50,000 tech jobs cut in 2022, highest since 2001, causing tough job hunt with pay cuts.

50,000 tech jobs cut in 2022, the highest since the 2001 dot-com crash, is causing a tougher job hunt for laid-off professionals. Many are settling for pay cuts to secure new positions, with over 200 tech companies cutting jobs since the start of the year, according to Layoffs.fyi. CNBC interviewed a dozen recently laid-off employees, who described the process as "insane" as many in the industry face layoffs.