Folks are treating the recent tech layoffs as something spontaneous. They were not. The current layoffs were orchestrated by a hedge fund (TCI Fund).
This hedge fund demanded that the big tech companies lay people off because they were being paid too much. Let that one sink in: a hedge fund manager saying that you're being paid too much.
Note that TCI is demanding that Google lay off more people.
@fuzzychef Wow, they even say the quiet part out loud at the bottom: in the face of all these layoffs, "competition for talent in the technology industry has fallen significantly".
So exactly what we all assumed was true: the layoffs were meant as a comp reset and a power play, not because they had any basis in financial reality.
They're both!
Tech companies were overpaying for underperforming employees AND this financial reality is shown by the lack of competition for talent as different industry outfits are coming to that realization, looking at their output over the last couple of years.
