Meta, Twitter, Microsoft, Snap: Job cuts galore at the biggest US companies

Days after Twitter’s new boss Elon Musk slashed half of Twitter’s workforce, Meta Platforms on Wednesday became the latest US company to cut jobs to rein in costs amid tightening monetary policy and growing fears of a recession. The Facebook-parent said it would cut 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs.

Job cuts announced by US-based employers have jumped 13% to 33,843 in October, the highest since February 2021, a report said.

More than 105,000 people have lost their jobs at private startups this year, and Bloomberg reported that the pace of tech layoffs is approaching early pandemic levels.