Major Companies Announce Layoffs and Hiring Freezes as Fears of Recession Loom

Video Credit: Wibbitz Top Stories
Published on June 9, 2022 - Duration: 01:31s

Major Companies Announce Layoffs and Hiring Freezes as Fears of Recession Loom

Major Companies Announce, Layoffs and Hiring Freezes, as Fears of Recession Loom.

Yahoo reports that the United States has been impacted by a wave of corporate layoffs meant to cut costs amid broad market selloffs.

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Big firms like Uber, Microsoft, Twitter, Wayfair, Snap and Meta have all seen layoffs.

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Big firms like Uber, Microsoft, Twitter, Wayfair, Snap and Meta have all seen layoffs.

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Other major companies to recently let go of employees include Tesla, PayPal, Uber and Netflix.

Other major companies to recently let go of employees include Tesla, PayPal, Uber and Netflix.

Tesla CEO Elon Musk announced his concerns about a potential recession in a company wide email.

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The same email decreed that 10% of Tesla's staff needed to be laid off and hiring for the company would be put on hold worldwide.

In May, Netflix fired about 150 U.S.-based employees after the company's revenue growth slowed down.

In May, Netflix fired about 150 U.S.-based employees after the company's revenue growth slowed down.

Also in May, Carvana fired 2,500 employees, or about 12% of its entire staff, after announcing its $2.2 billion acquisition of Adesa.

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Also in May, Carvana fired 2,500 employees, or about 12% of its entire staff, after announcing its $2.2 billion acquisition of Adesa.

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In April, Robinhood Markets announced a layoff of 9% of its full-time employees.

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As a result, stock in Robinhood fell about 52.5% as of June 8.

Facebook parent company Meta announced a company wide hiring freeze with stock down 42% year-to-date.

According to Meta, the company is focusing on its core business and Reality Labs after making a $10 billion investment in developing the metaverse.

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According to Meta, the company is focusing on its core business and Reality Labs after making a $10 billion investment in developing the metaverse.


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