Tech Industry Braces For More Job Cuts As Layoffs Surge To New Heights

The Crunchbase Tech Layoffs Tracker: A Look at the Sector’s Widening Job Cuts

At least 252 U.S. tech sector employees were laid off or scheduled for layoffs this week alone, according to Crunchbase News’ latest tally, bringing the total number of job losses in 2024 to at least 95,667 workers. The analytics and fintech sectors are among those feeling the pinch.

Birmingham-based Mixtroz, a company that provided event apps, announced its shutdown earlier this month, citing unclear reasons for the closure. This move is the latest in a string of high-profile exits in the sector. Meanwhile, real estate fintech EasyKnock, which raised $28 million just six months ago, has reportedly closed its doors due to regulatory scrutiny and consumer lawsuits from clients in several states.

OfferUp, a popular online marketplace for buying and selling electronics, furniture, and cars, is also cutting staff as it prepares to expand its offerings to include job listings, services, real estate rentals, local events, community spaces, and more. The expansion plans are part of OfferUp’s broader effort to create a more comprehensive platform that leverages the power of local commerce.

The latest layoffs come on the heels of a surge in mass job cuts across the tech sector in 2023, when over 191,000 workers were laid off from U.S.-based companies or those with a large U.S. workforce. In 2022, more than 93,000 jobs were slashed from public and private tech companies in the U.S.

The reasons behind these layoffs are complex and multifaceted, but they often stem from factors such as shifting market trends, increased competition, and a fundamental reevaluation of business models. As the sector continues to evolve, it’s likely that we’ll see more consolidation and disruption in the coming year.

For now, workers in affected areas will need to look for new opportunities, while companies like OfferUp and others work to navigate the challenges ahead. With the rise of local commerce and the growing importance of community spaces, there may be opportunities for those who lose their jobs in the tech sector to find new purpose and meaning elsewhere.

Since 2022, more than 93,000 jobs have been slashed from public and private tech companies in the U.S., and over 191,000 workers were laid off from U.S.-based companies or those with a large U.S. workforce in 2023. The total number of job losses in 2024 now stands at least 95,667 workers.