A number of reputed tech companies are busy showing the door to thousands of employees. As is known, Twitter has laid off a large percentage of its employees. Facebook, too, is going to fire thousands of employees across the world. 

Besides the top social media giants, a few other companies are reportedly firing employees. Snapchat is one of them. It has laid off 20% of its employees. 

Reports emerging in the West say that Microsoft is laying off thousands of employees, while Intel is firing a good chunk, up to 20%, of its staff. 

Meanwhile, Apple and Amazon have frozen all hiring. The hiring has been put on hold. 

The situation is bad from the top. The US economy may be entering a phase of recession. A report says that the market capitalizations of Alphabet (Google's parent company), Amazon, Apple, Meta and Microsoft collapsed by 37% so far this year. According to Forbes, several tech billionaires have lost a collective $315 billion since last year.