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Mark Zuckerberg explains why so many tech companies are doing layoffs right now (www.businessinsider.com)

submitted 9 months ago by [email protected] to c/[email protected]

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Mark Zuckerberg explains why so many tech companies are doing layoffs right now::Meta's CEO said tech execs realized doing tough layoffs didn't end their companies — and there can be benefits to being leaner.

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[–] [email protected] 36 points 9 months ago* (last edited 9 months ago) (1 children)

These companies took the benefits and cheap loans to make record profits during the pandemic, and now that the party is over are dumping it on us and the system. They should never have been allowed in the first place and I hope they end up in court over this clear abuse of the system

[–] [email protected] 16 points 9 months ago* (last edited 9 months ago)

I have an even more cynical take, in that the layoffs are the one lever that they have to try and get the interest rates to go back down so they can get free money again.

Flood the economy with people who can't afford stuff to get consumer spending down and then rates can lower again.