The REAL Reason Behind Tech Sector Layoffs

This funny, slightly satirical video parodies the massive layoffs we've seen across the tech sector over the past few months. Google announced today that it will axe 12000 employees adding to the thous=ands of technology sector workers that have already been laid off by other Big Tech companies like Meta, Microsoft, Twitter, Amazon, Coinbase and more.

What is causing all of these major layoffs? Well it seems that these tech companies grew at an incredible pace during the Pandemic and hired at an equally high rate. With the tech bubble bursting,. the economy flatlining and potentially heading for a recession, and the unsustainable pace at which they were growing, the companies were hit hard by declining profits and market valuations over the past year and are thus laying off large portions of their workforce. Many of whom were likely only hired recently.

Should Big Tech have seen this coming? Probably and some could argue their hiring and expectations of continued growth were unrealistic and now many workers will suffer for it. It is also worth noting that these companies have seen record profits and near unrelenting growth for matters of decades. Many of them could probably weather the storm without the layoffs, but increasing profit and their responsibility to their shareholders stands firmly in the way of that. Is it hypocritical of these companies to be doing what they're doing? Or is that just business as usual in Corporate America where stock prices, dividends, and earnings reports are valued over people's livelihoods? Let us know your thoughts in the comments down below and follow for more market insight from Pluto!

#corporations #corporateamerica #tech #technology #bigtech #techlayoffs #layoffs #recession #economics #microsoft #amazon #twitter #shorts #google #economy

[compedsushi]

Oh yeah I remember this move from the 5th element. Fire 5000.