More than 30,000 tech workers have lost their jobs
- More than 30,000 tech workers lost their jobs in July.
- Insider spoke to Tesla employees at Coinbase to hear their stories.
- These are their stories of the personal and economic toll of layoffs in the industry.
According to the latest data from the US Department of Labor, unemployment claims hit an unexpected 8-month high.
As the economy slows, many big tech companies have warned their employees about downsizing and layoffs. Ahead of Facebook’s poor earnings report, several executives sent memos to their teams warning them of upcoming job cuts.
Earlier in the year, as cryptocurrencies plummeted into one of the coldest declines the asset class has seen in years, hot crypto exchange Coinbase laid off nearly 20% of its employees. The company went so far as to rescind job offers for new hires.
Last month, Tesla laid off more than 200 employees.
According to Crunchbase, more than 30,000 technical employees were laid off in July.
Here at Insider, we tell how the economic downturn is affecting tech’s most vulnerable workers.
Here is a running list of first-person, narrated stories that show the human toll of layoffs in the industry.
Tesla IT manager: ‘I noticed red flags the day I was laid off’
A Tesla IT guy tells Insider about the red flags they noticed before they were fired.
The employee describes the scene at the Tesla factory in Fremont, California, where on layoff day last month, people wept as they walked out of the lobby.
The company offered the worker an Uber voucher to return home. But they told Insider editor Jenna Gyimesi, “I feel like I’m starting over.”
Despite this experience, they still feel that Tesla is doing good things for the world.
Read more: I got laid off at Tesla. Here are the red flags I wish I had noticed the day it happened.
Coinbase Program Manager: “I’ve Never Experienced Such A Lack Of Empathy”
For Miguel Cuevas, working at Coinbase was a dream come true.
But he was one of 1,100 employees the company laid off when cryptocurrencies crashed earlier this year.
In previous weeks, many employees asked if layoffs were imminent but, according to Cuevas, management told everyone to “keep moving forward as if everything was normal.”
He told Insider reporter Jessica Xing that he felt the company failed to live up to its promises.
Read more: I was fired from Coinbase. Working in crypto was a dream, but now I’m frustrated and angry with the company’s broken promises.
Netflix Editor: ‘I really think it’s wrong what was done to me and my co-workers today’
A writer for Netflix’s shuttered fan site Tudum outlines the layoffs at the now shuttered site.
First, they discovered that their manager’s Slack had been disabled.
Then they noticed a call they had ignored. Others had described receiving the bad news over the phone. When they called back, they got the news: two weeks’ pay, but their job was over.
Read more: I was one of the layoffs at Netflix. Here’s how it went.
Tesla recruiter: ‘I had a hard time keeping my cool and not crying’
For Quishon Walker, working at Tesla was a dream job.
As a recruiter, he was among the first to lose his job last month when the company announced it would cut its workforce.
The company also announced that it would freeze hiring for the time being.
When he saw an ominous calendar invite, he knew his time was up after just two weeks at the company.
Read more: I was just fired from my dream job at Tesla without warning. I feel like my life has been uprooted so some billionaire can save money.
Coinbase Engineer: “I’m Worried and Panicked”
Ashutosh Ukey was a rookie engineer who was offered a dream job at Coinbase after graduating from the University of Illinois.
As a visa holder, Ukey’s status to stay in the United States depends on finding an employer to sponsor his visa.
When Coinbase told him they were rescinding his job offer, he wondered if he could stay in the country.
Ukey says he’s not sure he wants to work in crypto again given his precarious visa situation and industry uncertainty.
Read more: My Coinbase job offer was rescinded. I panic because I will have to leave the country in 5 months if I can’t find a new job.
If you are a tech who wants to tell us your story, write to our editor Tekendra Parmar at email@example.com