Big layoffs coming to Amazon too

Amazon is expected to lay off about 10,000 employees this week, mostly in technology roles. They'll be the biggest job losses in the company's history and reflect the tech sector's downturn; Microsoft made similar cuts last week.

The holiday shopping season is critical for Amazon, and usually, one where the company has increased its headcount to meet demand. But Andy Jassy, who took over as CEO in July 2021, has been in cost-cutting mode to preserve cash as the company confronts slowing sales and a gloomy global economy.

Amazon has more than 700,000 workers, so it's a relatively modest loss compared to the 13% represented by Microsoft's layoffs or the ~50% bloodbath at Twitter, though that has much to do with the company's dire financial predicament after being bought by Elon Musk.