The recent weeks have been tough for big companies. Shocking workforce slash announcement has been delivered all over the world. The epitomes are big tech corporations such as Amazon, Netflix, Microsoft, Apple, meta (the parent company of Facebook), and Alphabet (the parent company of Google). They have been financially challenged more than $3 trillion over the past 12 months.
As a result, some big tech companies have started to slash their workforce. According to the “Layoff.fyi” site, which shows the status of layoffs of global big tech companies, Amazon, the world’s largest e-commerce company, has already slashed 136,000 people worldwide as of the 21st. Among them, Meta (Facebook’s parent company), which carried out massive layoffs of 11,000 people, and Twitter, which fired about 3,700 employees, are notable.
These two platform companies, like many other sectors, face the effects of the global economic downturn. If the economic issue, there would be fund reduction especially in the advertising profit. Based on the Meta financial report, the decline in advertising revenue is the problem. Plus, they encounter other competitive platforms like TikTok. Meanwhile, the situation on Twitter, which fell into the hands of billionaire Elon Musk, is also not good. Moreover, Musk’s tough leadership style and controversial decision-making process could create another problem.
For example, CEO Musk recently put back the account of former U.S. President Donald Trump. This was after conducting a survey of users. Former President Trump posted a tweet on January 8 last year about the riots in the National Assembly building. Then two days later Twitter expelled him. However, even before Musk’s acquisition, Twitter’s situation seemed bad. According to an internal document obtained by Reuters in October.