One pro-worker coalition called Amazon's recent job cuts 'sacrificial symbols for Wall Street.'
Jan 24, 2023Amazon, Microsoft, Google, and other major tech companies have moved in recent days to lay off tens of thousands of employees, slashing jobsBut the sweeping job cuts—more than 18,000 at Amazon, 10,000 at Microsoft, and 12,000 at Google—were apparently not enough to satisfy ultra-rich investors, some of whom have taken large stakes in tech companies with the intention of forcing layoffs and other cost-cutting as a way of boosting profits.
"The decision to cut 12,000 jobs is a step in the right direction, but it does not even reverse the very strong headcount growth of 2022," billionaire hedge fund manager Christopher Hohn wrote in a"I believe that management should aim to reduce headcount to around 150,000," Hohn added, urging the tech behemoth to slash tens of thousands of additional jobs.
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