Widespread campaigns for social justice following the death of George Floyd in 2020 led to a boom in diversity, equity and inclusion (DEI) initiatives across the U.S. But three years later, the programs appear to have lost some of their luster after significant cutbacks at companies, high-profile court losses, and even bans in areas of academia.

According to data provided by job site Indeed, DEI-related job postings in 2023 have declined 44%. In November 2023, the last full month for which data was available, DEI job postings dropped 23% year over year.

Two driving forces behind the reduction in DEI at companies have emerged. The first is a shift in priorities amid layoffs, and the second is the threat of discrimination lawsuits.

Many tech companies reduced their workforce this year after over-hiring during the COVID-19 pandemic, and research from 2022 indicates DEI jobs were cut at a higher rate than others.

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A recent report from CNBC found tech giants like Google and Meta slashed DEI programs this year despite their commitments following the 2020 Black Lives Matter protests and riots.

Devika Brij, CEO of Brij the Gap Consulting, which works with tech companies’ DEI efforts, told the outlet that some companies had cut nearly 90% of their DEI budget by midyear 2023.

Several corporations also modified their internal diversity policies that aim to increase racial and ethnic representation after conservative groups threatened to file lawsuits, according to a Reuters review of corporate statements.

At least six major U.S. companies, including JPMorgan Chase, revised their diversity policies after they were among the 25 firms that received public shareholder letters since 2021 that said their DEI programs constitute illegal discrimination and breach the directors’ duties to investors. 

Prominent figures have also come forward pressing for the abolishment of DEI altogether in recent months, contributing to backlash against such programs. Tech mogul Elon Musk, The Free Press founder Bari Weiss, and billionaire hedge fund manager Bill Ackman have all called for an end to DEI. 

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Ackman – a Harvard alum who has led calls for firing Harvard President Claudine Gay over her handling of antisemitism on campus since the Oct. 7 terrorist attacks on Israel by Hamas – urged a return to merit-based hiring earlier this month while suggesting Gay landed her role at the Ivy League institution due to the university's DEI policies.

Harvard's DEI initiatives were dealt a significant blow over the summer, when the U.S. Supreme Court ruled its use of affirmative action in admissions was unconstitutional. That ruling is expected to inspire more challenges to DEI practices in the employment arena.

DEI was also tamped down in other areas of academia outside the courts. Florida Governor Ron DeSantis and Oklahoma Governor Kevin Stitt, both Republicans, banned DEI in state colleges and universities this year.

Meanwhile, looking to 2024, those who want to see DEI go the way of the dodo are feeling momentum behind the successes aimed at stopping the practice seen by critics as reverse discrimination.

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"DEI exists to be a jobs programs for otherwise unemployable mediocrities who ruin everything they touch, " Will Hild, executive director of Consumers First wrote in a post on X on Wednesday. "Everyone should cheer as they crash and burn."

FOX Business' Lydia Hu, Sarah Rumpf-Whitten and Eric Revell contributed to this report.