Thoughtworks—Thoughtworks conducted three rounds of layoffs cutting ~1,700 employees in 2023-2024, stock fell 26%
Thoughtworks laid off approximately 500 employees (4% of workforce) in March 2023, then 600-700 more (5-6%) in August 2023, and a further ~500 in July 2024. Employees reported leadership was opaque with zero transparency and mixed messages, having previously assured staff that layoffs were 'absolutely not on the table' while requiring furlough weeks. Stock fell 26% on the August announcement. The company expected $75-85M in annualized cost savings. Employees reported the layoffs created an 'awful environment' with anxiety before each earnings call.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Transparency | -against | secondary | -0.50 |
| Worker Rights | -against | primary | -1.00 |
| Overall incident score = | -0.664 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.59)
Evidence (1 signal)
Thoughtworks cut ~1,700 employees across three rounds in 2023-2024 despite revenue growth
Thoughtworks conducted three rounds of layoffs: ~500 in March 2023 (4% of workforce), 600-700 in August 2023 (5-6%), and ~500 in July 2024. The first round came despite 8.3% year-over-year revenue growth. Employees reported leadership assured them layoffs were 'absolutely not on the table' while requiring furlough weeks with 25% monthly pay reduction. Stock fell 26% on the August announcement.