NEWS you don’t want to miss in the market (Reality of Layoffs)

Thought this was important and wanted to share with the tribe! 

At Microsoft, for example, this has meant pausing hiring except in manager-approved cases. At Meta, hiring has been frozen and recruitment is being scaled back, with significant slowdowns at Reality Labs, Meta’s metaverse development team. Uber has told its employees to begin treating hiring as a privilege, Apple has retracted offers and stopped filling Genius Bar jobs, Nvidia is paring down hiring, Paypal – which went on a hiring spree after the pandemic kicked off – has trimmed some of its workforce, though staffing remains higher than before the pandemic.

Google’s CFO has described headcount as the company’s “primary driver of expenses,” and that sentiment isn’t unique.

“The good big companies are overstaffed by 2x. The bad big companies are overstaffed by 4x or more,” said venture capitalist and Facebook board member Marc Andreessen, whose firm has contributed $400 million to Tesla CEO Elon Musk’s takeover of Twitter.