Top Tech Layoffs of 2024

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TechCrunch 2023 Recap: A Look at Key Tech Layoffs and Restructuring Plans

In 2023, the tech world witnessed a wave of layoffs across various companies as they navigated challenges, shifted focus areas, or restructured their organizations. Below is a summary of notable layoffs and restructuring plans from some of the biggest companies:

1. SpaceX

   • ** layoff**: SpaceX is laying off approximately 28% of its staff at its small modular nuclear reactor company NuScale Power as it shifts its focus to key strategic areas.

2. Frontdesk

   • Complete layoff: Frontdesk, a startup acquired by Zencity earlier this year, has laid off all 200 employees following failed attempts to raise more capital.

3. Orca Security

   • 15% layoff: Israel-based cybersecurity unicorn Orca Security is laying off around 60 employees as it restructures its workforce in response to business needs.

4. InVision

   • Shutdown: InVision, a design collaboration startup valued at nearly $2 billion, will shut down by the end of 2024 after an 12-year run focused on creating high-quality digital products.

5. BenchSci

   • 17% layoff: The AI and biomedical startup is cutting its workforce by 17%, citing shifts in the economic environment, as it focuses on key strategic areas.

6. Trigo

   • 15% layoff: The computer vision company focused on retail is laying off 15% of its workforce as it adjusts its focus for the future.

7. InVision (repeated to highlight depth)

8. Flexe

   • 38% layoff: Online retail logistics company Flexe has eliminated 38% of its staff after conducting layoffs in September 2023 and following an online retail logistics expansion.

9. NuScale Power (same as point 1)

Contextual Insights:

• Many companies are reorganizing their teams to focus on core strategic initiatives, reduce costs, or adapt to market shifts.
• CEOs such as Mark Cuban, Sean O’Kane, and others have been involved in restructuring efforts or stepping down due to the challenges faced by their companies.

Contributors:

• Cody Corrall: Audience Development Producer at TechCrunch. Previously worked on social media accounts for BuzzFeed News and WTTW.
• Alyssa Stringer: Audience Development Manager at TechCrunch. Prior roles included working for Zencity, where she was part of the team that laid off all employees.

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