tech layoffs continue at steady pace in 2023

An average of 1600 tech jobs have been lost each day of 2023 so far. Big companies like Microsoft, Facebook, Salesforce and Amazon have had huge waves of layoffs.

The trend has not slowed down yet and is likely to continue throughout the year. Due to over-aggressive expansion through Covid and the following few years, many companies were left with too many workers and not enough revenue.

One notable example of an executive taking a pay cut due to difficult financial strain is Tim Cook of Apple, who recently took a 40% pay cut.

The layoffs are even spreading to less tech specific companies like Goldman Sachs (banking, investing) and Blackrock (asset management).