Tech start-ups lay off over 20,000 employees globally as venture capital funding dries up

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Tech start-ups globally have been laying off employees at a level not seen in more than two years. According to a tech layoff tracker, more than 20,000 people have been made redundant since April. Most of these positions were in the US. The layoffs come amid a tech slump and a drop in IPOs worldwide, which have narrowed the fundraising options for start=ups. Analysts said venture capital funding is drying up. Investors are also less likely to pump in new funds if they cannot recoup their investments from a stock float.

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