"It's an industry that's had volatility and has its ups and down so now, I think we're entering a down cycle," said labor lawyer Michael Bernick, who was a former EDD Director.
Professional networking and career development site LinkedIn says the tech sector is announcing layoffs, slowing job postings, initiating hiring freezes and rescinding job offers. Earlier, Carvanna, Netflix, Facebook and Robinhood announced layoffs as inflation and stock market uncertainty prevail.
Tech layoff tracking site Layoffs.fyi, reports that some 17,000 workers at some 70 tech startups globally were laid off in May alone. In fact, since the pandemic began, remote work notwithstanding 850 startups have laid off some 138,500 employees worldwide.
I thought Tech was saving California 🙄
Maybe it's because they've been producing so much media that people don't like & are losing subscribers in the process?
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