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The trade war and its implications for the tech industry have also contributed to this frenzy of layoffs. With the NASDAQ down 18% to 20%, investor confidence is wavering, and companies are finding it increasingly difficult to navigate the challenging economic waters. Google’s strategy includes vacating a substantial 300,000 square feet of office space in San Francisco, a move indicative of its aim to reduce overhead costs dramatically.
Estimates suggest that Google may have laid off up to 30,000 employees over the past few years, and the recent cuts in profitable divisions like Pixel and Chrome have surprised many industry observers.