramatic shift in macroeconomic conditions worldwide. The company has a head count of around 850, meaning the layoffs will affect roughly 170 staff members.

Blockchain.com, a Crypto exchange, cut 25% of its staff, affecting around 150 people, citing harsh financial conditions.

Cars24 laid Off? 600 Employees, 6% of their workforce. The corporation said the layoff is based on employee performance without offering any other explanation.

Byju’s, the largest Edtech company in India, made a snap decision to fire 2500 workers. Being valued at over $21 billion, Byju’s decided to fire its staff.citing cost-cutting as the justification for this choice.

Unacademy, the second largest Edtech, startled everyone by deciding to fire 600 people or 10% of their staff. The justification given by the company was that the workers’ performances weren’t up to par.

Vedantu, another Edtech company, fired 624 full-time and contractual staff last year.

According to Vedantu, this was done to extend their capital runway.

Ford, a global American automaker, laid off 580 of its US employees and further plans to Layoff 8,000 Employees To Help Fund EV Investment.

Nvidia will slow hiring later this year, the company said in its latest earnings call.

Snap announced that it would hit the brakes on hiring through the end of the year.

Uber is cutting back on hiring and other costs to address a "seismic shift" in the market.

Salesforce slowed hiring and cut back on other expenses, including corporate travel and some upcoming off-sites.

Meta is perhaps the biggest company to have announced a hiring freeze for certain roles as it works to control its spending amid an industry-wide downturn.

Intel is pausing all hiring and placing all job requisitions on hold for the divisions with the goal of cutting down costs.

Spotify to slow its hiring targets by 25% because of increasing uncertainty regarding the global economy.

Google announced it will slow hiring and spending through the rest of the year.

The worst is yet to come in light of the current state of the world economy.

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