OAKLAND – Layoffs of tech companies are poised to eliminate hundreds of jobs in the Bay Area, a sinister new round of layoffs that could rock the region’s main economic engine.
Malwarebytes, Shift Technologies, Robinhood Markets and Rivian Automotive have notified the state employment agency that they have undertaken cuts that are expected to eliminate approximately 450 Bay Area jobs, according to official notices filed with the government.
Here is the local impact of the ongoing layoffs following numerous job cuts in tech companies, which together total 453 positions. The layoffs were detailed in WARN notices filed with the State Department of Employment Development:
– Rivian Automotive, an Irvine-based electric vehicle manufacturer, plans to eliminate 208 jobs across multiple locations in Palo Alto.
– Robinhood Markets, a financial services technology company, or fintech, is cutting 146 jobs in Menlo Park, the city where Robinhood is headquartered.
– San Francisco-based Shift Technologies, which operates an online e-commerce marketplace for the sale of used cars, is cutting 52 jobs in Oakland.
– Malwarebytes, headquartered in Santa Clara, an internet security firm specializing in protecting home computers, smartphones and businesses from malware and other digital threats, is cutting 47 jobs at its Santa Clara office, part of an overall reduction of 125 positions across the company.
These layoffs came at a time when multiple tech titans, including Google, Amazon, the owner of Facebook’s Meta Platforms app, Netflix and Apple have revealed plans to slow the pace of hiring. Amazon and Netflix, however, have both launched real job cuts.
Amazon’s total workforce shrank by 99,000 from late March to late June around the world.
Los Gatos-based Netflix cut nearly 500 jobs this year, including full-time and part-time workers and contractors. Netflix’s layoffs include a loss of just over 100 Los Angeles jobs.
Malwarebyte’s job cuts took effect August 15, the company said in the WARN notice.
Rivian said its staff reductions will take effect on October 7, Robinhood said its job cuts will take effect by October 1, and Shift said its layoffs will take effect by October 8.
Electric vehicle maker Rivian blamed inflation and rising costs for its layoffs, saying it needed to take measures to save money to cope with the financial squeeze.
Some Malwarebytes employees took to the LinkedIn social network to notify people that they had lost their jobs, using a #layoffs hashtag.
“Due to Malwarebytes #layoffs today, I am looking for a new role and would appreciate your support,” a Malwarebytes employee posted on LinkedIn.
The cuts to Shift Technologies occurred in the wake of the company’s acquisition of CarLotz, a vehicle dealer. The deal gives the new company Shift and CarLotz a presence in the vehicle transaction markets through both online commerce and face-to-face meetings.
The operation, however, also appears to have created some redundancies.
“Reducing frontline roles and corporate locations by 60%, between remote offices and hubs, and reducing corporate overheads,” are among the consequences of the merger, Shift said in a post on its website.
Shift Technologies has also decided to conduct layoffs in the California cities of Sacramento, San Diego, Carson and Whittier, in addition to the Oakland cuts.
“We deeply regret the impact this reduction in strength will have on our employees and their families,” wrote Tracy Notte, Shift Technologies’ chief people officer, in the WARN letter to the EDD.