Lyft, the ride-share company, said it would dismiss 700 of its workers, or 13 percent of its staff. Add up the losses and more than 216,000 tech employees have been laid off since the start of 2022, according to Layoffs.fyi, a site that tracks job cuts in the sector. But the tech job cuts are not necessarily bad news for the economy overall, or even for Silicon Valley. (They account for about 4 percent of the tech sector’s total workers.) Boom and bustTo understand why tech companies are laying off workers now, turn back to the pandemic, when the industry was booming.

Source: CNN January 25, 2023 13:32 UTC