What is it?
It’s the phrase being used to describe a huge wave of redundancies across the tech industry. Since the start of 2022 nearly 220,000 workers have lost their jobs in the most brutal period of layoffs since the dot-com bubble burst in 2000.
Which companies have let people go?
Almost all of them. In November Meta, which owns Facebook, Instagram and WhatsApp, got rid of 11,000 people – about 13 per cent of its workforce. That was followed in January by Amazon culling 18,000 jobs, Alphabet (Google’s parent company) axing 12,000 and Microsoft 10,000. Dell, PayPal, Yahoo and Zoom joined the firing squad in February, making 11,000 people redundant between them.
Is this because of the global economic downturn?
Partly. Companies have seen their earnings fall sharply in…