The wave of layoffs (PHK) has continued to sweep across various startups and global tech giants since the beginning of the year. The number of layoffs is increasing, driven by rising inflation and interest rates, recession fears, tightening investment budgets, and dwindling funding.
Layoffs.fyi reports that 757 startups conducted layoffs affecting their employees from January 1st to November 8th, 2022. In total, 104,791 employees were laid off by these hundreds of startups.
Based on the period, the highest number of startups conducting layoffs occurred in June 2022, with 192 companies laying off a total of 17,584 employees.
Conversely, the lowest number of startups conducting layoffs occurred in January 2022, with only 4 companies laying off a total of 510 employees.
By sector, food startups were most affected by the layoff wave, followed by transportation, finance, healthcare, and retail.
One of the companies with the largest layoffs this year is Twitter. Following the acquisition of Twitter, billionaire Elon Musk laid off 3,700 employees in early November. According to Layoffs.fyi data, this ranks as the second largest layoff globally.