2024 Tech Layoffs: A Comprehensive Overview

The Ongoing Wave of Tech Layoffs in 2024: A Comprehensive Overview

The tech industry has faced unprecedented turbulence over the past few years, and 2024 has proven no exception. Following significant workforce reductions in 2022 and 2023, the trend has continued, with over 130,000 tech employees laid off across 457 companies, as tracked by Layoffs.fyi. Giants such as Tesla, Amazon, Google, TikTok, and Microsoft have made major workforce cuts, and smaller startups have not been spared, with some shutting down entirely.

This wave of layoffs offers a lens to view the evolving dynamics of the tech world. From the growing reliance on AI and automation to shifts in consumer behavior and market demands, the reasons are multifaceted. Below, we delve into the monthly breakdown of layoffs and highlight notable company-specific cases.

Monthly Breakdown of 2024 Tech Layoffs

• January 2024: 34,107 employees laid off
  A challenging start to the year, with some of the largest cuts seen at major corporations.

• February 2024: 15,639 employees laid off
  February marked a slight decline in layoffs but continued trends of restructuring.

• March 2024: 7,403 employees laid off
  More startups began to fold under financial pressure.

• April 2024: 22,423 employees laid off
  A significant rise in layoffs, driven by cost-cutting measures and company closures.

• May 2024: 11,011 employees laid off
  Layoffs spread across various tech sectors, from AI to hardware development.

• June 2024: 10,083 employees laid off
  As mid-year approached, some firms leaned into restructuring to save costs.

• July 2024: 9,051 employees laid off
  A steady stream of layoffs reflected an ongoing effort to adjust to market conditions.

• August 2024: 26,024 employees laid off
  The highest numbers since January, with widespread cuts in multiple countries.

• September 2024: 3,765 employees laid off
  A notable dip, though some major players continued restructuring.

• October 2024: 3,659 employees laid off
  Tech layoffs slowed down, but company closures added to the totals.

• November 2024: 5,925 employees laid off
  A resurgence in layoffs, especially among major global firms.

Notable Company Layoffs in 2024

December 2024 Highlights

• Lilium: Ceased operations, impacting 1,000 employees. However, a potential investor deal could allow restructuring.
• Boston Dynamics: Reduced workforce by 5%, impacting 45 employees across multiple functions.
• OfferUp: Announced cuts affecting 22% of its workforce, though exact numbers remain unclear.

Other Key Companies

• Calendly: Eliminated 70 roles, affecting engineering, marketing, and other departments.
• Bluevine: Cut 18% of its workforce in its second layoff round within six months.
• EasyKnock: Abruptly shut down amid legal challenges and controversies.
• Stash: Reduced its workforce by 40%, signaling a massive restructuring effort.
• Booking Holdings: Laid off 60 employees as it pivots toward AI innovations.

November 2024 Highlights

• AlphaSense: Laid off 150 employees following a recent acquisition.
• AMD: Reduced 4% of its workforce, equivalent to 1,000 jobs, to refocus on growth opportunities.
• 23andMe: Cut 40% of its workforce (200+ employees), as the company struggles with declining interest and past data breaches.

October 2024 Highlights

• TikTok: Laid off hundreds in Malaysia, shifting to AI for content moderation.
• Dropbox: Cut 20% of its workforce, reflecting CEO Drew Houston’s acknowledgment of a “transitional period.”

Impact of the Layoffs

Innovation vs. Human Cost

While layoffs often signify financial instability or strategic pivots, they also underline broader trends. Automation and AI adoption are displacing roles traditionally considered secure. Simultaneously, startups and mid-sized companies are feeling the pressure from tightening funding environments and heightened competition.

The Future of Workforce Dynamics

The human cost of these layoffs cannot be overstated. Employees across diverse roles, from engineering to customer service, have been affected, highlighting the vulnerabilities even within thriving industries. As the tech landscape evolves, firms may need to strike a balance between embracing innovation and retaining human talent.