Crypto Layoffs Amid Web3 Job Market Resurgence
- cryptojobs.com
- March 19, 2024
- All Posts, Web3
- 0 Comments
Experts believe the tech world has been going through a reckoning since 2022, and it does not seem to be ending. Running through 2023, the crypto layoffs are still ongoing into 2024, though at a lesser pace. However, the numbers are still big enough to make a solid impact.
With large organizations like Pixar, Microsoft, Google, TikTok, and Mozilla announcing layoffs every few months, it is no surprise that small-scale industries are undergoing a similar phase. It is yet to be seen if the trends are just as same or even worse than the previous years. But the good news is matters seem to be improving for the Web3 job market.
Assessing the Layoffs and the Reasons Behind
While the momentum for tech sector companies seems to be building slowly, despite the resurgence of technologies like Artificial Intelligence and Machine Learning, they continue to reduce the workforce. Some believe this is solely for increasing efficiency within the existing stubborn markets, while others are determined this downfall is due to the global financial crisis.
Tracking the layoffs may not significantly help those affected, but it will surely help us understand the effect it has on progressive innovation. It may also be of use to candidates in search of work opportunities, highlighting which companies are hiring and which ones are facing tough times.
Crypto and Other Industries Layoffs in 2024
Here is a comprehensive list of known layoffs in crypto and other industries:
- Thinx
According to the New York Department of Labor, Thinx plans to lay off 95 workers.
- Proofpoint
The company is shedding about 6% of its workforce globally, estimated to be 280 employees, as confirmed by TechCrunch.
- Wattpad
Wattpad has taken it one step further and eliminated roughly 15% of its workforce, as reported by a reliable source.
- Paypal
The company has begun company-wide reduction reportedly. While the exact number still remains unclear, it is expected to be in the thousands.
- Aurora Solar
Aurora Solar is not far behind, laying off about 20% of its workforce of about 1000 people apparently. Despite the notable growth of the solar industry, the cuts are taking place every few months.
- iRobot
Planning a layoff of 350 people, iRobot will have reduced one-third of its workforce. Interestingly, long-time CEO Colin Angle has also stepped down.
- Salesforce
Salesforce is reportedly laying off 1% of its staff or 700 workers. This has followed another layoff in 2023 of 10% workforce.
- Flexport
The company plans to shed 20% of its staff in the coming weeks. Similar cuts were made in October 2023 reportedly by founder Ryan Petersen, who eliminated 20% of the workforce.
- Microsoft
Laying off 1900 employees following the acquisition of Activision Blizzard, the company may reduce the workforce further.
- Swiggy
Cutting 7% of its workforce and 400 jobs, Swiggy plans to take things further with an IPO planned later this year.
- Aurora
After laying off dozens of workers, the vehicle company confirms to have reduced its workforce by 3%.
- eBay
The giant plans to lay off 9% of its workforce, letting 1,000 employees go. eBay also plans to cut down contracts in the coming months.
- SAP
Amid restructuring the company will offer job changes or voluntary buyouts to 8,000 employees.
- Brex
Laying off 20% of its workforce, Brex will let 282 workers go. Co-CEO Franceschi plans to prioritize “long-term thinking and ownership over short-term gains in our comp structure…”
- TikTok
In addition to international layoffs, TikTok has reduced around 60 jobs in New York, Austin, and Los Angeles in the USA. The departments affected mainly are advertising and sales.
- Vroom
Vroom has made heads turn with 90% layoffs as it shuts down its online car marketplace. It is reportedly shifting resources into two units: auto financing and AI-powered analytics.
- Riot Games
Affecting about 530 people, Riot Games will lay off 11% of its workforce, as the company moves towards “fewer, high-impact projects.”
- Wayfair
Shedding 1,650 of its employees, WayFair has lost 13% of its workforce. They are aiming at restructuring their setup.
- YouTube
The giant will be eliminating 100 employees as part of reconstructing their operations and management team.
The mighty Google will be laying off hundreds of employees from the advertising sales team sector, as deduced by a leaked memo. The shedding has come after a week of layoffs from the hardware teams. The company is considering more layoffs, shared by CEO Sundar Pichai.
- Lost Boys Interactive
The company plans to lay off a sizable number of employees after its acquirement by Borderlands maker Gearbox.
- Pixar
The animation studio plans to reduce employees by 20%, estimated to be 1,300 workers. The cutbacks seem to be a result of decreased profits in recent years.
- Audible
The company is laying off 5% of its employees, the exact worker number is unknown.
- Discord
Discord will be laying off 17% of its staff, affecting 170 people. CEO Jason Citron blames recent quick growth for the cutdowns.
Again, the giant is laying off hundreds of employees, mainly those from Pixel, Fitbit, and Nest hardware. The co-founders Eric Friedman and James Park may also exit.
- Amazon
Another big name, Amazon, plans to lay off several of its employees days after a recent cut-down cycle of 500.
- Twitch
The company is laying off 500 of its employees making up a workforce of 35% due to community backlash and rising costs. Then layoffs come months after a previous layoff in 2023.
- Treasure Financial
After laying off employees in December 2023, affecting 14 workers, the company is heading towards another shedding cycle.
- Duolingo
After cutting 10% of its contractor workforce in 2023, Duolingo is making yet another layoff cycle and switching to AI.
- Rent the Runway
The setup plans to cut 10% of its corporate roles as it reorganizes.
- Unity
Reducing the workforce by 25%, Unity is laying off 1,800 people after shedding off more people recently in 2023.
- Pitch
Laying off two-thirds of its workforce, the German startup plans to ‘pursue a different path’ amid a rising economic crisis.
- Flexe
After eliminating 38% of its staff in January, Flexe is set to take things further. They conducted a similar cut-down cycle in Sep 2023.
- BenchSci
the biomedical and AI setup cut 17% of its workforce in January due to “shifts in the economic environment.”
- NuScale
NuScale lays off 28% of its employees, roughly 154 workers, as the company shifts focus to “key strategic areas.”
More Recent Layoffs of 2024
The layoff list continues, including the following:
- Sorare: 13% staff laid off
- Melio: 7% staff cut down
- ONE: 13% staff eliminated
- Project Ronin: setup shutting down, releasing 150 employees.
- Fisker: 15% workforce eliminated
- EA: 5% workforce cut down.
- Bumble: 30% of employees laid off.
- Sony: 8% workforce laid off.
- Apple: cutting down hundreds of employees.
- Expedia: shedding 1,500 roles.
- Finder: 17% workforce laid off.
- Rivian: 10% of employees let go.
- Mozilla: layoff affecting 60 employees.
- Cisco: 5% of employees laid off.
- Toast: 550 workers released.
- Instacart: 250 employees laid off.
- Grammarly: 230 employees cut down.
The Future of Crypto and Market Resurgence Despite the losses incurred in recent years, especially in 2022, the crypto market is heading towards a resurgence led by the largest cryptocurrency worldwide, Bitcoin. The growth charts are only going up, hovering around the record levels of late 2021 of $69,000. Although the digital assets peak showed a fall again, the crypto industry seems to be bouncing back.
