According to a report from the New York Times, Amazon is about to cut about 10,000 employees. According to the NYT, the lay offs will hit the company's device sector, as well as the retail and human resources divisions.
It isn't all bad news. Jeff Bezos said that he would donate his billions to charity one day. On the same day as the mass lay-offs were announced, the announcement was released. How is that possible?
Most of Amazon's employees are hourly workers in warehouses or delivery drivers. According to the Times, the layoffs represent a 3% reduction in the company's corporate workforce and a 1% cut in its total workforce. The hiring freeze was put in place earlier this month, but the forecast cuts are a lot bigger than that. The company expanded and hired during the year. The online shopping bubble lasted less than a year.
Amazon lost one trillion dollars in stock value in its most recent quarterly report, making it the first company to ever do that. The earnings were less than stellar. It is not surprising that Amazon would change tack to cope with the losses.
Amazon is not the only tech company that has recently laid off workers. Half of the platform's staff were affected by the cuts, before Musk backtracked and tried to re-hire them. Meta laid off 11,000 of its own, following CEO Mark Zuckerberg's deeply flawed hiring decisions. In October, Microsoft let go of some employees. Some people think we have entered another dot com crash because of the rapid disappearance of tech jobs.
Don't worry about the future of technology. Don't weep for Bezos. It isn't enough to stop the billionaire from sending his girlfriend into space
There was a correction on 11/14/2022 at 3:33pm. The percentage reduction in Amazon's total workforce was overstated.
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