Money manager Charlie Bilello posted a list recently, and the numbers are stunning… Twitter is cutting 50% of its workforce (about 3,700 jobs). Facebook is cutting 11,000 jobs--its largest round of layoffs ever. Snap is cutting 20% of its workforce (1,200 jobs). Shopify is cutting 10% of its workforce (1,000 jobs). Netflix cut 450 jobs. Microsoft and Salesforce are each cutting 1,000 jobs. Robinhood is cutting 31% of its workforce. Tesla is cutting 10% of salaried workers. Lyft is cutting 13% of its workforce (700 jobs). Redfin is cutting 13% of its workforce. Coinbase is cutting 18% of its workforce (1,100 jobs). Stripe is cutting 14% of its workforce (1,000 jobs). And in addition to these massive cuts, Bilello says Amazon has announced a hiring freeze, Apple has paused almost all hiring, and Google is reducing new hiring by 50%. What will this mean for 2023?
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