Meta just laid off 11000 employees , twitter is laying 50% off , apple has freezed hiring , amazon is on freeze since july august . Microsoft hasnt hired since march , same with intel, salesforce . Carvana is in verge of bankruptcy. Coinbase is filing bankruptcy too , binance is in trouble , same with robinhood .

Meta will lay off 31000 more . I feel sorry for them , where will these 500000 + workforce go ? In tik tok or in US army or macdonalds?How will they pay their bills?

Well for Meta, Zuckerberg is giving the fired employees quite hefty severance package and health insurance etc. for 6 months. He well is not concerned about H1B people as he cannot do anything about immigration policies.

Salary in tech is not very good except netflix but total compensation is pretty decent because they have stock options . Since stock price is going down ( 90%) is some cases i wonder how these people will look after families and pay mortgage. Itz so hard to be jobless when you have kids to feed . This inflation is not going any sooner atleast until sleepy biden is here . Im selling etherium at 20% losss because its going further 40% down . I had such bad luck at crypto investments ..

log on, Salary in tech is very good. Most of the big tech company emplouee earn more than 250k with close to 200k base salary alone for mid level. It can go close to 500k tc. Is that low to you?

I think these companies hired too many workers and their productivity was not enough to justify over-staffing. I read somewhere that having more employees used to be sense of higher status in the tech sectors. Also automation and outsourcing could have caused this situation. The last but not the least was related to economy and inflation data and loss of advertisers. Inflation will force consumer to spend less and higher Interest rates will make companies difficult to borrow money.

Rockb,

Very interesting thread. Agree with you all except @log on when you say "sleepy" then it really puts your argument into that particular category that I do not want to mention here (you know the clown group I am talking about). No one knows the counterfactual scenario as to what could have been done to get over this situation--a year and a half after the global pandemic that took millions of lives and put thousands of small businesses off. Can you imagine how many people had to be let go during the pandemic? What about their consumerism and contribution to the economy? How do you explain that? We have to at least thank to this situation no recession as was predicted by many economists. I don't buy Musk, he is just an engineer who does not know ABC of how the economy works.

Euta jaabo graphics card kinna ni kati lob garya bro.

Pretty insane things have happened because of shortage of graphics card

RTX 30 Series Graphic Cards Stolen In Daring Truck Heist

It's been over a year since Nvidia released its RTX 30 series line of graphics cards. But if you have been keeping up with the news, you'll probably know it is pretty difficult to buy one of these GPUs right now. With the demand high and supply short, one individual has taken to committing a crime just to obtain these desirable graphics cards.

Amazon laying off 10,000 employees this week itself! Some reasons that are coming up are because in the e-commerce department, they spent so much on making all these warehouses and now with customers wanting to go to stores themselves and spend, Amazon is trying to scale back and even lease out spaces they designed as warehouses. Really?

Amazon does lot of layoffs and firing. It’s called PIP. 10,000 layoffs are on top of that PIP.