This past week has seen some ominous headlines in the tech world. From the chaos at Twitter culminating in massive layoffs and realignments in operation to the unprecedented personnel carnage at Meta, it has been a rough week all around.
For his part , Zuck blamed himself for the looking thru rose colored glasses growth that created the overload of employees slated for dismissal in the economic downturn now defined. Same goes for co founder Dorsey at Twitter who lamented the same unsustainable explosive growth as the catalyst for his growing of the company.
Note Meta dwarfs employee count at Twitter. Twitter had around 7500 employees at time of Musk acquisition whereas Meta employs around 83,000. Twitter valuation at time of going private was pegged at 44B, Meta commands a valuation of 270B today even after shedding hundreds of billions of dollars of value over the course of the last year (and wiping out 100B of Zuck’s fortune in the process) which is described in detail at article posted below.
Amazon and Alphabet (read Google) both issued warnings in their 4th Q projections which further added a sense of gloom to the sector. Seeing as era of free money gone, a quote by Warren Buffett resonates. He said now we will see who is swimming naked. And that we will
FTX cryptocurrency platform disaster unfolding as we speak, more on that later