Amazon, Google, Microsoft and Facebook-parent Meta have announced plans to cut more than 50,000 employees from their collective ranks. This is how Big Tech's pandemic bubble burst.
In January 2021, Microsoft CEO Satya Nadella spoke in lofty terms about how the first year of the pandemic had sparked a staggering shift toward online services, benefiting his company in the process. “What we have witnessed over the past year is the dawn of a second wave of digital transformation sweeping every company and every industry,” he said. Two years later, the situation appears much more stark.
The recent cuts in most cases amount to a relatively small percentage of each company’s overall headcount, essentially erasing the last year of gains for some but leaving them with tens or in some cases hundreds of thousands of remaining workers. But it nonetheless upends the lives of many workers now left to search for new jobs after their employers exit a period of seemingly limitless growth.
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