Apple,and Twitter are among the companies either implementing hiring freezes or letting workers go as rising interest rates fuel fears of an economic slowdown or recession.
Apple has reportedly instituted a hiring freeze for many jobs outside of research and development as it tries to reduce budgets next year. Microsoft laid off employees in October on expectations of slowing growth due to weakness in the PC market. Meta Platforms was expected to begin large-scale layoffs last month, while Twitter—which is no longer publicly traded—laid off half its workforce to trim costs following its $44 billion purchase by Elon Musk.BIG TECH BRACES FOR RECESSION WITH LITANY OF HIRING FREEZES, LAYOFFS"The rise in jobless claims has offered some economic relief to help ease interest rate fears," Russell added.
Year-to-date, the tech-heavy Nasdaq benchmark remains approximately 33% beneath the redline, still outperforming the Nasdaq-100 Technology Sector index. That's down almost 40%.
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22 rising stars of the creator economy, including at Meta and YouTubeInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. 创作者经济的后起之秀：社交媒体行业新一代领导者中的22位 Congratulations to all 22 rising stars!
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