Reports: Tech companies laying off workers, rescinding job offers amid rising prices

CHICAGO - Reports are circulating on social media of layoffs and hiring freezes among tech companies.

With everything costing more money, market experts say that certain companies are not able to honor the bonuses and salaries they offered during the hiring lull.

According to reports, layoffs are impacting tech and cryptocurrency companies.

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According to the New York Post, some crypto companies are rescinding job offers before employees have even started.

Market experts explain that along with inflation, some companies can’t keep up and employees are paying the price.

"The problem is, when things were red-hot, they couldn’t get enough people to work, they’re promising big bonuses, free lunches, come to work for us, and now all of a sudden, the prices have collapsed, they’re not able to provide those things because now they’re in a fight for survival. We believe cryptocurrencies are going to be around for a while, but certain ones are not going to be around for a while, other ones are," said Phil Fynn, Senior Market Analyst of Price Futures Group.

Fox 32 has reached out to several tech and crypto companies to independently confirm layoffs but are still waiting to hear back.