The SF Standard reports that to date, San Francisco layoffs are up to over 16,700 jobs, spread out across approximately 130 companies.
Twitter, Lyft, Stripe announce mass layoffs. Experts explain what's behind massive cutback amid tech slowdown in the San Francisco Bay Are and beyond.Economists are calling this a truly unusual day for layoffs. Big tech giants in the Bay Area are announcing layoffs that add up to thousands of workers being let go.On the same day, ride-hailing giant Lyft says it's letting go of 700. Both companies say they're cutting their workforce by 14 percent.
And don't forget about Twitter. Owner Elon Musk has announced plans to start slashing 3,700 jobs on Friday. That's half the company's headcount.To date, 16,772 workers have been laid off at 138 companies."California is known for its tech industry. We've got to be careful. We don't want to destroy our economy," said economics professor Daniel Vencill at San Francisco State University."This is a deliberately created recession created by the Federal Reserve Bank.
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