2022 tech stock plunge led to massive BC layoffs, including Loop Energy cutting 65%.
BC tech sector faces layoffs, recovery in private financing is cautious, as companies cope with 2021's inflated valuations and unsustainable growth fueled by a tech sector bubble; more than a dozen B.C. companies attracted venture capital, pushing them into unicorn status, and many went public, but in 2022, tech stocks plunged due to inflation, rising interest rates, and recession jitters, forcing massive layoffs. Loop Energy, a Burnaby-based hydrogen fuel-cell company, debuted on the Toronto Stock Exchange in 2021 but now faces possible de-listing after cutting 65% of its workforce in 2023.
June 26, 2024
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