The wave of layoffs has swept through major tech companies including Mozilla, Sonos, Boeing, Stellantis, Samsung, Brave and GoPro. In India, companies like Swiggy, Ola, Unacademy, Cirium, Freshworks and Reliance have also trimmed their workforce through the year.
Cloud storage company Dropbox is cutting about 20% of its workforce, while social media platform TikTok plans to let go of approximately 500 employees, primarily in content moderation roles that will be handled by artificial intelligence.
"This market is moving fast and investors are pouring hundreds of millions of dollars into this space. This both validates the opportunity we've been pursuing and underscores the need for even more urgency, even more aggressive investment, and decisive action," Dropbox CEO Drew Houston said in a note to employees. The company faces intense competition in personal and enterprise business from technology giants Google, Microsoft and Box.
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