Big Tech layoffs and the pull-back of VC funding were dominant stories clouding much of the tech landscape. The meltdown of the major tech stocks (Apple, Meta, Amazon, Alphabet, and Microsoft) led to an industry-wide hiring slowdown, investor jitters, and something new to Silicon Valley: mass layoffs.
According to tech watchdog AngelList, what started as a slow burn grew into a full-fledged wildfire by November. Meta, Twitter, Stripe, Snap, Lyft, and Redfin are among the tech companies that axed more than 10% of their positions. An estimated 150k tech jobs were incinerated over the year.
Meanwhile, for many upstarts, the funding environment got as cold as a crypto winter. Investors pulled back in just about every arena, ending a years-long run of easy money and growth at any cost.
