Amazon is one of several in big tech who have announced huge cost cutting measures. meta, the parent company of facebook, instagram, and whatsapp is cutting 11,000 jobs the biggest reduction in its history or roughly 13% of its workforce as it adjusts to slowing growth and falling advertising revenues. twitter, under its new owner elon musk, slashed almost half its global workforce estimated to be 7,500 staff as it looks to cut costs. a report calculates overall us based tech companies have shed more than 28,000 jobs so far this year, more than double a year earlier according to challenger, gray & christmas, which tracks such announcements. to discuss these changes i m joined by marc 0stwald, chief economist and global strategist, admisi. good morning to you. amber zone is yet to confirm the numbers,
Laying off 900 positions, talking about a post pandemic world, remember, that was really popular during the pandemic when we were all stuck at home. ford is pivoting to more electric vehicles, that s going to change its kind of cost cutting in some areas so it can invest. walmart we heard recently, some corporate layoffs there at walmart. bed, bath & beyond, the big one yesterday, closing 150 stores, falling sales and supply issues the problem there. and peloton, one of those pandemic winners, now having to re-adjust. you talk to ceos, they surveyed ceos and they expect to having to cut jobs over the next six to 12 months, 50% of firms anticipate some sort of reduction in head count. but you re not seeing it really here yet. and the folks who track layoffs over at challenger, gray & christmas, they say they expect to see the automotive sector start to lead here and why? because you re going to see these companies starting to really retool for electric and
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