From Tesla to Peloton, Companies Slow Hiring as Economy Crashes, Auto News, ET Auto
Elon Musk spooked investors Friday with a warning about the economy and plans to cut Tesla’s workforce, joining a growing list of companies that have cut hiring amid decades-high inflation and fallout from the coronavirus crisis. Ukrainian crisis.
The billionaire said he had a “super bad feeling” about the economy and that the electric car maker needed to lay off about 10% of its workforce, according to an internal email seen by Reuters.
Alibaba in China could cut more than 15% of its total workforce, or about 39,000 employees, due to a sweeping regulatory crackdown in China, as well as slowing sales growth and rising prices.
Carvana announced that it would lay off around 2,500 employees, or 12% of its workforce. Coinbase will extend its hiring freeze for the foreseeable future and cancel Global Inc a number of accepted offers to address current macro conditions.
Getir plans to cut 14% of its global workforce due to rising inflation and global costs, a source with knowledge of the matter told Reuters on May 25.
Germany’s Henkel, the company behind Schwarzkopf, said on May 5 that it would cut around 2,000 jobs at Co KGaA due to weak demand for its shampoos and hair sprays, as well as rising costs and problems of global supply chain.
Swedish company Klarna said on May 23 that it was cutting 10% of its 7,000 employees due to a recent sharp rise in inflation, fears of a recession and the war in Ukraine which is worsening the climate. Business.
Lyft Inc said in May it would slow hiring and assess budget cuts in some departments.
Meta said in May that it would slow its membership growth. Platforms Inc Move About Group announced on May 20 that it would cut 17 of AB Group’s 40 positions due to the indirect effects of the war in Ukraine and an excessive cost base.
Netflix said in May it laid off about 150 people, mostly in the United States, as the streaming service company faces slowing growth.
Peloton announced in February that it would cut about 2,800 corporate jobs as it considered Interactive to revitalize slumping sales. Inc Robinhood, the retail platform, said in April that it was laying off about 9% of its full-time Markets Inc employees.
Snap Inc CEO Evan Spiegel told employees in May that the company would slow hiring this year.
Tencent is struggling to weather the slowing economy and Holdings could cut 10-15% of its total workforce this year.
Twitter Inc CEO Parag Agrawal said in a memo that the social media company would suspend hiring and review existing job postings to determine if any “should be taken down.”
Uber will cut hiring and cut spending on its marketing and technology incentive business, Reuters reported in May, citing a letter from Inc.’s CEO.
Valmet Oyj said on May 23 that it was considering temporary layoffs of around 340 employees at its valve plant in Helsinki due to reduced orders caused by the war in Ukraine and COVID-19 restrictions in China.