- Coinbase and Amazon are the latest companies to be hit by a wave of layoffs at major US tech companies.
- In total, companies are cutting thousands of employees.
- See the full list of layoffs for 2023 so far.
The wave of layoffs that hit dozens of major US companies towards the end of 2022 shows no signs of slowing down until 2023.
Coinbase is the latest tech giant to lay off hundreds of workers. In a memo to employees, CEO Brian Armstrong said the crypto firm was laying off 950 workers, citing a downward trend in cryptocurrency prices and the economy as a whole. said.
But Coinbase isn’t the first tech company to cut jobs in the new year. Amazon and Salesforce have announced major job cuts in the first week of 2023 as the economic slowdown continues and sales stagnate.
The job cuts follow significant layoffs at companies like Twitter and Meta late last year.
According to The Wall Street Journal, layoffs are having a huge impact on the tech sector, currently draining workers at a rate faster than at any point during the pandemic. The tech company has cut more than 150,000 jobs in 2020 alone, according to data cited by the Journal from Layoffs.fyi, a site that tracks layoffs since the pandemic began.
Here are some notable examples so far in 2023: