Blind TL;DR Edition No. 38: Week Ended July 29, 2022
Blind TL;DR helps you stay on top of what shaped the tech industry this week in about 3 minutes. Keep tabs on the latest with insights straight from the newsmakers—technologists like you.
The bet that didn’t pay
The pandemic boom is over for Shopify. Canada’s largest software company fired 10% of its staff, or about 1,000 people across all teams. The CEO told the team that it was now clear his bet on e-commerce sales continuing to grow hadn’t paid off. Shares of the stock dropped 14%.
Find out how Shopify employees reacted on Blind.
Coasters are failing the company
Meta employees are worried about job cuts. The metaverse company might be planning to let go as many as 10% of the company if they can’t meet new performance requirements. The news comes after a director of engineering told managers to identify low-performing employees and people who needed extra support.
CEO Mark Zuckerberg has told the company they need to operate more intensely. Check out the debate on Blind: Is this a layoff in disguise?
Out of charge
Rivian laid off 6% of the company or about 700 people. Earlier this month, the electric car marker stopped hiring non-manufacturing roles and took steps to cut spending on materials and operations. The company believes the mass firings and simplified product roadmap will help the company focus and achieve profitability.
Learn which team at Rivian was hit the hardest—only on Blind.
Is this illegal?
The SEC is investigating Coinbase for allegedly letting Americans trade cryptocurrencies that should have been registered as securities. The cryptocurrency exchange has rushed to add new tokens over the last few years, but they said they don’t allow any securities trading.
Cryptocurrency has come under greater scrutiny as prices fall and crypto startups show signs of failure, with mass layoffs becoming more common. Read: Is this the end of Coinbase?
Is the Great Resignation over?
More and more tech workers feel stuck. A recent survey by Blind found that 66% of professionals aren’t actively looking for another job. Compare that to only a few months ago when 80% said they were hunting for an opportunity!
News headlines about layoffs, hiring freezes and rescinded job offers might be to blame. Only 9% of professionals said they felt more confident about their job security than a year ago. Take a peek to learn more!
80,000 fired!
More than 80,000 people have lost their jobs in 2022, according to Blind’s tracker of verified layoffs.
The layoffs peaked this summer: In May 2022, more than 70 companies laid off more than 17,000 people, but in June and July, more than 23,000 people were laid off each month!
Bookmark Blind’s layoffs tracker to find out the latest news.
Be a newsmaker
Make an impact with your work. The top companies in the headlines are using Blind to grow. Find out how you can get an offer from some of the most innovative and fast-growing companies.
