(NewsNation) —Amazon could begin layoffs of about 10,000 people this week, according to a report by the New York Times.
The newspaper reported Monday that people “with knowledge of the matter” said the company has plans to begin the largest layoffs in the company’s history.
Amazon’s devices organization, retail division and human resources would be hit the hardest, according to the report. Overall, the layoffs would represent less than 1% of the company’s total global workforce and 3% of its corporate employees, the New York Times reported.
According to CNBC, the potential layoffs come a week after headcount reductions at other tech firms. That includes Meta’s announcement that it would lay off more than 13% of its staff. Twitter also recently laid off a large portion of its workforce after Elon Musk acquired the business to the tune of $44 billion.
Musk’s timing of the Twitter purchase might have escalated those layoffs, Economist Robert Brusca told NewsNation affiliate WPIX in an interview last week.
“Elon Musk bought the company before the stock market weekend,” Brusca said. “The stock market fell and left him with a company at a much lower value but he had to pay a high price for it. And now he is trying to reduce expenses so he is cutting payrolls.”
Amazon hasn’t publicly confirmed its reported layoffs.
In a recent interview with CNN, Amazon founder Jeff Bezos said that he plans to give away most of his wealth to fight climate change and social and political division.
At all levels, the company is has struggled with employee retention.
Leaked documents from this summer show in 2021, about 35% of Amazon’s news hires stayed with the company for more than 90 days before quitting, being fired or laid off, Engadget first reported.
Those documents also laid out Amazon’s concerns about running out of people who would be willing to work for the company. That attrition costs Amazon $8 billion annually, according to Engadget’s report.