Mark Zuckerberg declared 2023 to be a “year of efficiency.” Meta, laid off a third of its employees. Amazon, Google, and Microsoft cut tens of thousands of workers. This did not stop their worlds and actually, the companies were rewarded for doing so. Their stock prices soared and some divisions became more productive. Other tech companies followed their example and have started making changes to reduce costs. Tech companies have laid off many workers as their use of tech has decreased due to the shift from digital demand. Layoffs are more common now after years of booming global economy and zero interest rates. Other executives have noticed that other companies are doing it and this can make layoffs easier for them to execute. Many tech companies have admitted to over-hiring during the pandemic, so they are now making strategic cuts to invest in fewer projects. In the video game industry, a number of workers were laid off, partly due to the consolidation of game studios and a relatively muted slate of game titles. Other tech start-ups facing a lack of venture investment and are cutting staff as well.
