Amazon to shed 18,000 jobs: Facebook, Twitter, and other US big tech

Amazon to shed 18,000 jobs: Facebook, Twitter, and other US big tech

Kanako Mita and Sawako Utsumi

Modern Tokyo Times

Big Tech companies in America continue to announce job losses. Hence, many workers continue to face trepidation concerning Big Tech companies and market cap losses in 2022.

Amazon announced 18,000 job losses. However, it isn’t currently known which nations will face the highest losses. Also, given the size of the international workforce of Amazon, it might be the start of more job losses later in the year. 

The BBC reports, “Most of the job losses will come from its shops including Amazon Fresh and Go and its human resources division.”

Amazon founder Jeff Bezos, warned last year that it was time to “batten down the hatches.”

Combined losses of the top 10 tech stocks came to $4.6 trillion last year. Market cap losses were $856 billion at Amazon, $787 billion at Alphabet (parent company of Google), $755 billion at Apple, $726 billion at Microsoft, $450 billion at Meta Platforms, $373 billion at Nvidia, and so forth. 

Facebook owner Meta stated in November 2022 that the workforce would be reduced by 13%. Thus 11,000 people out of 87,000 workers lost their jobs. 

Mark Zuckerberg, the Chief Executive of Meta, uttered the job losses were “the most difficult changes we’ve made in Meta’s history.”

Elon Musk, the owner of Twitter, also reduced the workerforce by half. Musk defended his decision by stating that Twitter was losing roughly $4 million per day. 

Last year, the BBC reported that “Executives at major tech firms, including Microsoft, Google’s parent company Alphabet, and Facebook have also discussed weakness in recent financial updates.”

Other companies hit by job losses include Groupon, Better.com, Booking.com, Peloton, Uber, and others.

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