KUALA LUMPUR (March 20): More than 106,000 workers in US-based tech companies have been laid off in mass job cuts so far in 2023.

In a report on Friday (March 17), Crunchbase, which tracks trends, investments and news of global companies from start-ups to the Fortune 1000, said the number includes Meta’s 10,000-person cut and SiriusXM‘s 475-person workforce cut.

The firm said that last year, more than 140,000 jobs were slashed from public and private tech companies, as they were forced to confront rising inflation and a tumultuous stock market.

It said the economy has come to reckon with a culture of overzealous hiring and soaring valuations, and start-ups are now forced to carry themselves through a frosty market, as venture funding becomes barren.

Tech companies as big as Qualtrics, Carta and Verily have slashed jobs this year, citing overhiring during periods of rapid growth, it said.

Crunchbase said it only covers US-based companies or companies with a strong US presence, and included both start-ups and publicly traded tech-heavy companies.

It also included companies based elsewhere that have a sizable team in the US, such as Klarna, even when it’s unclear as to how much of the US workforce has been affected by lay-offs.

The firm sources the lay-offs from media reports, its own reporting, social media posts, and layoffs.fyi — a crowdsourced database of tech lay-offs.