Twitter, Meta, Amazon and many other tech firms recently laying off workers. What’s really going on? Is the tech boom gradually dwindling post Covid?

likesmart
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1. Covid induced demand has gone down. Many firms over hired during that period and now things are back to normal
2. It is more expensive to raise debt as fed has been growing crazy with interest rate increases
3. Same applies to people. Everything is more expensive. Demand has slowed down

So this correction was bound to happen. 2020-21 may sound great for investors and “the great resignation “, but it was a very abnormal year. With that said, Meta made bad decisions and you know about twitter. Outside of those two, all are impacted by macroeconomic factors.

Depending on the severity of recession (or not), we will see the big tech come back. But it won’t be as crazy as the pandemic

likesmart

Agreed, exactly my thought

Also important to note that these companies are still doing EXTREMELY well revenue-wise, they're also just trying to line their pockets more, and make it seem like there's job scarcity to limit the power employees have. Turn the tables. There's also always a cycle of hire and fire and repeat waves in industries, it's just tech's turn, in a big way.

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Tech companies were in a massive boom phase and outgrew their demand. They instituted hiring freezes, then cuts after assessing the least profitable portions of their business. They are right sizing for the upcoming macro economic stagnation, but also they were just growing and hiring way too fast.

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Are people using the internet less now vs. 2020? Are people buying less now vs. 2020? Nope, and nope. This is just a way to cut labor and lower salaries and force people back in offices. All these tech companies literally have all the money in the world—and are making crazy profits.

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Um yes people are buying less now than in 2020, that’s the problem. They’re buying less online at least.

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It sounds like Twitter was just over-staffed and was going to start bleeding money because they lost advertisers. Meta is a failed platform that was being pushed for even though nobody wanted it. There are still many companies hiring.

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Yes, sorry, the VR portion of meta that has had millions poured into it that has produced very little, except legs. I know no one that uses it.

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