Thousands of layoffs jolt Silicon Valley like an earthquake. Is this the end of the golden era of the tech sector?
“Move fast and break things.” The motto coined by Facebook founder, Mark Zuckerberg illustrates Silicon Valley mentality, for the past 20 years.
But now the tech companies are tightening the belt. Since the beginning of last year, more than 200,000 people have lost their jobs. The CEOs of those companies blamed the economic downturn for the cuts. But for some analysts, maybe those companies moved too fast.
Joining the discussion:
- Patrick Perkins is a professor at the Ohio State University College of Law.
- Ray Wang is a Principal Analyst and Founder of Constellation Research.
- Sean Randolph is Senior Director of the Bay Area Council Economic Institute.
- Mark Niu is a CGTN correspondent covering the tech industry.
North America’s biggest tech companies are cutting jobs one after another. But Montreal-based CGI says it’s not even considering following their lead https://t.co/FHsxDEwZsY
— Bloomberg (@business) February 2, 2023
On LinkedIn, Google employees described the "transactional" nature of getting notified of a layoff via email. Experts say while not widespread, they're seeing more examples of the practice, particularly in the tech sector amid sweeping layoffs. https://t.co/djiYfcWKSo
— Forbes (@Forbes) February 2, 2023