With Capital Drying Up, Tech Firms Are Doing Everything to Stay Afloat

There is a famous saying that when the going gets tough, the tough get going. It is especially relevant for the tech companies operating in today’s harsh economic environment – only the strong will take decisive action, even if it hurts.

KPMG has found that 86 per cent of CEOs across the globe believe that a recession will arrive in the next 12 months. In the same survey, 51 per cent said they are considering workforce reduction in the next six months.

According to news reports on Oct 4, Meta Platforms (NASDAQ: META), the parent company of Facebook, is looking to cull 15 per cent or 12,000 workers within weeks. It will also close an office in New York and has halted plans to expand office space in the city.

Earlier in September, Shopee made headlines for another round of retrenchments, following layoffs in its food delivery and online payment arms in June. It also rescinded dozens of job offers after…

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