SAN FRANCISCO (KRON) — Salesforce, the largest private employer in San Francisco, is laying off hundreds of employees and joining a string of major Bay Area tech companies cutting their workforces.
A Salesforce spokesperson issued a statement to KRON4 Tuesday, writing, “Our sales performance process drives accountability. Unfortunately, that can lead to some leaving the business, and we support them through their transition.”
The Salesforce layoff is happening just one week after Twitter’s new CEO, Elon Musk, began laying off thousands of employees from the social media giant. About 3,700 jobs have been eliminated, according to The New York Times — roughly half of Twitter’s workforce. “Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” Musk tweeted Friday.
Facebook’s parent company, Meta, is also set to layoff thousands of employees this week, The Wall Street Journal reported. Meta’s layoff was issued as the social media company’s stock prices continue to slide.
KRON On is streaming live news now
Meta CEO Mark Zuckerberg said during an earnings call, “In 2023, we’re going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year.”
On top of declining profits, Silicon Valley tech companies are also bracing for a possible recession on the horizon.