This is starting to look like 2008 all over again. For years, the tech industry was the strongest part of the U.S. economy by a wide margin. The largest tech firms were raking in billions upon billions of dollars in revenue and their stock prices soared to unprecedented levels. But now the tech industry has suddenly fallen on difficult times. Many large tech companies are laying off huge numbers of workers, and we are being warned that even more layoffs are ahead. If the most prosperous sector of our economy is experiencing this much trouble already, what is the outlook for the rest of the economy as we head into 2023?
As I write this article, the layoffs that Elon Musk is conducting at Twitter are making headlines all over the planet. It is being reported that approximately half of all Twitter workers could lose their jobs, and the widespread layoffs are apparently happening “in departments across the company”…
Twitter on Friday laid off employees in departments across the company, in a severe round of cost cutting that could potentially upend how one of the world’s most influential platforms operates one week after it was acquired by billionaire Elon Musk.
Numerous Twitter employees began posting on the platform Thursday night and Friday morning that they had already been locked out of their company email accounts ahead of the planned layoff notification. Some also shared blue hearts and salute emojis indicating they were out at the company.
Needless to say, a lot of these former employees do not plan to go quietly.
In fact, some of them have already slapped Twitter with a federal lawsuit…
✔️ Boost your immune system with Nutraceutical by Dr. Zev Zelenko
✔️ Beat supply chain issues and future pharmaceutical tyranny with 5 Antibiotics Delivered to Your Home
✔️ Be ready to help yourself and your family with the World’s Best Med Kit
Twitter has been sued by multiple staff members over an alleged violation of federal law, with workers claiming they were not given enough notice regarding planned layoffs.
Employees who had worked at Twitter’s offices in San Francisco, California, and Cambridge, Massachusetts filed a class-action lawsuit in the U.S. District Court, Northern District of California (San Francisco) on Thursday.
Sadly, Twitter is not alone.
Lots of other large tech companies are conducting mass layoffs, and in each case the current economic climate is being blamed.
For example, Lyft has announced that it will be laying off 13 percent of its workforce…
Lyft Inc. said it is cutting 13% of staff, or nearly 700 jobs, the latest technology company to say it needed to reduce costs ahead of choppy economic conditions.
Confirming an earlier report by The Wall Street Journal, Lyft co-founders John Zimmer and Logan Green announced the cuts to staff Thursday. “There are several challenges playing out across the economy. We’re facing a probable recession sometime in the next year and ride-share insurance costs are going up,” they wrote in the memo viewed by the Journal.
And it is being reported that Chime will be letting 12 percent of their workers go…
Chime is one of the latest private tech firms to announce layoffs amid a worsening economic outlook and a recent wave of cuts from both public and private companies.
A company spokesperson told CNBC that the so-called challenger bank – a fintech firm that exclusively offers banking services through websites and smartphone apps – is cutting 12% of its 1,300-person workforce, adding that while they are eliminating approximately 160 employees, they are still hiring for select positions and “remain very well capitalized.”
Not to be outdone, 18 percent of Opendoor’s workforce is about to get the axe…
Opendoor Technologies Inc. is laying off about 550 employees after higher mortgage rates cratered US housing demand.
The layoffs will reduce Opendoor’s headcount by about 18%, according to a company blog post. The cuts come after an abrupt shift in prices forced the company to sell homes for less than it paid for them.
In other cases, we are seeing companies that seemed to be doing really well let workers go. As I discussed yesterday, Stripe has decided to “let go of 14% of its staff”…
Silicon Valley payments giant Stripe announced that it has let go of 14% of its staff. Citing global economic challenges including inflation, higher interest rates and “sparse startup funding,” cofounder and CEO Patrick Collison said in an email to employees that Stripe needs to cut costs.
I guess Stripe isn’t doing quite as well as we all thought.
Meanwhile, we have also just learned that Dapper Labs will be reducing the size of their workforce by 22 percent…
One of the biggest names in the non-fungible token (NFT) industry is dramatically reducing headcount as the crypto bear market continues to take a toll on Web3 companies.
Dapper Labs, which created the NFT marketplace NBA Top Shot, is laying off 22% of its staff, citing the “macroeconomic environment.”
But the economy is doing just fine, right?
Isn’t that what the federal government keeps telling us?
Well, if the economy is in such good shape, why does the tech industry keep laying off so many workers?
Even before this latest round of layoff announcements, the tech industry had already laid off over 52,000 workers so far this year…
After a banner year for tech, layoffs are here. In fact, as of late October, more than 52,000 workers in the U.S. tech sector have been laid off in mass job cuts so far in 2022, according to a Crunchbase News tally.
Tech companies as big as Netflix have slashed jobs this year, with some citing the effects of the COVID-19 pandemic and others pointing to overhiring during periods of rapid growth. Robinhood, Glossier and Better are just a few of the tech companies that have notably trimmed their headcount in 2022.
Of course it isn’t just the tech industry that is letting people go.
According to Reuters, Morgan Stanley is gearing up for “a fresh round of layoffs”…
Wall Street major Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, three people with knowledge of the plan said, as dealmaking business takes a hit due to rising inflation and an economic downturn.
So please don’t listen to any politician that tries to tell you that everything is going to be okay.
Everything is definitely not okay. According to Challenger, Gray & Christmas, the number of layoff announcements in the United States is far higher than it was last year at this time…
The job placement agency Challenger, Gray & Christmas released a report on Nov. 3, which revealed that American-based firms announced 33,843 job cuts last month, up from 29,989 in September.
This is higher than the same month last year, when 22,822 employees were laid off.
Hopefully your job is safe, because I believe that we will eventually see millions of Americans lose their jobs during this new economic downturn.
We are truly moving into unprecedented territory, but unfortunately most Americans simply do not understand what is ahead.
A lot of people seem to think that we will have some sort of a mild recession and then things will get back to normal.
I wish that was true.
Unfortunately, a day of reckoning is now upon us, and countless numbers of our fellow Americans are about to have their lives completely turned upside down.
***It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.***
About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com. In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending digital copies as gifts through Amazon to family and friends. Time is short, and I need help getting these warnings into the hands of as many people as possible.
I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.
I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.
Article cross-posted from The Economic Collapse Blog.
Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Our network is currently comprised of six sites:
- NOQ Report
- Conservative Playlist
- Freedom First Network
- Based Underground
- Uncanceled News
- Our Gold Guy
We are also building partnerships with great conservative sites like The Liberty Daily and The Epoch Times to advance the message as loudly as possible, and we’re always looking for others with which to partner.
Some of our content is spread across multiple sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
While donations are the best way to help, you can also support us by buying through our sponsors:
- MyPillow: Use promo code “NOQ” to get up to 66% off AND you’ll be helping a patriotic, America First company.
- ZStack: Improve your immune system with the Z-Stack protocol or rejuvenate your body from vaccines or shedding with Z-DTox by Dr. Vladimir Zelenko.
- OurGoldGuy: Tell them JD sent you in your request to buy gold and it will help us… AND (wait for it) you’ll be helping a patriotic, America First company.
- MyPatriotSupply: Stock up on long-term food, survival gear, and other things that you’ll need just in case things don’t recover and we keep heading towards apocalypse.
We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
Time is short. As the world spirals towards The Great Reset, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
JD Rucker
Bitcoin: 32SeW2Ajn86g4dATWtWreABhEkiqxsKUGn
All ORIGINAL content on this site is © 2021 NOQ Report. All REPUBLISHED content has received direct or implied permission for reproduction.
With that said, our content may be reproduced and distributed as long as it has a link to the original source and the author is credited prominently. We don’t mind you using our content as long as you help out by giving us credit with a prominent link. If you feel like giving us a tip for the content, we will not object!
JD Rucker – EIC
@jdrucker