Business

Amazon stock slide on 10,000 layoffs starts this week


Updated at 11:40 a.m. EST

Amazon (AMZN) – Get a free report Stocks fell sharply on Monday after a report from the New York Times showed the world’s largest online retailer was planning to lay off about 10,000 people.

The Times reports that layoffs could begin as early as this week, with the potential to focus on the group’s equipment, retail and human resources divisions. The cuts, the largest in Amazon’s history, will account for about 3% of its global workforce.

Last week, The Wall Street Journal reported that Amazon, the first public company in history to lose more than $1 trillion in market value earlier this week, will be a director of cost-cutting review. running Andy Jassy in the coming months, focusing on the Alexa voice assistant business.

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