Chinese tech giant Alibaba announces massive layoffs

At the end of the most recent reporting quarter, more than 245,000 employees were employed by Alibaba, the agency notes.

The corporation started laying off employees in an effort to decrease costs in response to escalating political unrest, rising material costs and rising inflation.

Many businesses are currently facing challenging personnel considerations. For instance, American businesses Apple and Alphabet have cut back on hiring, while Amazon has eliminated nearly 100,000 positions.

source: bloomberg.com