- Over 30,000 technology workers have lost their jobs in July.
- Insider spoke with employees from Tesla to Coinbase to hear their stories.
- These are their stories about the personal and financial toll of layoffs in the industry.
According to the latest data from the US Department of Labor, jobless claims have jumped to an unexpected 8-month high.
As the economy slows down, many large technology companies have warned their employees about downsizing and layoffs. Ahead of Facebook’s poor earnings report, several executives sent memos to their teams warning of cutbacks ahead.
Earlier this year, as cryptocurrencies crashed in one of the coldest falls the asset class has seen in years, hot-shot crypto exchange Coinbase laid off nearly 20% of its staff. The company went so far as to withdraw job offers from new recruits.
Last month, Tesla let go of more than 200 employees.
According to Crunchbase, more than 30,000 tech workers have been laid off in July.
At Insider, we tell how the economic downturn affects technology’s most vulnerable workers.
Here’s a running list of first-person and told-to-stories stories that show the human toll of layoffs in the industry.
An IT manager at Tesla: “I noticed red flags the day I was fired”
An IT worker from Tesla tells Insider about the red flags they noticed before they were laid off.
The employee describes the scene at Tesla’s factory in Fremont, California, where people cried as they walked out of the lobby on the day of the layoffs last month.
The company offered the worker an Uber voucher to get home. But they told Insider editor Jenna Gyimesi, “I feel like I’m starting over.”
Despite this experience, they still feel that Tesla is doing good things for the world
Read more: I was laid off at Tesla. Here are the red flags I wish I had noticed the day it happened.
A Coinbase Program Manager: “I’ve Never Experienced Such a Lack of Empathy”
For Miguel Cuevas, working at Coinbase was a dream come true.
But he was one of the 1,100 employees the company laid off when cryptocurrencies crashed earlier this year.
In the weeks leading up to it, many employees asked if layoffs were imminent, but according to Cuevas, management told everyone “to keep fooling around as if things were normal.”
He tells Insider reporter Jessica Xing that he felt the company failed to deliver on its promises.
Read more: I was laid off from Coinbase. Working in crypto was a dream, but now I’m frustrated and angry at the company’s failed promises.
A Netflix copywriter: “I really think it’s evil what was done to me and my colleagues today”
A copywriter at Netflix’s closed fan site Tudum describes the layoffs on the now defunct site.
First, they found that the manager’s Slack was disabled.
Then they noticed a call they had been ignoring. Others had described getting the bad news over the phone. When they called back, they got the news: two weeks’ pay, but their jobs were gone.
Read more: I was part of the layoffs at Netflix. Here’s how it went down.
A Tesla recruiter: “I struggled to keep calm and not cry”
For Quishon Walker, working at Tesla was a dream job.
As a recruiter, he was among the first to lose his job last month when the company announced it would be downsizing.
The company also announced that it would halt hiring until further notice.
When he saw an ominous calendar invitation, he knew time was running out after only two weeks of work at the company.
Read more: I was just laid off from my dream job at Tesla without warning. I feel like my life was upended so a billionaire could save money.
A Coinbase Engineer: “I’m Worried and Panicking”
Ashutosh Ukey was an entry-level engineer who was offered a dream job at Coinbase after completing his degree at the University of Illinois.
As a visa holder, Ukey’s status to remain in the US is contingent upon finding an employer to sponsor their visa.
When Coinbase told him they were withdrawing his job offer, he was worried about whether he would be able to stay in the country.
Ukey says he’s not sure if he’ll want to work in crypto again given the uncertainty surrounding his visa situation and the uncertainty in the industry.
Read more: I had my Coinbase job offer revoked. I’m panicking because I have to leave the country in 5 months if I don’t find a new job.
If you’re a tech worker who wants to tell us your story, write to our editor Tekendra Parmar, at email@example.com