Spotify recently announced plans to lay off six percent of its workforce. The cuts will impact almost 600 workers as many other internet power players make significant staff cuts as well.
Industry experts have dubbed these job losses in the tech sector the “richcession,” as they primarily impact high-paid tech jobs. The phrase describes the emerging pattern of tech companies experiencing a decline in demand following two years of pandemic-driven growth during which they aggressively hired.
Despite the job cuts impacting well-paid white-collar professionals, they don’t seem to be impacting those in executive roles. Breitbart News recently reported thatThe Wall Street Journal reports that on Tuesday evening, Microsoft played host to an event attended by its highest-ranking executives featuring a performance by Sting. On the other hand, the company announced the following day that they intend to lay off 10,000 people, which will be the largest round of layoffs since 2014.
Daniel Ek, the CEO of Spotify, has disclosed that Dawn Ostroff, the company’s chief content and advertising business officer, will also leave due to the layoffs. Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter
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