In May 2022, after over a year of the tech stock market bull run and record billion-dollar investments raised by startups across the globe, the effects of the global economic downturn started to trickle in. Tech companies around the world laid off more than 15,000 employees that month alone, and over 65,000 tech employees have been laid off so far this year, according to lay-off aggregator Layoffs.fyi.
Y Combinator, Sequoia Capital, and other tech investors advised portfolio companies in May to buckle up for hard times and plan for the worst. Heeding that advice, African startups started responding with firings.
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