Several technology companies announced job cuts on Thursday, after Amazon paused hiring for its corporate work force.
Senior executives at Amazon decided this week to stop hiring because of the economy. The company stopped hiring in its retail business for the rest of the year.
"We anticipate keeping this pause in place for the next few months, and will continue to monitor what we're seeing in the economy and the business," said Beth Galetti, the Amazon executive in charge of human resources.
About 650 of Lyft's 5,000 workers will lose their jobs as the company trims 13 percent of its work force. Roughly 1,100 jobs are at stake as a result of the 14 percent cut by Stripe.
Smaller tech companies have announced layoffs while larger tech companies have slowed down their hiring. There were a lot of job cuts and hiring freezes disclosed on the same day.
The deal was a big one. Musk made an offer worth $44 billion for the social media platform, saying he wanted to turn it into a private company and allow people to speak more freely. The battle that followed lasted months.
There was a move. The price Mr. Musk agreed to pay for the company in April was proposed on October 4. The purchase of the company was completed on October 27th.
Tech companies have helped lead the way for the U.S. economy over the past decade. Many of the largest firms reported financial results that indicated they were feeling the impact of global economic jitters, soaring inflation and rising interest rates.
Social media companies have been dealing with a decline in advertising. Amazon warned investors last week that growth in its current quarter could be the weakest it has been in two decades.
Tech companies are laying off workers. The social media company has been ordered to make cuts by the man who bought it. A Layoff Guide has been created by employees at the social media company.
In the face of a probable recession in the next year, the company decided to lay off employees. In an email to employees, the company's co- founders said that all teams would be affected.
The actions were taken to ensure we can accelerate execution, stay focused on the best opportunities to drive profitable growth, and deliver strong business results.
The company said that it planned to sell its first-party vehicle service business and that its employees would be offered jobs at the new company.
Patrick Collison, a co-founder and the chief executive of Stripe, said the company hired too many people during the pandemic, only to be confronted by inflation, high interest rates and greater economic tumult.
He said in an email to employees that the company had underestimated both the likelihood and impact of a broader slowdown.
He said that the layoffs would not happen evenly. The company will not hire as many people next year. The internal valuation of the company was lowered in July.
Karen Weise was a contributor.
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