Over 15,000 tech workers lost their jobs last month
Many of the workers who lost their jobs worked in crypto and fintech.
Recommended articles
A report by BeInCrypto, a media platform that specialises in cryptographic technology, privacy, fintech, and the Internet, states that a total of 15,764 tech employees lost their jobs in May.
According to the report, many of the workers who lost their jobs worked in crypto and fintech.
In a bid to adjust to the worsening economic climate around the world, Bitso, Mexico’s largest crypto exchange cut down its employees from 800 to 720 last month.
Similarly, an Argentinian crypto exchange, Buenbit terminated the employment of about 80 staff members in May.
The recent wave of job loss in the tech industry did not exclude Netflix employees. On Tuesday, May 17, 2022, the video streaming company announced the dismissal of about 150 staffers.
The company in a statement announcing the layoff attributed the development to its slowing revenue growth, adding that the staffers were not dismissed because of their performances.
“So sadly, we are letting around 150 employees go today, mostly U.S.-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition,” the company had said.
In addition to the layoff of 150 full-time employees, Netflix also dismissed about 70 part-time staffers in its animation studio and cut freelance roles in its social media and publishing group.
In Africa, the ‘great layoffs’ hit Egypt as mobility startup, Swvl on Monday, May 30, announced its plan to lay off a third of its workforce. This is expected to affect 400 workers of the Dubai-headquartered tech coy.
Explaining the company’s reasons for the layoff, Youseff Salem, Swvl’s Chief Financial Officer, (CFO) said the tough decision was made in order to “prioritise profitability over growth to ensure that Swvl thrives once we are on the other side of this”.
There is no doubt that Klarna, a Swedish fintech company was one of the most hit by the wave of revenue slowdown in the tech industry.
On Monday, May 23, 2022, the buy now, pay later company was forced to sack about 10% of its global workforce. The cutdown affected 650 staffers.
While many tech coys decided to lay off their employees, Facebook's parent company, Meta, Uber, and others chose to slow down on hiring.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng