Investors, too, are pressing companies to cut expenses as revenues taper off, and VCs are worried about likely profit dips after a growth period. The closing months of 2022 and the start of 2023 have witnessed the largest layoffs since the onset of COVID-19. Notably, Accenture laid off a total of 19,000 employees (2.5% of its workforce), and Twitter, under Musk's leadership, laid off approximately 6,500 employees (81% of its workforce).