Highlights

  • Thrasio is letting of 20% of its workforce
  • Noom laid off nearly 500 employees
  • Facebook parent Meta is instituting a hiring freeze

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Mass layoffs at American companies: Here is who is firing

US companies laying off employees as business growth is slowing, while labor costs are increasing. 

The pandemic may be over but a different wave of panic is sweeping across the US companies - layoffs. The pandemic boomer companies are now re-evaluating growth and the picture is not pretty and as demand slows. Here is who is firing!

Netflix: After losing subscribers, the OTT platform is reshooting its business plans. Reports indicate the streaming giant has laid off employees from its editorial arm Tudum a platform dedicated to going “behind the streams,” publishing articles about the content that is currently or will be on Netflix.

Pelton: One of the big beneficiaries of the work-from-home trend, this fitness and equipment maker has let go of nearly 2800 employees this year and it may not be the end. The stock value has plummeted from a market cap of $50 bn to merely $8 bn as WFH ends across US and utility for home gyms disappears.

Also read/watch| Startups Shrink: From unicorns to layoffs, the firing squad is here

Noom: This weight loss app is now stretched thin as it laid off nearly 500 employees including hundreds of coaches to cut costs as post-pandemic business slowed. Some coaches told Business Insider they were responsible for giving advice to hundreds of users at any given time.

Robinhood: The popular trading platform that shot to fame with Gamestop is now facing a new market and has punched in layoff orders. The company has laid off nearly 10% of the full-time workforce.

Thrasio: Everyone wanted to copy the Thrasio model at one point of being the acquirer of popular brands on Amazon. This "hypergrowth" in acquiring companies is now leading to layoffs. Reports indicate the company is letting of 20% of it's workforce.

Also read/watch| Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth

Even if there is a firing, most companies are not hiring anymore. In a rare and concerning move, Facebook parent Meta is instituting a hiring freeze — a move that comes as Mark Zuckerberg’s embattled social media giant warns of slowing revenue growth.

So the big question that everyone is asking is - is the tech bubble bursting again?

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