Tech and Crypto announce layoffs as sector braces for recession

Of course the biggest story of them all was the mass layoff procedure that new Twitter CEO Elon Musk set in motion (combined with a mandated in-office presence as from next Monday) as well as similar redundancies as other tech firms in Silicon Valley.

However, the cryptosphere is also being plagued by personnel reform. Looks like recession is ending the work-from-home heaven that many in California took for granted.

Layoffs

Musk started laying off as many as half of Twitter 7,500 employees and required the remainder to come into the office again as from next Monday. Many in the Bay Area were surprised at the news, although it had been brewing for weeks.

Many crypto companies and fintech corporations are going through a similar motion.

Payments processor Stripe announced earlier this week that some 1,000 staff would be laid off, citing “inflation, energy costs, higher interest rates, reduced investment budgets, and sparser startup funding.”

After nearly 3 incredible years as CPO @coinbase, I’m taking a breather & stepping down. Thanks to the entire CB team - I’m looking forward to continuing to serve @brian_armstrong and the exec team as an advisor. I’ve shared some reflections here: https://t.co/y5qM9VaJ36

— surchatt.eth (@surojit) November 2, 2022

Over at Coinbase, chief product officer Surojit Chatterjee announced this week that he was stepping down. It comes as his company had announced layoffs earlier this week.

Galaxy Digital, the crypto investment firm run by Bitcoin enthusiast Michael Novogratz, announced this week that there would be staffs cut of around 15-20%.

Crypto.com has laid off some 30 to 40% of staff, or about 2,000 people, over a period of some 12 months.

Over in Silicon Valley, Amazon, Alphabet and Meta are trying to cut back on expenses while Lyft, Netflix, Spotify and Shopify have all announced layoffs.

The worst of crypto and tech winter might just be upon us.