Microsoft, MSFT, hosted an exclusive, private Sting concert for top executives on January 17th. The very next day, they announced mass lay offs of 10,000 people.
Microsoft announced that through March 31, the company will let go of 10,000 employees.
This comes shortly after employees were told they would be getting unlimited time offs in the form of 10 corporate holidays, leave of absence, sick leave, and mental health time off.
Due to macroeconomic factors and the economy's performance in 2022, numerous companies are slowly laying off staff by thousands. Some of these companies include Alphabet, Amazon, and Salesforce.
In July last year, Microsoft announced that it would let go of just 1% of its employees. Soon after, the company released news that less than 1,000 workers would lose their jobs.
Microsoft CEO Satya Nadella shared a memo with employees regarding the CEO's confidence in how the company will do. This came with the announcement that through the end of Q3 2023, 10,000 employees would lose their jobs.
Nadella: "This represents less than 5 percent of our total employee base, with some notifications happening today. It’s important to note that while we are eliminating roles in some areas, we will continue to hire in key strategic areas."
