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Several major companies have announced significant layoffs in recent weeks, citing operational efficiency drives and cost-cutting measures. Rivian Automotive, Applied Materials, Meta, Target Corp, Sika, Smartsheet, Nestlé and Google are among the firms reducing headcount amid challenging market conditions and restructuring efforts. (Canva image)

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Rivian: Rivian Automotive is preparing to lay off around 4.5% of its workforce—approximately 600 employees—as the all-electric vehicle maker faces mounting market challenges. According to a note sent to staff on Thursday and seen by CNBC, founder and CEO RJ Scaringe said the cuts would primarily affect the company’s marketing, vehicle operations, and sales/delivery and mobile operations teams. Rivian had nearly 15,000 employees

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