Here’s a rundown of tech companies that have announced layoffs in 2022

The job cuts in tech land are piling up, as companies that led the 10-year stock bull market adapt to a new reality.

Days after Twitter’s new boss Elon Musk slashed half his company’s workforce, Facebook parent Meta announced its most significant round of layoffs ever. Meta said on Wednesday that it’s eliminating 13% of its staff, which amounts to more than 11,000 employees.

Last month, Meta announced a second straight quarter of declining revenue and forecast another drop in the fourth quarter. Digital advertisers are cutting back on spending as rising inflation curbs consumer spending, and apps like Facebook are suffering from Apple’s iOS privacy update, which limited ad targeting.

The tech industry broadly has seen a string of layoffs in 2022 in the face of uncertain economic conditions. Here are the big ones that have been announced recently. 

Meta‘s disappointing guidance for the fourth quarter wiped out one-fourth of the company’s market cap and pushed the stock to its lowest since 2016.

In a letter to employees, Zuckerberg said those losing their jobs will receive 16 weeks of pay plus two additional weeks for every year of service. Meta will cover health insurance for six months.

Lyft announced last week that it cut 13% of its staff, or about 700 jobs. In a letter to employees, CEO Logan Green and President John Zimmer pointed to “a probable recession sometime in the next year” and rising rideshare insurance costs.

Online payments giant Stripe laid off roughly 14% of its staff, which amounts to about 1,100 employees last week. 

CEO Patrick Collison wrote in a memo to staff that the cuts were necessary amid rising inflation, fears of a looming recession, higher interest rates, energy shocks, tighter investment budgets and sparser startup funding. Taken together, these factors signal “that 2022 represents the beginning of a different economic climate,” he said.

Stripe said it will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. It will also pay the cash equivalent of six months of existing healthcare premiums or healthcare continuation.

Stripe was valued at $95 billion last year, and reportedly lowered its internal valuation to $74 billion in July.

In June, Coinbase announced it cut 18% of full-time jobs, translating to a reduction of around 1,100 people.

Coinbase CEO Brian Armstrong pointed to a possible recession, a need to manage costs and growing “too quickly” during a bull market. 

Coinbase, which held its stock market debut, has lost over 80% of its value this year, cratering alongside cryptocurrencies.

Those laid off received a minimum of 14 weeks of severance plus an additional 2 weeks for every year of employment beyond one year. They also were offered four months of COBRA health insurance in the U.S., and four months of mental health support globally, according to the company’s announcement. 

In July, Shopify announced it laid off 1,000 workers, which equals 10% of its global employees. 

Netflix announced two rounds of layoffs. In May the streaming service eliminated 150 jobs after Netflix reported its first subscriber loss in a decade. In late June Netflix announced another 300 layoffs. 

In late August, Snap announced it laid off 20% of its workforce, which equates to over 1,000 employees. 

Retail brokerage firm Robinhood cut 23% of its staff in August, after slashing 9% of its workforce in April. 

Robinhood CEO Vlad Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”

The stock is down by more than half in 2022.

Earlier this month, Fintech company Chime laid off 12% of its workforce, or about 160 employees.