More than 30,000 tech workers have lost their jobs as of July.
Insider spoke to Tesla employees at Coinbase to hear their stories.
These are their stories of the personal and economic toll of layoffs in the industry.
According to the latest data from the US Department of Labor, unemployment claims jumped to an unexpected 8-month high.
With the economy slowing, many large tech companies have warned their employees against downsizing and layoffs. Ahead of Facebook’s weak earnings report, several executives sent memos to their teams warning of future job cuts.
Earlier in the year, as cryptocurrency plunged into one of the coldest drops in the asset class in years, cryptocurrency exchange Coinbase laid off nearly 20% of its staff. The company went so far as to cancel job offers from new recruits.
Last month, Tesla laid off more than 200 employees.
According to Crunchbase, more than 30,000 technical employees have been laid off as of July.
At Insider, we chronicle how the economic downturn is affecting tech’s most vulnerable workers.
Below is a running list of first-person and first-person stories that show the human toll of industry layoffs.
Tesla’s CIO: ‘I noticed the red flags the day I was fired’
An IT worker at Tesla tells Insider about the red flags they noticed before they were laid off.
An employee describes the scene at a Tesla plant in Fremont, California, where on the day of layoffs last month, people cried as they walked out of the hallway.
The company offered the worker an Uber voucher to take him 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’ve been laid off at Tesla. Here are the red flags I wish I had noticed on the day this happened.
Coinbase Administrator: “I’ve Never Experienced Such a Lack of Empathy Before’
For Miguel Cuevas, working at Coinbase was a dream come true.
But he was one of 1,100 employees the company laid off due to the crypto crash earlier this year.
In previous weeks, several employees had asked if layoffs were imminent, but according to Kovacs, management asked everyone to “keep yelling as if things were normal.”
He told Insider reporter Jessica Ching that he felt the company had 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 with the company’s failed promises.
Netflix Advertiser: “I Really Think It’s Evil What Happened To Me And My Colleagues Today”
The copywriter on closed Netflix fan site Tudum describes layoffs at the now closed site.
First, they find out that their manager’s Slack has been deactivated.
Then they noticed a call they ignored. Others described receiving bad news over the phone. When they called again, they received the news: two weeks’ pay, but their job was no longer there.
Read more: I was part of the layoffs at Netflix. Here’s how it happened.
Tesla Recruit: I struggled to stay calm and not cry
For Quishon Walker, working at Tesla was a dream.
As a recruiter, he was among the first to lose his job last month as the company announced that it would be downsizing.
The company also announced that it will freeze hiring for the time being.
When he saw an ominous call on the calendar, he knew his time was up after only two weeks of working at the company.
Read more: I just got laid off from my dream job at Tesla without warning. I feel like my life has been uprooted so the billionaire can save some money.
Coinbase engineer: “I feel anxious and panicked”
Ashutosh Ukey was a junior engineer who was offered his dream job at Coinbase after completing his degree at the University of Illinois.
As a visa holder, Ukey’s status to remain in the United States is contingent on finding an employer to take care of their visas.
When Coinbase told him they would cancel his job offer, he was concerned about whether he would be able to stay in the country.
Ukey says he is not sure if he will ever want to work in cryptocurrency again given the fragility of his visa status and the uncertainty in the industry.
Read more: My Coinbase job offer has been cancelled. I panic because I will have to leave the country in 5 months if I don’t find a new job.
If you are a tech employee who wants to tell us your story, write to our editor, Tekendra Parmar, at [email protected]
Read the original article on Business Insider