Archive for: Recession

With the US economy and the world economy as a whole in shambles, no one appears to be safe from the downtown. Stock prices have dropped drastically, especially in the tech world. Those who were hanging their hats on their stock options are now facing the harsh reality that right now their piece of the pie is almost valueless.

Just recently Seesmic released just over one-third of their employees, with three more having been let go the week before. While they are not experiencing the “crash and burn” they are preparing for a bleak fundraising future. The founder of Seesmic, Loic Le Meur, cut out anything that “wasn’t outsourceable, core or absolutely necessary for the company.”

It was also reported just recently on Robert Scoble’s site that he too was going through his own professional with having a brand new boss, and having 20 of his co-workers laid off due to the economic troubles that have begun to trickle down into their offices.

You can follow his discussions on the situation on his Twitter account and also find it his FriendFeed account.

Just the tip of the iceberg? Everyone is feeling the pinch during these times. You can read more about the effects of the economic downturn here.