May 4th 2024.
In the bustling city of New Delhi, the technology sector has been hit hard with a wave of job losses. It's been reported that over 80,000 employees have been let go in the first four months of this year, adding to the already grim situation. This trend seems to be continuing globally, with startups being particularly affected.
According to layoff.fyi, a website that tracks job cuts in the tech industry, a staggering 279 companies have laid off a total of 80,230 employees so far. This trend is not new, as in 2022 and 2023, more than 4,25,000 employees were laid off worldwide due to the global economic slowdown that had a significant impact on the IT/ Tech and startup ecosystem.
The most recent addition to this list is the US-based customer experience management platform, Sprinklr. They have let go of 116 employees in their latest round of job cuts. Another company that has joined the unfortunate trend is Peloton, a popular exercise equipment and fitness company. They have announced a 15 percent reduction in their workforce this week.
Even tech giant Google has not been spared from the ongoing layoffs. In a recent restructuring move, they have reportedly laid off around 200 employees from their core teams. The situation seems to be no different for Elon Musk's Tesla, as they have also let go of hundreds of employees in their latest job cut. This comes just weeks after they reduced their global workforce by 10 percent.
Musk's company has taken it a step further by disbanding their entire charging team in this new round of layoffs. In India, ride-hailing platform Ola Cabs has also been forced to make some tough decisions. They have started a restructuring process that will affect at least 10 percent of their workforce.
It's a difficult time for the tech industry, and the impact of these job cuts is being felt worldwide. As companies struggle to survive in the current economic climate, employees are facing the harsh reality of losing their jobs. The future remains uncertain, and it's a challenging time for both employers and employees alike.
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