Surely many are aware that most companies, especially technology firms are cutting costs and this includes stopping hiring and laying off employees.
Earlier, Facebook's Meta had announced a cost cut for its metaverse company, Reality Labs and among the latest Twitter to lay off 2 of its employees.
According to a report from Crunchbase, which tracks trends as well as global company investment and news from start -up firms to the Fortune 1000, last April has seen various tech companies change their job plans.
Among them, personal video platform company, Cameo which has laid off 80 of its employees (about 25% of the company’s workforce) while Meta has also laid off its hiring program.
The report also noted that the exact number of layoffs for the technology sector in recent months is difficult to measure and data shows the number is much higher than in 2020 when Covid-19 hit.
Apparently, in early May alone they recorded 43 cessation signals based on news sources.
Even so, Crunchbase insists that it’s not a sign the labor market is going to collapse.
This is because U.S. Department of Labor (US) data saw as many as 482,000 new jobs, surpassing the Dow Jones estimate at 400,000.
Turning to Twitter, the company’s Chief Executive Officer (CEO), Parag Agrawal confirmed the ‘departure’ of Kayvon Beykpour and Bruce Falck, who each head the Twitter user division and revenue supervisor.
In addition, in a memo issued by the company also stated that Twitter will temporarily stop hiring employees and review existing job offers.
It is believed that this decision was taken because Twitter failed to achieve user growth and any significant milestones in maintaining confidence for the growth target set for 2020.
Beykpour, meanwhile, tweeted that Parag had asked himself to leave the company after stating that their directions were conflicting.
Meanwhile, Falck also finished by saying that he was also fired by Parag.
