Tech startup layoffs approach 71,000 in 2022

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A total of 522 startups have laid of 70,698 employees in 2022, according to Layoffs.fyi, which tracks public reports. Among the more recent moves, Sema4 Holdings Corp. SMFR, -22.08% cut 250 positions on Monday, ContraFect Corp. CFRX, +1.17% dropped 16 positions, also on Monday. Peloton Interactive Inc. PTON, -1.70% said Aug. 12 it would eliminate 780 jobs. Layoffs in the sector have been increasing all year, but the pace has gained in May, June and July, according to data from the website. Since the start of COVID-19, 1,096 startups have laid of 166,661 employees, according to Layoffs.fyi.

This article was originally published by Marketwatch.com. Read the original article here.

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