U.S. Companies Nixing Jobs

In the first few months of 2022, layoffs are sweeping the United States.

Photo Insert: Car dealer Carvana is cutting 2,500 jobs, or 12% of its staff.

Thousands of employees have already been laid off by firms like Peloton. Carvana, an online vehicle dealer, aims to cut 12% of its personnel. Even corporations that have typically avoided layoffs, such as Netflix, are making cuts, and Tesla is reportedly planning to lose hundreds of positions.

The reasons, in general, are twofold: business growth is decreasing, and labor expenses are rising. As a result of the combination, American businesses in a range of industries are cutting staff, Ben Gilbert and Avery Hartmans reported for Business Insider on June 4, 2022.

Carvana is laying off 2,500 people, or about 12% of its workforce. Reef, a SoftBank-backed ghost-kitchen startup, is laying off 750 employees. Similarly, the Gopuff delivery service is laying off almost 400 employees.

Since late 2021, Better.com has been laying off employees, with the total number currently reaching 4,000. Noom, a weight reduction app company, is laying off 495 staff. Peloton has laid off 2,800 people as the company's stock price has plummeted from $50 billion last year to roughly $4.4 billion as of early June 2022.

Thrasio, the company that pioneered the Amazon aggregator market, is laying off 20% of its workforce. Robinhood is laying off almost 300 employees.

Wells Fargo is also reducing its workforce, with many mortgage-related employees losing their employment. Although, there is no figure given. Canopy Growth, a cannabis firm in Canada, is laying off 250 employees.

In April, the content development team at food publisher and merchant Food52 laid off twenty employees. Cameo, a company that allows consumers to pay celebrities to record bespoke audio or video segments, is laying off 87 people. In addition, Netflix is laying off 150 employees.

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