Tech giants have axed more than 1,500 UK jobs in a month, as investors claim the sector is facing a reckoning.
The brutal cuts from Facebook, Twitter and Amazon come as swathes of firms are also slashing workforces.
More than 5,000 staff employed in the UK’s tech sector are thought to have been made redundant this year.
Axed: The brutal cuts from Facebook, Twitter and Amazon come as swathes of firms are also slashing workforces
Smaller companies such as car sales platform Cazoo, trading app Freetrade and buy-now pay-later firm Klarna have also laid off staff.
Damien Steel, of the venture capital arm of Canadian pensions titan OMERS, said investors were being more careful about the type of company they funded.
‘You need to be able to tell a story about how you get to profitability someday,’ he said.
‘We are telling founders [of companies we invest in] that it’s okay to be conservative.
‘Where before you needed enough cash to last 18 months, we’re now saying 36 months at least.’
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