www.forbes.com Open in urlscan Pro
151.101.2.49  Public Scan

Submitted URL: http://url4505.fromdayone.co/ls/click?upn=YtpgyxEGjSEjbLF9SibMDNU991h-2FGvai8lSS-2Fd67OOygwzRjAo4ecjytYkMnV57xRzHcj1qFu6uuEwU...
Effective URL: https://www.forbes.com/sites/brianbushard/2022/11/03/lyft-cuts-13-of-its-staff-while-stripe-slashes-14-here-are-the-big...
Submission: On November 07 via api from US — Scanned from DE

Form analysis 1 forms found in the DOM

<form class="search-modal__form"><input class="search-modal__input" type="text" placeholder="Search" autofocus=""><button class="search-modal__submit" role="button" tabindex="0" title="Submit"><svg class="fs-icon fs-icon--arrow-right"
      xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24">
      <path d="M12.6 6.4l4.6 4.6H3v2h14.2l-4.6 4.6L14 19l7-7-7-7z"></path>
    </svg></button></form>

Text Content

 * Billionaires
   Billionaires
   View All Billionaires
    * World's Billionaires
    * Forbes 400
    * America's Richest Self-Made Women
    * China's Richest
    * India's Richest
    * Indonesia's Richest
    * Korea's Richest
    * Thailand's Richest
    * Japan's Richest
    * Australia's Richest
    * Taiwan's Richest
    * Singapore's Richest
    * Philippines' Richest
    * Hong Kong's Richest
    * Malaysia's Richest
    * Money & Politics
    * 2020 Money

 * Innovation
   Innovation
   View All Innovation
    * 5G
    * AI
    * Big Data
    * Cloud
    * Cloud 100
    * COP26
    * Consumer Tech
    * Cybersecurity
    * Enterprise Tech
    * Future Of Work
    * Games
    * Healthcare
    * Innovation Rules
    * Magnit BrandVoice | Paid Program
    * SAP BrandVoice | Paid Program
    * Science
    * ServiceNow BrandVoice | Paid Program
    * Social Media
    * Sustainability
    * Tanium BrandVoice | Paid Program
    * Transportation
    * Venture Capital
    * Wind River BrandVoice | Paid Program

 * Leadership
   Leadership
   View All Leadership
    * Careers
    * CEO Network
    * CFO Network
    * CHRO Network
    * CIO Network
    * CMO Network
    * Crowe BrandVoice | Paid Program
    * CxO
    * Dell Technologies BrandVoice | Paid Program
    * Deloitte BrandVoice | Paid Program
    * Diversity, Equity & Inclusion
    * Education
    * Forbes EQ | Paid Program
    * Forbes The Culture
    * ForbesWomen
    * Leadership Strategy
    * Microsoft BrandVoice | Paid Program
    * Under 30
    * Working Remote
    * Over 50

 * Money
   Money
   View All Money
    * Banking & Insurance
    * ETFs & Mutual Funds
    * Fintech
    * Hedge Funds & Private Equity
    * Investing
    * Investing Basics | Q.ai
    * Markets
    * Personal Finance
    * Premium Investing Newsletters
    * Retirement
    * T. Rowe Price BrandVoice | Paid Program
    * Taxes
    * Top Advisor | SHOOK
    * Wealth Management

 * Forbes Digital Assets
   Forbes Digital Assets
   View All Forbes Digital Assets
    * Dashboard
    * Traded Assets
    * Research
    * Events
    * Crypto Portfolios
    * Forbes Virtual NFT Billionaires

 * Investment Newsletters
 * Business
   Business
   View All Business
    * Aerospace & Defense
    * Energy
    * Food & Drink
    * Hollywood & Entertainment
    * Manufacturing
    * Media
    * Mitsubishi Heavy Industries BrandVoice | Paid Program
    * Policy
    * Retail
    * SportsMoney
    * Tableau BrandVoice | Paid Program

 * Small Business
   Small Business
   View All Small Business
    * Entrepreneurs
    * Franchises
    * Small Business Strategy

 * Lifestyle
   Lifestyle
   View All Lifestyle
    * Arts
    * Boats & Planes
    * Cars & Bikes
    * Dining
    * ForbesLife
    * Forbes Travel Guide
    * Spirits
    * Style & Beauty
    * Travel
    * Vices
    * Watches

 * Real Estate
   Real Estate
   View All Real Estate
    * Commercial Real Estate
    * Forbes Global Properties
    * Residential Real Estate

 * Forbes Store
   Forbes Store
   View All Forbes Store
    * U30 Collection
    * ForbesWomen Collection
    * Core Collection

 * Vetted
   Vetted
   View All Vetted
    * Gear
    * Health & Wellness
    * Home & Kitchen
    * Style
    * Tech & Electronics
    * Travel
      
       * Hotels & Lodging

 * Coupons
   Coupons
   View All Coupons
    * Purple
    * Squarespace
    * Verizon
    * Lululemon
    * AT&T
    * Lowe's
    * Brooks Brothers
    * Tory Burch
    * Dr Martens
    * Dell
    * Chewy

 * Advisor
   Advisor
   View All Advisor
    * The Best Credit Cards Of 2022
    * Best Balance Transfer Credit Cards
    * Best Cash Back Credit Cards
    * Best Travel Credit Cards
    * Best Business Credit Cards
    * Today's Mortgage Rates
    * Today's Refinance Rates
    * Best Mortgage Lenders 2022
    * Best Life Insurance
    * Best Travel Insurance 2022
    * Covid-19 Travel Insurance
    * Online Car Insurance Quotes
    * Car Insurance Companies
    * Cheap Car Insurance
    * Pet Insurance
    * How Much Is Pet Insurance?
    * Cheap Pet Insurance
    * Personal Loans
    * Debt Consolidation Loans
    * Student Loan Refinance
    * Business Loans
    * Best Online Banks
    * Best CD Rates
    * Best Savings Accounts
    * Forbes Advisor UK

 * Health
   Health
   View All Health
    * Body
    * Best Diets
    * Healthy Aging
    * Best Medical Alert Systems
    * Medicare
    * Medicare Advantage Plans
    * Medicare Supplement Plans
    * Medicare Advantage By State
    * Health Insurance
    * Hearing Aids
    * Best Hearing Aids
    * Senior Living
    * Mind
    * Best Online Therapy
    * Family

 * Lists
 * Video
 * Newsletters
   Newsletters
    * Crypto Confidential
    * Editorial Newsletters
    * Investing Digest
    * Premium Investing Newsletters

 * Forbes Magazine
   Forbes Magazine
   View All Forbes Magazine
    * Forbes Asia
    * Free Issue of Forbes

 * Latest
   Latest
    * Coronavirus Coverage
    * Daily Cover Stories
    * Dark Capital
    * Editors' Picks
    * Visual Web Stories

 * Featured
   Featured
    * 30 Under 30 2022
    * Amazon Ads BrandVoice | Paid Program
    * American Heart Association BrandVoice | Paid Program
    * AWS Transformation BrandVoice | Paid Program
    * Black Is Tech Conference 2022
    * DNA of Success
    * EY BrandVoice | Paid Program
    * Forbes Insights with Adobe | Paid Program
    * Forbes Insights with American Express | Paid Program
    * Forbes Insights with Cloudera | Paid Program
    * Henley & Partners BrandVoice | Paid Program
    * How Three Under 30 Founders Use Technology And Creativity To Shake Up
      Food, Media And Transportation
    * How Three Young Entrepreneurs Are Harnessing Social Media, Web3 And
      Venture Investment
    * Maserati BrandVoice | Paid Program
    * Redefining The Future Of Power: Celebrating 10 Years Of The Forbes Power
      Women's Summit
    * Right Now In Tech: Grace Hopper Celebration 2022
    * Right Now In Tech: PyCon U.S. 2022
    * ServiceNow BrandVoice | Paid Program
    * Snowflake Summit 2022
    * Tech Trailblazers: The Women Disrupting Disruptive Industries | Paid
      Program
    * This College Dropout’s $200 Million Company Is Changing How Gen Z Buys
      Underwear

 * Advertise with Forbes
 * Report a Security Issue
 * Site Feedback
 * Contact Us
 * Careers at Forbes
 * Tips
 * Corrections
 * Privacy
 * Do Not Sell My Personal Information
 * Terms
 * AdChoices
 * Reprints & Permissions
 * © 2022 Forbes Media LLC. All Rights Reserved.


Subscribe
Sign In





















BETA
This is a BETA experience. You may opt-out by clicking here


BREAKING

+1 day ago
Here’s How Social Media Giants—Including Twitter And Meta—Are Bracing For
Midterm Misinformation
+1 day ago
Kanye West’s Anti-Semitic, Controversial Behavior—Here’s Everything He’s Said In
Recent Weeks
+1 day ago
‘Nothing Has Worked’: Musk Laments Loss Of Twitter Advertisers And Acknowledges
Trying To Back Out Of Deal
1 hour ago
Don’t Expect To Know The Midterm Winners On Tuesday—Here’s Why These States
Could See Delays
4 hours ago
Mattress Mack Wins Record $75 Million Sports Betting Payout After Astros Win
World Series
5 hours ago
New Poll Shows Tight Race To Control House—But Republicans Are More Likely To
Vote
9 hours ago
Powerball Jackpot Swells To Record $1.9 Billion After No Ticket Wins Saturday’s
Draw—Here’s How Much Tax A Winner Would Pay
24 hours ago
Set Your Clocks Back Tonight—And No, Daylight Saving Time Isn’t Going Away Yet
+1 day ago
Twitter Launches $8-A-Month Blue Check Days After Musk’s Promise
+1 day ago
Climate Activists Glue Hands To Iconic Goya Paintings In Madrid—Here Are All The
Recent Protests Targeting Art Masterpieces

Edit Story
Breaking


Business


META REPORTEDLY PREPARING ‘LARGE-SCALE’ JOB CUTS—HERE ARE THE BIGGEST U.S.
LAYOFFS THIS YEAR

Brian Bushard
Forbes Staff
I cover breaking news for Forbes
Carlie Porterfield
Forbes Staff
I cover breaking news.
Nov 6, 2022,04:21pm EST|
Updated Nov 6, 2022, 04:24pm EST
 * Share to Facebook
 * Share to Twitter
 * Share to Linkedin


TOPLINE

Facebook’s parent company Meta is planning to lay off thousands of employees,
according to the Wall Street Journal, which would make it the latest major tech
company to implement job cuts as employers fear rising inflation could slide the
economy into recession.




Mark Zuckerberg testifies before a combined Senate Judiciary and Commerce
committee hearing in the ... [+] Hart Senate Office Building on Capitol Hill
April 10, 2018 in Washington, DC.

Getty Images



TIMELINE

Nov. 6, 2022The “large-scale” layoffs planned for Meta could be the largest for
a major tech company so far this year, people familiar with the matter told the
Wall Street Journal, adding an official announcement is expected as soon as
Wednesday, following a hiring freeze announced in September (Meta did not
immediately respond to a Forbes request for comment, and CEO Mark Zuckerberg
recently said the company would be focusing investment on “a small number of
high priority growth areas”).



Nov. 2, 2022Online financial services company Chime will lay off 12% of its
staff, with the cuts expected to affect 160 of the company’s 1,300 employees, a
spokesperson told CNBC, as the San-Francisco-based online banking and financial
services company attempts to recapitalize “regardless of market conditions,”
according to an internal memo obtained by TechCrunch.




Nov. 3, 2022Rideshare giant Lyft will reportedly lay off 13% of its staff,
according to a letter from company officials obtained by CNBC, with job cuts
affecting approximately 650 employees (13% of its staff of roughly 5,000, not
including its contracted drivers), marking the company’s second round of layoffs
this year, after it laid off 60 workers in July (Lyft did not immediately
respond to an inquiry from Forbes).



Nov. 3, 2022Stripe announced plans to cut 14% of its workforce (roughly 1,120 of
its 8,000 positions as of October, according to PitchBook) as the online
financial services company contends with “stubborn inflation, energy shocks,
higher interest rates, reduced investment budgets and sparser startup funding,”
after the company “overhired” and “underestimated both the likelihood and impact
of a broader slowdown,” CEO Patrick Collison announced in a statement to
employees.

Nov. 3, 2022Billionaire Elon Musk reportedly plans to cut roughly 50% of
Twitter’s 7,500 employees, multiple outlets reported Thursday—one week after the
world’s richest man took over the company, with previous reports indicating he
could lay off 25% and as much as 75% of the workforce, although Musk has walked
back on that original number.



Nov. 2, 2022In a blog post released Wednesday, Opendoor CEO Eric Wu blamed the
company’s job cuts, which affect 18% of its workforce, on “the most challenging
real estate market in 40 years” and a “need to adjust our business”—as the
housing market continues to cool in the wake of rising inflation and the Federal
Reserve’s four rounds of interest rate hikes this year.

Nov. 1, 2022Upstart’s layoffs are expected to affect roughly 7% of the
cloud-based AI lending company’s workforce, with cuts primarily among employees
who work in loan applications, a spokesperson confirmed to Forbes, saying the
move comes “given the challenging economy.”

Oct. 28 ,2022Zillow, the Seattle-based online real estate company, plans to let
go of 300 workers (roughly 5% of its nearly 5,800 employees), TechCrunch
reported, nearly a year after it announced plans to lay off another 2,000
employees.

Oct. 26, 2022Seagate Technology CEO Dave Mosley said the cuts, estimated to
affect 8% of the data storage company’s workforce, follow “global economic
uncertainties” and reduced demand, as the company’s shares plummet to $53.69
from a peak of $117.67 in January.

Oct. 25, 2022Manufacturing giant Philips unveiled plans to lay off approximately
4,000 workers amid a “worsening macroeconomic environment,” with the cuts
expected to affect more than 5% of the company’s workforce in both the
Netherlands—where the company is based—and the United States.

Oct. 22, 2022Vacasa’s layoffs affect roughly 3% of the company’s workforce,
primarily in its corporate divisions, Skift reported—its second round of cuts
this year following its decision to let go of 25 sales employees in July—a
spokesperson told Skift the company is attempting to “optimize our resources and
teams to be efficient and align with our priorities.”

Oct. 19, 2022Philadelphia-based delivery startup Gopuff laid off as many as 250
employees in its third round of layoffs this year, unnamed sources told
Bloomberg, after cutting roughly 400 in March and 100 in January—a company
spokesperson told Forbes the recent cuts are part of a 10% reduction announced
over the summer.

Oct. 18, 2022Microsoft’s cuts will affect less than 1% of its 180,000 workers, a
spokesperson told CNBC, three months after the Redmond, Wash.-based tech company
announced it would slash another 1% of its workforce, with the cuts coming in
the company’s modern life experiences team—a Microsoft spokesperson told Forbes
the company will “evaluate our business priorities on a regular basis and make
structural adjustments accordingly.”

Oct. 14, 2022HelloFresh, which took off during pandemic-related shutdowns, cut
611 workers workers and shut down a California production facility this week as
the company focuses on “newer, more efficient sites,” a company spokesperson
told Business Insider.

Oct. 14, 2022Beyond Meat announced it will lay off 19% of its workforce, as the
California-based company struggles with a decline in demand for plant-based
meats driven by inflation as consumers opt for cheaper alternatives, company
officials said.

Oct. 14, 2022Nevada-based real estate valuation firm Clear Capital announced
plans to cut 27% of its global workforce (roughly 378 employees), TechCrunch
reported, including 108 employees at its California office.

Oct. 13, 2022Oracle is laying off 201 employees, according to multiple outlets,
citing documents filed to the state’s Employment Development Department, two
months after the company started laying off an undisclosed number of its
estimated 143,000 employees, as part of a larger plan to cut thousands, The
Information reported.

Oct. 12, 2022Intel could reportedly cut thousands of employees, including
roughly 20% in its sales and marketing departments, Bloomberg reported citing
unnamed sources familiar with the proposal, following a disappointing company
financial forecast in July it blamed on a “sudden and rapid” economic decline,
while its shares shrank by more than half over the past year, to $25.04.

Oct. 11, 2022Brex’s job cuts affect 136 employees, bringing its staff to roughly
1,150, as the company adjusts to a “new macro environment” that “warrants a new
level of focus and financial discipline,” CEO Pedro Franceschi wrote in a blog
post.

Oct. 6, 2022Peloton’s layoffs, which affect roughly 12% of the company, come two
months after a memo to employees obtained by Bloomberg revealed the exercise
equipment maker cut nearly 800 jobs, and announced plans to shut stores and
raise prices for its Bike+ and Tread machines.

Sept. 29, 2022SoftBank is prepping to cut at least 150 of the 500 workers
employed by the Vision Fund, the Japanese conglomerate’s venture capital arm,
which would would affect roughly 30% of staff, according to Bloomberg, a move
that SoftBank’s billionaire founder and CEO Masayoshi Son hinted at last month
after a record $23 billion quarterly loss (it’s unclear whether the layoffs will
affect employees at the Lond0n-headquartered fund’s two U.S. locations in
Silicon Valley and Miami).

Sept. 28, 2022San Francisco-based electronic signature company DocuSign will lay
off 9% of its more than 7,400 employees (roughly 670 employees), the company
announced in a Securities and Exchange filing Wednesday, saying the cuts are
“necessary to ensure we are capitalizing on our long-term opportunity and
setting up the company for future success.”

Sept. 26, 2022Wells Fargo reportedly announced plans to lay off 36 employees,
bringing the bank’s total layoffs since April to more than 400, Iowa CBS
affiliate KCCI reported, following the banking giant’s decision earlier this
month to cut roughly 75 in its home mortgage division (Wells Fargo did not
immediately respond to an inquiry from Forbes).

Sept. 21, 2022In a similar move, Google also alerted about 50 employees—roughly
half of those employed at the firm’s startup incubator Area 120—they need to
find a new internal role within three months if they want to stay at Google, the
Journal reported.

Sept. 21, 2022Clothing outlet Nordstrom plans to lay off 231 employees at an
Iowa distribution center starting next month, local ABC affiliate KCRG reported,
citing a spokesperson who said the move is necessary to “better align with the
current needs of our business” (Nordstrom did not immediately respond to an
inquiry from Forbes).

Sept. 20, 2022Gap could cut as many as 500 corporate jobs from its offices in
New York and San Francisco, as well as offices in Asia, unnamed sources told the
Wall Street Journal on Tuesday (A Gap spokesperson confirmed the layoffs to
Forbes but would not provide further detail).

Sept. 16, 2022AbbVie reportedly announced plans to lay off 99 employees while
Bristol Myers Squibb plans to cut 261, according to state filings seen by
Endpoints News, making them the latest pharmaceutical companies to slim down
their workforces, following Biogen and Teva, which reportedly cut 300 jobs last
month.

Sept. 14, 2022Twilio CEO Jeff Lawson announced the move to cut 11% (roughly
800-900 of the company’s nearly 8,000 employees) on a company blog, saying the
workforce grew “too fast” and “without enough focus” over the past two years.

Sept. 13, 2022Warner Bros. Discovery, which formed in a merger between the two
production giants in April, could reportedly cut “hundreds” of ad sales
employees from the WarnerMedia and Discovery sides of the company, Axios
reported, citing unnamed sources, as the company looks to downsize its
advertising team representing HBO, CNN, Discovery, Turner and Warner Bros.
Entertainment, according to Insider, which also spoke to unnamed sources.

Sept. 12, 2022Goldman Sachs usually lays off 1% to 5% of its workers each year
as a part annual performance reviews, but suspended this program during the
Covid-19 pandemic—the investment bank suggested earlier this year it would
reinstate the cuts, which are expected to be closer to 1% of workers across all
sectors and could happen some time this month, the New York Times reported,
citing people familiar with the plans.

Sept. 9, 2022Beaumont-Spectrum, which formed earlier this year out of a merger
between Beaumont and Spectrum, cut 400 corporate positions as the health care
network struggles with “significant financial pressures from historic inflation,
rising pharmaceutical and labor costs, COVID 19, expiration of CARES Act funding
and reimbursement not proportional with expenses.”

Sept. 2, 2022Banking giant Citigroup reportedly made layoffs in its home
mortgage division that a source told Bloomberg encompassed fewer than 100
positions.

Sept. 2, 2022SoftBank, the Tokyo-based investment management giant, reportedly
plans to cut up to 20% of the roughly 500 staffers at its Vision Fund three
weeks after the fund posted a record loss in the fiscal quarter ending in June.

Sept. 2, 2022Investment banking giant Credit Suisse could reportedly cut as many
as 5,000 jobs as the scandal-hit bank seeks to turnaround its reputation and
reduce costs, according to Reuters.

Aug. 31, 2022Snap, the California-based developer of mobile app Snapchat,
announced plans to lay off more than 1,200 employees (roughly 20% of its staff),
in its second round of job cuts this summer, according to an internal memo
obtained by CNN.

Aug. 31, 2022Bed Bath & Beyond unveiled plans to lay off 20% of its workforce
and take out $500 million in new financing, as the struggling retail giant
closes 150 “lower-producing” stores amid continuing issues with low sales.

Aug. 31, 2022VF Corporation, the parent company of brands such as Vans,
Timeberland and the North Face, reportedly cut 300 employees and eliminated 300
open positions (less than 1% of its global workforce), with CEO Steve Rendle
writing in an internal letter to employees obtained by the Denver Business
Journal that the cuts come amid an environment that will “likely continue to be
marked by volatility” (VF confirmed the layoffs to Forbes but would not provide
further details).

Aug. 30, 2022Snap CEO Evan Spiegel announced in a company memo that the company
will lay off 20% of its than 6,400 workers (1,280 employees), the Verge
reported, saying the company is facing a “lower rate of revenue growth”—the
company’s stock price has plummeted nearly 80% since earlier this year.

Aug. 26, 2022Online mortgage lender Better.com reportedly announced its third
round of layoffs this year and its fourth in the past 12 months, laying off
close to 250 employees, an unnamed worker told TechCrunch—bringing the company’s
total layoffs since December to roughly 4,000 as the company struggles amid a
precipitous downturn in the housing market (Better.com did not immediately
respond to an inquiry from Forbes).

Aug. 25, 2022Artificial intelligence startup DataRobot interim CEO Debanjan Saha
announced the Boston-based company’s second round of job cuts since May in a
move “to adapt to changing market dynamics,” and even though the company did not
specify the number of employees leaving, LinkedIn reported it will affect 26% of
its staff, which, according to the site TechTarget, would mean roughly 260 of
its 1,000 employees.

Aug. 25, 2022Tennessee-based trucking company U.S. Xpress cut 5% of its
corporate workforce, a spokesperson confirmed to local ABC affiliate WTVC,
bringing its total layoffs this summer to roughly 140, following a round of cuts
in May that slashed another 5% of the company’s corporate staff, reported at the
time to be around 70 employees.

Aug. 22, 2022Ford announced it will let go about 3,000 office and contract
employees as the carmaker moves to cut spending as it transitions to producing
electric vehicles, according to the Wall Street Journal.

Aug. 19, 2022Boston-based online furniture retailer Wayfair slashed 870 jobs
(nearly 5% of the company’s 18,000 employees), according to an internal memo
from CEO Niraj Shah obtained by the Boston Globe, which stated the company was
rebuilding after the Covid-19 pandemic but that their “team is too large for the
environment we are now in.”

Aug. 18, 2022Software company New Relic laid off 110 employees, including 90 in
the U.S. (roughly 5% of its workforce), CEO Bill Staples posted in a statement
on the company’s website, writing the cuts are essential in light of “current
information on growth trends and market expectations.”

Aug. 16, 2022Philadelphia-based Audacy, the second biggest radio company in the
United States, cut 5% of its workforce (estimated to be roughly 250 employees),
Inside Radio reported, with CEO David Field saying the cuts come “in light of
current macroeconomic headwinds.”

Aug. 16, 2022Apple, the world’s most valuable company, laid off 100 contracted
recruiters amid a hiring slowdown, Bloomberg reported (Apple did not respond
immediately to an inquiry from Forbes).

Aug. 15, 2022HBO Max cut 70 jobs (14% of its workforce) in a cost-cutting effort
that comes four months after Discovery’s $43 billion acquisition of HBO Max
parent company WarnerMedia, and a week after the company announced plans to
combine the streaming service with Discovery+ as soon as next year, Deadline
reported.

Aug. 12, 2022Texas-based home health services company Signify Health laid off
489 employees, a cost-cutting move that comes weeks after health care giant CVS
made a bid to purchase the company, multiple outlets reported.

Aug. 11, 2022Meditation app Calm CEO David Ko announced plans to lay off 90
employees (20% of the company’s workforce) in a memo to employees, saying, “we
as a company are not immune to the impacts of the current economic environment."

Aug. 10, 2022California tech startup Nutanix announced plans to cut 270 (4% of
its workforce) by the end of October, according to a Securities and Exchange
Commission filing, in an effort to reduce expenses.

Aug. 10, 2022Fast casual salad shop Sweetgreen cut 5% of its corporate
workforce, attributing company losses to a slow return to the office and
lingering Covid-19 cases, in a conference call, CNBC reported.

Aug. 9, 2022Website design company Wix.com made its second round of layoffs this
year, cutting 100 employees as company President and COO Nir Zohar told Israeli
newspaper Calcalist, “the world has experienced an economic crisis and we have
seen U.S. GDP fall without growth.”

Aug. 9, 2022Canadian social media management company Hootsuite reportedly
announced plans to cut 30% of its estimated 1,000 employees.

Aug. 8, 2022Groupon unveiled plans to lay off 15% of its workforce (500
employees), primarily in the company’s technology and sales departments, with
CEO Kedar Deshpande writing in a message to employees obtained by Forbes, “our
cost structure and our performance are not aligned.”

Aug. 8, 2022Snap started laying off an undisclosed number of its 6,000
employees, following a disappointing earnings report released last month, The
Verge reported, citing anonymous sources.

Aug. 5, 2022iRobot, the maker of Roomba, cut 10% of its workforce (140
employees), as the company restructures after being purchased by Amazon for $1.7
billion, the company told Forbes, adding the job cuts were not related to the
acquisition.

Aug. 4, 2022California-based video game developer Jam City laid off between
150-200 employees — roughly 17% of its workforce — VentureBeat reported, stating
the cuts come “in light of the challenging global economy and its impact on the
gaming industry.”

Aug. 3, 2022Walmart—the largest private employer in the United States—plans to
cut 200 of its corporate employees as the company seeks to restructure, the Wall
Street Journal reported, citing anonymous sources.

Aug. 2, 2022Online brokerage Robinhood cut 23% of its staff, with CEO Vlad Tenev
citing a drop in trading activity, high inflation and a “broad crypto market
crash”—the move comes after Robinhood laid off 9% of its full-time employees in
April, a set of cuts Tenev says “did not go far enough.”

July 27, 2022Fitness company F45 Training laid off 110 employees, or 45% of its
workforce, as CEO Adam Gilchrist stepped down.

July 26, 2022E-commerce company Shopify became the latest company to lay off
employees, cutting ties with 1,000 (10% of its workforce), CEO Tobi Lutke
announced, saying skyrocketing demand for online shopping during the pandemic
has leveled off, and that the company made a bet that “didn’t pay off.”

July 22, 2022Boston tech-watch company Whoop slashed 15% of its workforce,
telling the Boston Globe it now has 550 employees (meaning it cut close to 97)
adding in a statement, “given how negatively the macro environment has evolved,
we need to grow responsibly and control our own destiny.”

July 21, 20227-Eleven, which operates 13,000 convenience stores across North
America, cut 880 U.S. corporate jobs, just over a year after it completed a $21
billion deal to purchase Speedway.

July 20, 2022Seattle real estate startup Flyhome axed 20% of its staff, reported
to be close to 200 workers, as the company navigates “uncertain economic
conditions.”

July 20, 2022Ford plans to lay off up to 8,000 employees as the automaker seeks
to pivot away from gas-powered cars and toward electric vehicle production,
Bloomberg reported.

July 19, 2022Vimeo CEO Anjali Sud announced on LinkedIn the online video company
is cutting 6% of its workforce to “come out of this economic downturn a stronger
company.”

July 19, 2022Ohio-based automated health software startup Olive laid off 450
employees, nearly 35% of the company, as CEO Sean Lane admitted the company’s
commitment to “act with urgency” led to a hiring spree that proved to be too
much to handle, prompting him to “rethink this approach.”

July 18, 2022Crypto exchange Gemini cut 68 employees—or 7% of its staff—less
than two months after it let go of 10% of its workforce, according to
TechCrunch.

July 14, 2022OpenSea, the New-York based non-fungible token (NFT) company,
announced in a tweet it laid off 20% of its staff over fears of “broad
macroeconomic instability” with the possibility of “prolonged downturn.”

July 13, 2022Online ordering startup ChowNow laid off 100 people, TechCrunch
reported, as it reels back from a “large and ambitious” budget it couldn’t meet
amid fears a stunted market could fuel a recession.

July 13, 2022Tonal, the at-home fitness company, cut 35% of its workforce amid a
worsening “macroeconomic climate and global supply chain challenges.”

July 12, 2022Tesla laid off 229 employees, primarily in its autopilot division,
and shut down its San Mateo, California, office, just weeks after CEO Elon Musk
sent an email to executives, saying he had a “super bad feeling” about the
economy and planned to cut 10% of his workforce, Reuters reported.

July 12, 2022Some 1,500 employees at the international delivery startup Gopuff
were let go, (10% of its staff) and 76 of its U.S. warehouses were shut down,
according to a letter to investors first reported by Bloomberg, as the company
moves away from a growth-at-all-costs model.

July 12, 2022California-based mortgage lender loanDepot announced plans to lay
off 2,000 workers by the end of the year, bringing its 2022 layoffs to 4,800 —
more than half of the company’s 8,500 employees — as the housing market
“contracted sharply and abruptly,” CEO Frank Martell said in a statement.

July 11, 2022Electric automaker Rivian unveiled plans to lay off 5% of the
company’s 14,000 employees in areas that grew “too quickly” during the pandemic
and to halt hiring of non-factory workers, according to an internal email from
CEO RJ Scaringe, Bloomberg reported.

July 7, 2022Real estate firm Re/Max announced plans to lay off 17% of its
workforce by the end of the year, with a goal of bringing in $100 million in
annual mortgage-related revenue by 2028.

June 22, 2022JPMorgan Chase — the nation’s largest bank — laid off and
reassigned more than 1,000 of its 274,948 employees, citing rising mortgage
rates and increased inflation.

June 15, 2022Real estate companies Compass and Redfin announced plans to cut 10%
and 8% of their workforces, respectively, following a 3.4% drop in home sales
from April to May, according to the National Association of Realtors, amid
concerns the once red-hot housing market had cooled.

June 14, 2022Some 1,100 Coinbase employees learned they had been released after
losing access to their work emails, marking an 18% reduction in the crypto
company’s staff — a move that CEO Brian Armstrong called essential to “stay
healthy during this economic downturn” — and a warning sign of a recession and a
“crypto winter” after a 10-plus-year crypto boom.

May 21, 2022Used car seller Carvana CEO Ernie Garcia III sent an email to 2,500
employees — 12% of the company’s workforce — informing them they had lost their
jobs, one week after freezing new hiring, as the company embraced for what
looked like a looming recession in car sales, and reports of a “spendthrift”
business style had come back to bite the company.

PLAY Forbes Business Video Settings Full Screen About Connatix V197230 Read More
Read More Read More Read More Read More Read More Read More Read More Read More
Read More Read More Read More Why Apple TV's 'Acapulco,' Now In Its
SecondSeason, Is A Must Watch Comedy 1/1 Skip Ad Continue watching after the ad
Visit Advertiser websiteGO TO PAGE





FURTHER READING

Recession Watch: It Doesn’t Seem Imminent—But The Housing Market Collapse
Deepens As Fed Officials Warn 'Economy Will Slow' (Forbes)


Brian Bushard



I am a Boston-based reporter. Before joining Forbes, I covered the environment,
local government and the arts for a small-town newspaper on Nantucket. My

... Read More



Carlie Porterfield



I am a Texas native covering breaking news out of New York City. I was
previously an editorial assistant at the Forbes London bureau. Follow me on
Twitter @reporterfield.



 * Editorial Standards
 * Print
 * Reprints & Permissions



California Lawmakers Agree To Slash Single-Use Plastics Over Next Decade






Cookies on Forbes
YOUR CHOICES REGARDING COOKIES ON THIS SITE
Please choose whether this site may use cookies or related technologies such as
web beacons, pixel tags, and Flash objects ("Cookies") as described below. You
can learn more about how this site uses cookies and related technologies by
reading our privacy policy linked to below. Your choices on this site will be
applied globally. This means that your settings will be available on other sites
that set your choices globally. You can change your mind and revisit your
preferences at any time by accessing the "Cookie on Forbes" button on the left
side of this site.



While we need to use required cookies to make our site work, we won't set
optional cookies unless you enable them.
WE AND OUR PARTNERS

We and our partners: process personal data such as IP Address, Unique ID,
browsing data for: Informationen auf einem Gerät speichern und/oder abrufen |
Personalisierte Anzeigen, Anzeigenmessung und Erkenntnisse über Zielgruppen |
Personalisierte Inhalte und Inhaltemessung | Produkte entwickeln und verbessern
| Genaue Standortdaten verwenden | Geräteeigenschaften zur Identifikation aktiv
abfragen.

Accept All Choose Cookies
Privacy Statement
Powered by: