Tag Archive for: layoffs

REPORT: Apple Initiates First Major Post-Pandemic Layoffs

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Apple is laying off over 600 employees in California, ABC News reported Friday.

Apple is initiating its first significant job reduction since the pandemic, letting go of over 600 employees in California, according to ABC News. This move is part of a wider trend of downsizing within the tech sector. The tech giant reportedly informed 614 workers across several locations March 28 that they would be laid off by May 27, as disclosed in documents filed with regional authorities, ABC News stated.

These layoffs impact eight offices in Santa Clara Valley, although specific departments or projects affected remain unspecified. Apple’s headquarters is located in California, and had previously avoided the workforce reductions seen by its competitors over the last two years, the outlet reported. Despite a hiring boom during the COVID-19 pandemic driven by increased online activity, the slowdown in growth has led many in the tech industry, including Apple, to reassess and trim their operational costs. 

A report shows Apple has about 161,000 employees, even with the job cuts, according to ABC News. This move by Apple follows a trend of layoffs at other big tech firms. Amazon announced more layoffs in its AWS cloud division. Companies like Electronic Arts, Sony’s PlayStation, Cisco Systems, and Snapchat’s parent company, Snap, also reported significant job reductions, ABC News reported.

AUTHOR

MARIANE ANGELA

Contributor.

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Musk Orders Layoffs Ahead Of ‘Significant’ Payout For Twitter Employees

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Just two days after taking control of Twitter, owner and CEO Elon Musk is launching a wave of layoffs ahead of an expected stock grant to employees, The New York Times reported Saturday.

Twitter employees are scheduled to receive the grant on Nov. 1, which comprises a “significant portion” of employees’ compensation, according to the NYT, which cited four anonymous sources. By firing employees before Nov. 1, Musk may be able to avoid paying for some grants, which were set to be paid out in cash under the conditions of Musk’s deal with Twitter to take the company private.

“I was told to expect somewhere around 50 percent of people will be laid off,” Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, told the NYT. Gerber, whose firm has invested less than $1 million in Musk’s takeover, claims to have been informed of the layoffs by Jared Birchall, the head of Musk’s family office.

Some managers are being asked to prepare lists of employees to be cut, and layoffs may begin as soon as Saturday, the NYT reported. The cuts are expected to be company-wide as part of Musk’s efforts to enhance profitability, which include looking for new ways to monetize the platform through advertisements and other means.

Musk on Wednesday denied reports that he intended to lay off 75% of the social media platform’s staff, but was expected to make some cuts to the company, according to Bloomberg. If confirmed, the layoffs would follow Musk’s decision to fire a variety of top executives as he took the helm, including former CEO Parag Agrawal and Chief Financial Officer Ned Segal.

Twitter did not immediately respond to the Daily Caller News Foundation’s request for comment.

AUTHOR

JOHN HUGH DEMASTRI

Contributor.

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