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- ☔️ElonMusk Effect: 240,000 Tech Positions FIRED this year.
☔️ElonMusk Effect: 240,000 Tech Positions FIRED this year.
Magna Ding
November 13, 2023
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THE AI SECRETS
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Today’s MENU
☔️ElonMusk Effect: 240,000 Tech Positions FIRED this year.
🤑Sponsor: Incogni assists in wiping your information from the web, lessening risks of ID theft, unsolicited calls, and elevated health insurance costs.
🎓FlotAI Tutorial: 10X Easy Email Responds with Precision and Ease.
✨AI Toolbox: Top AI tools to Maximize your Productivity.
🧠Advanced AI News: Let's Examine the Latest Developments in the Realm of AI.
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Today’s Headline
Elon Musk exemplified to global tech businesses that Twitter's 80% workforce shrinkage doesn't impact the operations of tech establishments.
🗝️ What you should know:
The tech industry recorded over 240,000 job losses in 2023, a 50% increase from the previous year, with major tech firms and startups alike announcing workforce cutbacks.
There's been a slowdown of layoffs in the summer and fall, but it seems the trend is picking up again.
Economists have assuaged fears about a potential recession, but the tech sector continues to struggle with slow recovery, resulting in more layoffs and a pivot towards efficiency instead of growth due to challenging market conditions.
As of now, the total number of tech layoffs in 2023, according to Layoffs.fyi, is 224,503, surpassing the total for 2022.
Recently, OpenAI introduced the advanced GPT4 Turbo. Its robust capabilities and more affordable cost will stimulate tech firms to increase their use of AI as a labor substitute to meet their strategic aims of enhancing productivity and combating economic cycles. Could the job market in 2024 be skewing towards a more unfavorable direction?
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