Why Layoffs are happening worldwide | Inside Story

More than 46,000 workers in tech companies have been laid off in mass job cuts so far in 2023, according to a Crunchbase News tally, and the year is just getting started.
Last year, more than 107,000 jobs were slashed from public and private tech companies as they were forced to confront rising inflation and a tumultuous stock market. The economy has come to reckon with a culture of overzealous hiring and soaring valuations, and startups are now forced to carry themselves through a frosty market as venture funding becomes barren.