Massive tech company layoffs might jeopardize Bay Area jobs rebound: experts

MENLO PARK — A so-far relentless surge of job cuts in the once-robust tech industry could imperil what has already been a sluggish rebound by the Bay Area’s employment market from coronavirus-linked woes, experts say.

The missive, posted on the Meta website, also served as a mea culpa for Zuckerberg, who admitted he had overreached in directing the company’s direction in the wake of the coronavirus. To be sure, the layoffs at Menlo Park-based Meta could potentially be the largest among tech and biotech companies in the current round of cutbacks.

Kittyhawk Corp. is cutting 100 jobs in two Bay Area cities: Mountain View and Palo Alto. The Silicon Valley company had been developing a flying car that could take off vertically. “There are certainly multiplier effects in the local economy when you see job cuts like this occur,” said Jeffrey Michael, executive director of the University of the Pacific’s Stockton-based Center for Business and Policy Research. “There will be a spillover.”

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bay Area sees lowest October home sales volume in 15 years - San Francisco Business TimesEconomic conditions in September and October continued to nosedive and so did real estate sales in San Francisco. Here's how much they were down in October compared to the previous year.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Bay Area sees lowest October home sales volume in 15 years - Silicon Valley Business JournalEconomic conditions in September and October continued to nosedive and so did real estate sales in the Bay Area. Here's how much they were down in October compared to the previous year.
Source: svbizjournal - 🏆 334. / 59 Read more »