Salem Radio Network News Friday, July 1, 2022

Business

Factbox-From Tesla to Peloton, companies slow hiring as economy sputters

(Reuters) – Elon Musk spooked investors on Friday with a warning on the economy and plans to cut Tesla’s workforce, joining a growing list of companies that have dialed back hiring amid decades-high inflation and fallout from the Ukraine crisis.

The billionaire said he has a “super bad feeling” about the economy and that the electric carmaker needs to axe about 10% of its workforce, according to an internal email seen by Reuters.

Following is a list of some other companies that have announced layoffs or frozen hiring to rein in costs:

COMPANIES COMMENTS

Alibaba Group China’s Alibaba might cut more than 15% of its total workforce, or about

39,000 employees, due to a sweeping regulatory crackdown in China, as well as

slowing sales growth and rising prices.

Carvana Co Carvana said it will lay off about 2,500 employees, or 12% of its workforce.

Coinbase Coinbase will extend its hiring freeze for the foreseeable future and rescind

Global Inc a number of accepted offers to deal with current macroeconomic conditions.

Getir Turkey’s Getir is planning to cut 14% of its staff globally due to rising

global inflation and costs, a source with knowledge of the matter told Reuters

on May 25.

Henkel AG & Germany’s Henkel, the company behind Schwarzkopf, said on May 5 it would cut

Co KGaA about 2,000 positions due to low demand of its shampoos and hair spray, as

well as rising costs and global supply chain issues.

Klarna Swedish company Klarna said on May 23 it was slashing 10% of its 7,000 strong

workforce as a consequence of a recent steep increase in inflation, fear of a

recession and the war in Ukraine worsening business sentiment. 

Lyft Inc The company said in May it will slow down hiring and assess budget cuts in

some departments.

Meta Facebook parent Meta said in May it will slow the growth of its workforce.

Platforms Inc

Move About Sweden’s Move About Group said on May 20 it would cut 17 out of 40 positions

Group AB due to indirect effects of the war in Ukraine and an excessive cost base.

Netflix Netflix in May said it has laid off about 150 people, mostly in the U.S., as

the streaming service company faces slowing growth.

Peloton Peloton in February said it will cut about 2,800 corporate jobs as it looks to

Interactive revitalize sagging sales.

Inc

Robinhood The retail trading platform said in April it is laying off about 9% of its

Markets Inc full-time employees.

Snap Inc CEO Evan Spiegel in May told employees the company will slow hiring for this

year.

Tencent Chinese company Tencent is struggling to cope with the slowing economy, and

Holdings might cut between 10-15% of its total workforce this year.

Twitter Inc CEO Parag Agrawal said in a memo that the social media company will pause

hiring and review existing job offers to determine whether any “should be

pulled back”.

Uber Uber will scale back hiring and reduce expenditure on its marketing and

Technologies incentive activities, Reuters reported in May, citing a letter from the CEO.

Inc

Valmet Oyj Valmet said on May 23 it is considering temporary layoffs of about 340

employees at its valve factory in Helsinki due to reduced orders caused by the

war in Ukraine and COVID-19 restrictions in China.

Source: Regulatory filings, Reuters stories, company websites

(Reporting by Tiyashi Datta in Bengaluru and Louise Breusch Rasmussen, Marie Mannes and Agata Rybska; Editing by Sweta Singh, Devika Syamnath and Maju Samuel)

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