F'dCompany '22-'23
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Tycho
Below is an overview of companies hit by the financial downturn of ‘22-‘23. Inspired by https://en.wikipedia.org/wiki/Fucked_Company, which was a good estimation of the state of the economy around the web bubble of the 2000s, this could give some insight in how far it will go this time.
This post will be updated as long as there seems to be an acceleration in layoff and bankruptcies.
I did not (mostly) include cryptocurrency/blockchain demises as there are simply too many of them.
February
- https://www.bloomberg.com/news/articles/2023-02-01/intel-cuts-pay-across-company-to-preserve-cash-for-investment
- https://www.reuters.com/technology/paypal-lay-off-7-its-workforce-2023-01-31/
- https://www.cnbc.com/2023/02/01/rivian-to-lay-off-six-percent-of-workforce-ev-price-war.html
- https://www.theverge.com/2023/2/6/23587401/dell-employees-layoffs-tech-recession-falling-pc-laptop-sales
- https://blog.zoom.us/a-message-from-eric-yuan-ceo-of-zoom/
- https://www.bloomberg.com/news/articles/2023-02-07/meta-to-ask-many-managers-to-become-individual-contributors-or-leave
- https://www.investors.com/news/google-stock-falls-after-googles-bard-ai-ad-shows-inaccurate-answer/
- https://www.theverge.com/2023/2/8/23590901/disney-layoffs-earnings-streaming-bob-iger
- https://www.bbc.com/news/business-64576225
- https://asia.nikkei.com/Business/Companies/Adani-Group/Adani-s-debts-exceed-1-of-Indian-economy
- https://twitter.com/webology/status/1623722731819659269
- https://www.wsj.com/articles/amazon-changes-at-zappos-slowly-dismantle-tony-hsiehs-legacy-5d393647
- https://www.reuters.com/technology/meta-delays-setting-team-budgets-facebook-parent-plans-fresh-round-layoffs-ft-2023-02-11/
- https://www.twilio.com/blog/restructuring-twilio
- https://www.cnbc.com/2023/02/16/docusign-layoffs-company-to-cut-10percent-of-workforce.html
- https://www.washingtonpost.com/technology/2023/02/22/meta-layoffs/
- https://www.firstpost.com/world/tiktok-owner-bytedance-planning-to-layoff-thousands-in-coming-months-in-china-12185652.html
Januari
- https://www.marketwatch.com/story/salesforce-will-lay-off-10-of-staff-as-part-of-restructuring-11672832799 SalesForce, 10% reduction
- https://vimeo.com/blog/post/a-message-from-vimeos-ceo-jan-2023/
- https://www.wsj.com/articles/amazon-to-lay-off-over-17-000-workers-more-than-first-planned-11672874304
- https://www.businessinsider.com/salesforce-layoffs-hit-slack-product-development-and-engineering-org-2023-1
- https://www.reuters.com/business/finance/goldman-sachs-start-cutting-thousands-jobs-midweek-sources-2023-01-09/
- https://www.coinbase.com/blog/a-message-from-ceo-and-co-founder-brian-armstrong-to-coinbase-employees
- https://scale.com/blog/company-update
- https://theloadstar.com/flexport-slashes-20-of-global-workforce-over-weak-2023-volume-forecast/
- https://qualtrics.gcs-web.com/static-files/ede48f82-dd50-4278-928e-8f58230a349d
- https://arstechnica.com/tech-policy/2023/01/parler-reportedly-axed-most-of-its-staff-after-ending-deal-to-sell-to-kanye-west/
- https://www.wsj.com/articles/alphabet-unit-verily-to-trim-more-than-200-jobs-11673466950
- https://www.wsj.com/articles/alphabet-unit-verily-to-trim-more-than-200-jobs-11673466950
- https://www.cnbc.com/2023/01/11/directv-lays-off-staffers-as-cord-cutting-accelerates-.html
- https://www.vice.com/en/article/7k8yxb/citizen-app-lays-off-dozens-of-employees
- https://www.coindesk.com/business/2023/01/12/crypto-brokerage-blockchaincom-lays-off-28-of-workforce-as-industrys-cruel-winter-continues/
- https://crypto.com/company-news/company-update
- https://appleinsider.com/articles/23/01/13/goldman-lost-12-billion-in-2022-mostly-because-of-apple-card
- https://www.bbc.com/news/business-64303149 - UK battery startup collapses into administration
- https://www.cnbc.com/2023/01/17/goldman-sachs-fourth-quarter-results-are-coming-what-the-street-expects.html
- https://www.cnbc.com/2023/01/18/amazon-set-to-begin-new-round-of-layoffs-affecting-over-18000-people.html
- https://blogs.microsoft.com/blog/2023/01/18/subject-focusing-on-our-short-and-long-term-opportunity/
- https://blog.google/inside-google/message-ceo/january-update/
- https://www.wsj.com/articles/wayfair-is-preparing-to-lay-off-more-than-1-000-workers-11674161122
- https://www.axios.com/2023/01/20/vox-media-layoffs-january-2023
- https://www.prisma.io/blog/restructure-announcement-1a9ek279du8j
- https://www.tcifund.com/files/corporateengageement/alphabet/20th%20January%202023.pdf
- https://www.theregister.com/2023/01/20/capital_one/ - Capital One axes 1000 tech jobs
- https://www.windowscentral.com/microsoft/microsoft-has-laid-off-entire-teams-behind-virtual-mixed-reality-and-hololens - Microsoft laid off metaverse teams
- https://www.reuters.com/technology/spotify-trim-6-workforce-2023-01-23/
- https://www.bloomberg.com/news/articles/2023-01-23/spotify-seen-cutting-staff-as-soon-as-this-week-to-cut-costs
- https://www.marketwatch.com/story/newell-brands-to-lay-off-13-of-staff-amid-restructuring-01674485305
- https://www.marketwatch.com/story/pagerduty-to-lay-off-7-of-staff-revenue-officer-to-exit-271674568511
- https://www.businessinsider.com/reddit-layoffs-various-roles-evaluates-employee-performance-2023-1
- https://www.publicnow.com/view/CEA41F7D5BB5C6CFF1144A3A9C4623D8A7748639
- https://www.latimes.com/business/story/2023-01-25/ibm-layoff-3900-workers-still-hiring
- https://gizmodo.com/pagerduty-ceo-quotes-martin-luther-king-jr-layoff-email-1850039237
- https://www.nasdaq.com/articles/philips-plans-6000-job-cuts-sees-growth-in-fy25-beyond
- https://sifted.eu/articles/glovo-lays-offs-news/
December
- https://circleci.com/blog/ceo-jim-rose-email-to-circleci-employees/ - CircleCI, 17% reduction
- https://plaid.com/team-update/ - Plaid, ~260 employees let go
- Doma - 515 positions
- https://www.sfchronicle.com/tech/article/Adobe-Doma-and-Plaid-layoffs-affect-hundreds-of-17638211.php - Adobe, 0.35% of 28.700 employees
- https://variety.com/2022/digital/news/buzzfeed-layoffs-12-percent-employees-1235451552/ - Buzzfeed, 12% reduction
- https://www.computerworld.com/article/3682071/amazon-layoffs-now-expected-to-mount-to-20000-including-top-managers.html - Amazon, 20.000 layoffs
- https://www.wsj.com/articles/weworks-once-robust-cash-reserves-have-dwindled-raising-chances-of-default-11670905533 - WeWork in edging closer to default
- https://www.bloomberg.com/news/articles/2022-12-16/goldman-sachs-considers-eliminating-as-many-as-4-000-workers - Goldman Sachs eliminating 4000 jobs
- https://www.cnet.com/tech/tesla-buyers-are-bailing-because-of-elon-musk-the-worst-troll/ - Tesla & Twitter in trouble over Musk his online (Twitter) behaviour
- https://twitter.com/tradingview/status/1605250757137145856?s=46&t=JkxuGomQbcSiFpp-GbNQTw - Amazon first company in the world to drop $1T in marketcap
- https://www.nasdaq.com/articles/fidelity-marks-down-value-of-twitter-stake-by-56 Twitter investor value mark down
November
- https://techcrunch.com/2022/11/03/twitter-layoffs-elon-musk/ - Twitter, ±50% reduction