Amazon, Twitter, Other US Tech Firms Are Seeing Mass Layoffs And Hiring Freeze. IN PICS

Twitter has reportedly begun the process of sacking about half of its 7,500 workers. Over the past couple of months, other US tech companies have also either paused hiring or announced mass layoffs.

Over the past few days sackings have intensified with several startups, including Stripe, Lyft and Opendoor announcing layoffs.

Following $44-billion Twitter acquisition, Elon Musk is reportedly planning to cut 3,700 jobs or half of company’s workforce.According to the media reports, Musk is under pressure to find ways to slash costs of a business for which he says he overpaid. [Image Credit:Getty]

US ride-hailing company Lyft has announced that it would Layoff 13 per cent or about 700 of its employees to 'accelerate execution and deliver strong business results in Q4 of 2022 and in 2023'. [Image Credit:Getty]

US digital payment giant Stripe has said that it would cut companies headcount by about 14 per cent, leaving it with about 7,000 employees. Company’s founder said that he 'underestimated both the likelihood and impact of a broader slowdown'. [Image Credit:Getty]

Fintech firm Chime said it will let go 12 per cent of its 1,300 workers. Company’s Co-fonder Chris Britt said 'the changes will help, but we also need to adjust the size of our organisation as we increase our focus and forge our path to profitability'. [Image Credit:Chime]

Real estate firm Opendoor had to let go of about 550 people or 18 per cent of its staff across all functions due to sharp rise in US mortgage rates and inflation, leading to decreased demand in the real estate sector. [Image Credit:Twitter/Opendoor]

Amazon has yet not announced any job cuts but it is pausing 'new incremental' hiring across its corporate workforce. Company’s top human resources executive Beth Galetti has said, 'We anticipate keeping this pause in place for the next few months, and will continue to monitor what we're seeing in the economy and the business to adjust as we think makes sense'. [Image Credit:Getty]