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Tech startup layoffs top 20,000 amid big funding chill

Jobs lost reach 2-year high as venture capital funding dries up

U.S. startup Reef Technology, which counts the SoftBank Vision Fund among its investors, is laying off 750 workers.

NEW YORK/PALO ALTO, U.S. -- Layoffs at tech startups across the world have surged to a level not seen in over two years, underscoring a fundraising landscape that is no longer awash in venture capital money.

The cash crunch was felt in early May by employees of consumer goods unicorn Thrasio, when a companywide email announced, "Today we are sharing the news that we've made the decision to reduce the size of the Thrasio team." The email cited the need to "make some strategic and operational changes" to ensure growth.

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