The company laid off 18~20% of the workforce, in some teams it is as high as 50%, some entire team is eliminated. A cold email at the morning, followed by access cut immediately.
Brutal. Families will be devastated. It will take more than a year to find another job and in most cases going to require reskilling.
A strong marriage, where both spouses work, living below your means, having sufficient cash for rainy days, are how you survive these shocks.