Not too long ago, U.S. tech companies were on a hiring spree. Silicon Valley could not hire enough workers, and investors loved the tech sector, with the Nasdaq Composite gaining over 21% in 2021. Now, with the Nasdaq down 30% year to date, not a week passes without word of massive layoffs at technology enterprises. In the U.S. alone, job cuts at tech companies totaled more than 88,000 in 2022, according to Crunchbase.
Why are U.S. tech companies downsizing? A Forbes article explains that much of it goes back to the pandemic. Tech companies bolstered their staff when more homebound people worked and shopped online. But as COVID-19 restrictions relaxed, many people went back to the office, at least part time, and returned in-person to retail stores and restaurants. The layoffs may also be a defensive measure ahead of a possible recession. Companies that expect an economic dip soon want to get their costs under control now.
To identify the American tech companies laying off the most people, 24/7 Wall St. reviewed data compiled by layoffs.fyi, a layoff tracking website. We only considered American companies that announced layoffs in 2022. Companies are ranked by the total number of employees laid off as reported from Jan. 1 to Dec. 3, 2022.
Although the recent job changes at Twitter due to Elon Musk’s takeover have garnered headlines, the microblogging site did not cut the most employees among the 25 companies listed. It fired 3,700 employees, ranking No. 6 on the list. Yet those layoffs represent half of its workforce. (On the other hand, these are the cities that will add the most jobs by 2060 according to economists.)
The top tech company for most jobs cut is Meta, the social media company formerly known as Facebook. Meta slashed 13% of its workforce, or 11,000 employees. Online retailer Amazon was a close second with 10,000 layoffs. But the company is so large that the number accounted for only 3% of its headcount. (Those laid off may need to brush up on their skills. Here are 22 jobs with the fastest changing skill requirements.
Click here to see the American tech companies laying off the most people this year.
25. Lyft
> Layoffs in 2022: 760 people (15% of workforce)
> Most recent round of layoffs reported on: Nov. 3, 2022
> Industry: Transportation
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24. GoHealth
> Layoffs in 2022: 800 people (20% of workforce)
> Most recent round of layoffs reported on: Aug. 9, 2022
> Industry: Healthcare
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23. Twilio
> Layoffs in 2022: 800 people (11% of workforce)
> Most recent round of layoffs reported on: Sept. 14, 2022
> Industry: Other
22. Rivian
> Layoffs in 2022: 840 people (6% of workforce)
> Most recent round of layoffs reported on: July 27, 2022
> Industry: Transportation
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21. Wayfair
> Layoffs in 2022: 870 people (5% of workforce)
> Most recent round of layoffs reported on: Aug. 19, 2022
> Industry: Retail
20. OneTrust
> Layoffs in 2022: 950 people (25% of workforce)
> Most recent round of layoffs reported on: June 9, 2022
> Industry: Security
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19. Noom
> Layoffs in 2022: 995 people (10% of workforce)
> Most recent round of layoffs reported on: Oct. 11, 2022
> Industry: Healthcare
18. Butler Hospitality
> Layoffs in 2022: 1,000 people (100% of workforce)
> Most recent round of layoffs reported on: July 8, 2022
> Industry: Food
17. Invitae
> Layoffs in 2022: 1,000 people
> Most recent round of layoffs reported on: July 19, 2022
> Industry: Healthcare
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16. Stripe
> Layoffs in 2022: 1,050 people (14% of workforce)
> Most recent round of layoffs reported on: Nov. 3, 2022
> Industry: Finance
15. Robinhood
> Layoffs in 2022: 1,053 people (32% of workforce)
> Most recent round of layoffs reported on: Aug. 2, 2022
> Industry: Finance
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14. Salesforce
> Layoffs in 2022: 1,090 people (1% of workforce)
> Most recent round of layoffs reported on: Nov. 7, 2022
> Industry: Sales
13. Kraken
> Layoffs in 2022: 1,100 people (30% of workforce)
> Most recent round of layoffs reported on: Nov. 30, 2022
> Industry: Crypto
12. Coinbase
> Layoffs in 2022: 1,160 people (18% of workforce)
> Most recent round of layoffs reported on: Nov. 10, 2022
> Industry: Crypto
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11. DoorDash
> Layoffs in 2022: 1,250 people (6% of workforce)
> Most recent round of layoffs reported on: Nov. 30, 2022
> Industry: Food
10. Snap
> Layoffs in 2022: 1,280 people (20% of workforce)
> Most recent round of layoffs reported on: Aug. 31, 2022
> Industry: Consumer
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9. Redfin
> Layoffs in 2022: 1,332 people (21% of workforce)
> Most recent round of layoffs reported on: Nov. 9, 2022
> Industry: Real estate
8. Gopuff
> Layoffs in 2022: 2,300 people (13% of workforce)
> Most recent round of layoffs reported on: Oct. 19, 2022
> Industry: Food
7. Better.com
> Layoffs in 2022: 3,000 people (33% of workforce)
> Most recent round of layoffs reported on: March 8, 2022
> Industry: Real estate
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6. Twitter
> Layoffs in 2022: 3,700 people (50% of workforce)
> Most recent round of layoffs reported on: Nov 4, 2022
> Industry: Consumer
5. Carvana
> Layoffs in 2022: 4,000 people (20% of workforce)
> Most recent round of layoffs reported on: May 10, 2022
> Industry: Transportation
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4. Peloton
> Layoffs in 2022: 4,084 people (45% of workforce)
> Most recent round of layoffs reported on: Oct. 6, 2022
> Industry: Fitness
3. Cisco
> Layoffs in 2022: 4,100 people (5% of workforce)
> Most recent round of layoffs reported on: Nov. 16, 2022
> Industry: Infrastructure
2. Amazon
> Layoffs in 2022: 10,000 people (3% of workforce)
> Most recent round of layoffs reported on: Nov. 16, 2022
> Industry: Retail
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1. Meta
> Layoffs in 2022: 11,000 people (13% of workforce)
> Most recent round of layoffs reported on: Nov. 9, 2022
> Industry: Consumer
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