Layoffs at Prominent Startups Triggered by COVID-19
As the pandemic reverberates through almost every industry imaginable, tech startups are also feeling the pain.
Since mid-March, countless startups and unicorns have undergone layoffs.
Today’s infographic pulls data from Layoffs.fyi, and navigates the cascading layoffs across 30 of the most recognizable startups in America. Each of the companies have slashed over 250 employees between March 11 and May 26, 2020—capturing a snapshot of the continuing fallout of COVID-19.
Silicon Valley Takes a Hit
Closing 45 offices, Uber has laid off 6,700 employees since mid-March. Uber CEO Dara Khosrowshahi, who was granted a $45M earnings package in 2018, announced he will also waive his $1M base salary for the remainder of the year.
|Company||# Layoffs||% of Employees||Industry|
*Layoffs reported between March 11-May 26, 2020
Meanwhile, as room bookings dropped by over 40% across several countries, Airbnb laid off a quarter of its workforce. The tech darling is anticipating a $2.4B revenue shortfall in 2020.
Like many other big names—including Lyft, Uber, and WeWork—Airbnb is struggling to achieve profitability. In the first nine months of 2019, it lost $322M at the height of the market cycle.
Until 2021, gig-economy revenues are projected to drop by at least 30%.
International Startups Struggling
Startups in the U.S. aren’t the only ones scrambling to conserve cash and cut costs.
Brazil-based unicorn Stone has let go of 20% of its workforce. The rapidly growing digital payments company includes Warren Buffett as a major stakeholder, holding an 8% share as of March 2020.
At the same time, India-based ride-hailing Ola has witnessed revenue declines of 95% since mid-March. It laid off 1,400 employees as bookings drastically declined.
|Company||# Layoffs||% of Employees||Location|
Similarly, Uber India has rivaled Ola in dominance across India’s $10B ride-hailing market since launching three years after Ola, in 2013. Now, almost 25% of the Uber India workforce have been laid off.
Of course, these reports do not fully take into account the growing impact of COVID-19, but help paint a picture as the cracks emerge.
While the job market remains murky, what startups are looking to hire?
Coursera, an online education startup, listed 60 openings in May. By the end of the year, the company plans to hire 250 additional staff. Within the peak of widespread global lockdowns, the platform attracted 10M new users.
Meanwhile, Canva, an Australia-based graphic design unicorn, is seeking to fill 100 positions worldwide. In partnership with Google for Education, Canva offers project-based learning tools designed for classrooms, in addition to free graphic design resources.
At the same time, tech heavyweights Facebook and Amazon reported openings. Booming startups such as Plaid, Zoom, and Pinterest are also listing new positions as shifting consumer demand continues to shape unpredictable and historic hiring markets.
Mapped: GDP per Capita Worldwide
GDP per capita is one of the best measures of a country’s standard of living. This map showcases the GDP per capita in every country globally.
Mapped: Visualizing GDP per Capita Worldwide
View the high-resolution of the infographic by clicking here.
GDP per capita has steadily risen globally over time, and in tandem, the standard of living worldwide has increased immensely.
This map using data from the IMF shows the GDP per capita (nominal) of nearly every country and territory in the world.
GDP per capita is one of the best measures of a country’s wealth as it provides an understanding of how each country’s citizens live on average, showing a representation of the quantity of goods and services created per person.
The Standard of Living Over Time
Looking at history, our standard of living has increased drastically. According to Our World in Data, from 1820 to 2018, the average global GDP per capita increased by almost 15x.
Literacy rates, access to vaccines, and basic education have also improved our quality of life, while things like child mortality rates and poverty have all decreased.
For example, in 1990, 1.9 billion people lived in extreme poverty, which was 36% of the world’s population at the time. Over the last 30 years, the number has been steadily decreasing — by 2030, an estimated 479 million people will be living in extreme poverty, which according to UN population estimates, will represent only 6% of the population.
That said, economic inequality between different regions is still prevalent. In fact, the richest country today (in terms of nominal GDP per capita), Luxembourg, is over 471x more wealthy than the poorest, Burundi.
Here’s a look at the 10 countries with the highest GDP per capita in 2021:
However, not all citizens in Luxembourg are extremely wealthy. In fact:
- 29% of people spend over 40% of their income on housing costs
- 31% would be at risk of falling into poverty if they had to forgo 3 months of income
The cost of living is expensive in Luxembourg — but the standard of living in terms of goods and services produced is the highest in the world. Additionally, only 4% of the population reports low life satisfaction.
Emerging Economies and Developing Countries
Although we have never lived in a more prosperous period, and poverty rates have been declining overall, this year global extreme poverty rose for the first time in over two decades.
About 120 million additional people are living in poverty as a result of the pandemic, with the total expected to rise to about 150 million by the end of 2021.
Many of the poorest countries in the world are also considered Least Developed Countries (LDCs) by the UN. In these countries, more than 75% of the population live below the poverty line.
Here’s a look at the 10 countries with the lowest GDP per capita:
Life in these countries offers a stark contrast compared to the top 10. Here’s a glance at the quality of life in the poorest country, Burundi:
- 80% of the population works in agriculture
- 1 in 3 Burundians are in need of urgent humanitarian assistance
- Average households spend up to two-thirds of their income on food
However, many of the world’s poorest countries can also be classified as emerging markets with immense economic potential in the future.
In fact, China has seen the opportunity in emerging economies. Their confidence in these regions is best exemplified in the Belt and Road initiative which has funneled massive investments into infrastructure projects across multiple African countries.
Continually Raising the Bar
Prosperity is a very recent reality only characterizing the last couple hundred years. In pre-modern societies, the average person was living in conditions that would be considered extreme poverty by today’s standards.
Overall, the standard of living for everyone today is immensely improved compared to even recent history, and some countries will be experiencing rapid economic growth in the future.
GDP per Capita in 2021: Full Dataset
|Country||GDP per Capita (Nominal, 2021, USD)|
|🇺🇸 United States||$66,144|
|Hong Kong SAR||$47,990|
|United Arab Emirates||$32,686|
|Trinidad and Tobago||$16,622|
|Saint Kitts and Nevis||$16,491|
|Antigua and Barbuda||$14,748|
|Saint Vincent and the Grenadines||$7,401|
|Bosnia and Herzegovina||$6,536|
|West Bank and Gaza||$3,060|
|Papua New Guinea||$2,596|
|Republic of Congo||$2,271|
|São Tomé and Príncipe||$2,133|
|Central African Republic||$522|
|Democratic Republic of the Congo||$478|
Editor’s note: Readers have rightly pointed out that Monaco is one of the world’s richest countries in GDP per capita (nominal) terms. This is true, but the IMF dataset excludes Monaco and lists it as “No data” each year. As a result, it is excluded from the visualization(s) above.
The Top 100 Companies of the World: The U.S. vs Everyone Else
Where are the top 100 companies of the world located? We highlight the U.S. share of the top companies by market capitalization .
The Top 100 Companies of the World: U.S. vs Everyone
When it comes to breaking down the top 100 companies of the world, the United States still commands the largest slice of the pie.
Throughout the 20th century and before globalization reached its current peaks, American companies made the country an economic powerhouse and the source of a majority of global market value.
But even as countries like China have made headway with multi-billion dollar companies of their own, and the market’s most important sectors have shifted, the U.S. has managed to stay on top.
How do the top 100 companies of the world stack up? This visualization pulls from PwC’s annual ranking of the world’s largest companies, using market capitalization data from May 2021.
Where are the World’s Largest Companies Located?
The world’s top 100 companies account for a massive $31.7 trillion in market cap, but that wealth is not distributed evenly.
Between companies, there’s a wide range of market caps. For example, the difference between the world’s largest company (Apple) and the 100th largest (Anheuser-Busch) is $1.9 trillion.
And between countries, that divide becomes even more stark. Of the 16 countries with companies making the top 100 ranking, the U.S. accounts for 65% of the total market cap value.
|Location||# of Companies||Market Capitalization (May 2021)|
|🇺🇸 United States||59||$20.55T|
|🇸🇦 Saudi Arabia||1||$1.92T|
|🇰🇷 South Korea||1||$0.43T|
|🇬🇧 United Kingdom||3||$0.43T|
Compared to the U.S., other once-prominent markets like Japan, France, and the UK have seen their share of the world’s top 100 companies falter over the years. In fact, all of Europe accounts for just $3.46 trillion or 11% of the total market cap value of the list.
A major reason for the U.S. dominance in market values is a shift in important industries and contributors. Of the world’s top 100 companies, 52% were based in either technology or consumer discretionary, and the current largest players like Apple, Alphabet, Tesla, and Walmart are all American-based.
The Top 100 Companies of the World: Competition From China
The biggest and most impressive competitor to the U.S. is China.
With 14 companies of its own in the world’s top 100, China accounted for $4.19 trillion or 13% of the top 100’s total market cap value. That includes two of the top 10 firms by market cap, Tencent and Alibaba.
|Company||Country||Sector||Market Cap (May 2021)|
|#2||Saudi Aramco||Saudi Arabia||Energy||$1,920B|
|#4||Amazon||United States||Consumer Discretionary||$1,558B|
|#8||Tesla||United States||Consumer Discretionary||$641B|
|#10||Berkshire Hathway||United States||Financials||$588B|
|#13||JPMorgan Chase||United States||Financials||$465B|
|#14||Johnson & Johnson||United States||Health Care||$433B|
|#15||Samsung Electronics||South Korea||Technology||$431B|
|#16||Kweichow Moutai||China||Consumer Staples||$385B|
|#17||Walmart||United States||Consumer Discretionary||$383B|
|#19||UnitedHealth Group||United States||Health Care||$352B|
|#20||LVMH Moët Hennessy||France||Consumer Discretionary||$337B|
|#21||Walt Disney Co||United States||Consumer Discretionary||$335B|
|#22||Bank of America||United States||Financials||$334B|
|#23||Procter & Gamble||United States||Consumer Staples||$333B|
|#25||Home Depot||United States||Consumer Discretionary||$329B|
|#26||Nestle SA||Switzerland||Consumer Staples||$322B|
|#28||Paypal Holdings||United States||Industrials||$284B|
|#29||Roche Holdings||Switzerland||Health Care||$283B|
|#31||ASML Holding NV||Netherlands||Technology||$255B|
|#32||Toyota Motor||Japan||Consumer Discretionary||$254B|
|#34||Verizon Communications||United States||Telecommunication||$241B|
|#35||Exxon Mobil||United States||Energy||$236B|
|#36||Netflix||United States||Consumer Discretionary||$231B|
|#38||Coca-Cola Co||United States||Consumer Staples||$227B|
|#41||Cisco Systems||United States||Telecommunication||$218B|
|#44||China Construction Bank||China||Financials||$213B|
|#45||Abbott Labs||United States||Health Care||$212B|
|#46||Novartis AG||Switzerland||Health Care||$212B|
|#47||Nike||United States||Consumer Discretionary||$209B|
|#49||Pfizer||United States||Health Care||$202B|
|#50||Chevron||United States||Oil & Gas||$202B|
|#51||China Merchants Bank||China||Financials||$196B|
|#52||PepsiCo||United States||Consumer Staples||$195B|
|#54||Merck & Co||United States||Health Care||$195B|
|#55||AbbVie||United States||Health Care||$191B|
|#59||Thermo Fisher Scientific||United States||Health Care||$180B|
|#60||Eli Lilly & Co||United States||Health Care||$179B|
|#61||Agricultural Bank of China||China||Financials||$178B|
|#64||Texas Instruments||United States||Technology||$174B|
|#65||McDonalds||United States||Consumer Discretionary||$167B|
|#66||Volkswagen AG||Germany||Consumer Discretionary||$165B|
|#67||BHP Group||Australia||Basic Materials||$163B|
|#68||Wells Fargo & Co||United States||Financials||$162B|
|#69||Tata Consultancy Services||India||Technology||$161B|
|#70||Danaher||United States||Health Care||$160B|
|#71||Novo Nordisk||Denmark||Health Care||$160B|
|#73||Wuliangye Yibin||China||Consumer Staples||$159B|
|#74||Costco Wholesale||United States||Consumer Discretionary||$156B|
|#75||T-Mobile US||United States||Telecommunication||$156B|
|#81||Royal Dutch Shell||Netherlands||Oil & Gas||$148B|
|#82||NextEra Energy||United States||Utilities||$148B|
|#83||United Parcel Service||United States||Industrials||$148B|
|#84||Union PAC||United States||Industrials||$148B|
|#85||Unilever||United Kingdom||Consumer Staples||$147B|
|#87||Linde||United Kingdom||Basic Materials||$146B|
|#88||Amgen||United States||Health Care||$144B|
|#89||Bristol Myers Squibb||United States||Health Care||$141B|
|#91||Bank of China||China||Financials||$139B|
|#92||Philip Morris||United States||Consumer Staples||$138B|
|#93||Lowe's Companies||United States||Consumer Discretionary||$136B|
|#94||Charter Communications||United States||Telecommunication||$135B|
|#96||Sony Group||Japan||Consumer Discretionary||$132B|
|#97||Astrazeneca||United Kingdom||Health Care||$131B|
|#98||Royal Bank of Canada||Canada||Financials||$131B|
|#99||Starbucks||United States||Consumer Discretionary||$129B|
Impressively, China’s rise in market value isn’t limited to well-known tech and consumer companies. The country’s second biggest contributing industry to the top 100 firms was finance, once also the most valuable sector in the U.S. (currently 4th behind tech, consumer discretionary, and health care).
Other notable countries on the list include Saudi Arabia and its state-owned oil and gas giant Saudi Aramco, which is the third largest company in the world. Despite only having one company in the top 100, Saudi Arabia had the third-largest share of the top 100’s total market cap value.
As Europe continues to lose ground year-over-year and the rest of Asia struggles to keep up, the top 100 companies might become increasingly concentrated in just the U.S. and China. The question is, will the imbalance of global market value start to even out, or become even bigger?
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