In 2024, the U.S. tech industry has witnessed a wave of significant layoffs, with Tesla Inc. (NASDAQ:TSLA) leading the charge with its strategic downsizing.
According to CNBC, citing internal data, the electric vehicle (EV) automaker reduced its workforce by at least 14% this year. This reduction slashed Tesla's global headcount to just over 121,000.
In April, Tesla CEO Elon Musk announced a company-wide cut exceeding 10% of its staff. By mid-June, internal records showed the workforce reduction reached at least 14%. Musk cited inefficiencies within the company as a driving factor behind these cuts.
Also Read: Elon Musk Believes Pop Singer Justin Timberlake Could Have Avoided DWI Charges Had He Been Driving A Tesla And Not BMW
Musk has also mentioned plans to reinstitute stock options for exceptional performance.
While Tesla's layoffs have made headlines, several other tech giants have also undertaken significant workforce reductions so far this year.
Company
# Total Laid OffYTD
%
Location HQ
Industry
Date(s)
1
Tesla
14500
10%
Austin
Transportation
14000 on 15/4/2024+ 500 on 30/4/2024
2
Dell
6000
5%
Austin
Hardware
25/3/2024
3
Cisco
4250
5%
SF Bay Area
Infrastructure
14/2/2024
4
Xerox
3000
15%
Norwalk
Hardware
3/1/2024
5
Microsoft
2900
Seattle
Other
1900 on 25/1/2024 + 1000 on 3/6/2024
6
PayPal
2585
9%
SF Bay Area
Finance
2500 on 30/1/2024 + 85 on 18/6/2024
7
Unity
1800
25%
SF Bay Area
Other
8/1/2024
8
Wayfair
1650
13%
Boston
Retail
19/1/2024
9
Expedia
1500
8%
Seattle
Travel
26/2/2024
10
Google
1000
SF Bay Area
Consumer
10/1/2024
Source: Layoffs.fyi
Here's a look at the biggest layoffs so far in 2024:
Tesla: 14,500 jobs
Tesla's workforce reduction follows a long period of growth and aims to streamline operations. The company's first-quarter revenue dropped by 9%, reflecting increased competition and a maturing product lineup.
DellTechnologies Inc (NYSE:DELL): 6,000 jobs
Dell, headquartered in Austin, Texas, announced layoffs affecting 5% of its workforce, citing a need to align its resources with market demands.
CiscoSystems Inc (NASDAQ:CSCO): 4,250 jobs
Cisco's layoffs impacted 5% of its staff, primarily in the SF Bay Area, as the company navigates a challenging business environment.
XeroxHoldings Corp (NASDAQ:XRX): 3,000 jobs
Xerox, based in Norwalk, Connecticut, cut 15% of its workforce at the start of the year to restructure its operations.
MicrosoftCorp (NASDAQ:MSFT): 2,900 jobs
Microsoft announced layoffs on two separate occasions, reflecting ongoing adjustments to its workforce in response to market conditions.
PayPalHoldings Inc (NASDAQ:PYPL): 2,585 jobs
PayPal's layoffs, affecting 9% of its employees, were part of a broader strategy to streamline its business and improve efficiency.
Unity Software Inc (NYSE:U): 1,800 jobs
Unity, a game development company based in the SF Bay Area, reduced its workforce by 25% as it adapts to changing industry dynamics.
Wayfair Inc (NYSE:W): 1,650 jobs (13%) – January 19
Wayfair's layoffs, affecting 13% of its staff, were driven by a need to align its resources with its strategic priorities.
ExpediaGroup Inc (NASDAQ:EXPE): 1,500 jobs
Expedia's workforce reduction, impacting 8% of its employees, was part of a restructuring effort to enhance operational efficiency.
Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL): 1,000 jobs
Google announced a workforce reduction affecting 1,000 employees, reflecting ongoing adjustments in response to market conditions.
The tech industry continues to face significant challenges in 2024, with companies like Tesla, Dell and Cisco leading the layoff trend.
As these organizations navigate a rapidly changing market, their workforce adjustments reflect broader shifts within the industry. Investors and employees alike are closely monitoring these developments as they unfold.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会(ASIC)の管理を受けております(AFSL No. 224663)。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。