November 2022 was a dismal month for employment in the tech sector. According to data from trueup.io, nearly 60,000 layoffs were recorded that month. 

After a hiring spree during the pandemic, tech companies reversed course in 2022, triggering a wave of layoffs that, as of November, had totaled about 210,000. 

The deterioration of the global economy—marked by rising interest rates and slowing economic growth—led to a decline in advertising spending and increased uncertainty among businesses, resulting in reduced investment in technology solutions. The cryptocurrency crisis has also hit many companies in the sector hard.  In November, layoffs at major corporations were widespread: Meta/Facebook, Amazon, and Twitter collectively laid off nearly 30,000 employees that month.

We can see the trend and scale of the layoffs in this comprehensive chart from Visualcapitalist.

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