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Is Silicon Valley Crumbling?
What goes up, must come down.
“It’s not just Twitter,” the San Francisco Business Times reported glumly on November 4, 2022. “10 other Bay Area startups and recently public companies cut jobs this week.”
“Silicon Valley tech companies lay off workers fearing economic uncertainty,” confirmed FOX KTVU later that day.
“Meta will reportedly announce ‘large-scale’ layoffs next week,” added Engadget on November 6, 2022. “The announcement could affect ‘many thousands’ of employees.”
“Facebook parent Meta planning massive layoffs this week,” agreed FOX Business later. “Twitter, Snap, Microsoft, and other tech companies have trimmed their workforces in recent months.”
“Widening tech, biotech job cuts could jolt broader Bay Area economy,” announced Silicon Valley Technology on November 7. “Plans have emerged for thousands of Bay Area job cuts, thousands more could be in the works.”
It’s expected to be a “massive wintertime layoff surge,” as AXIOS put it.
And nowhere is the trend more prominent than at Twitter, which is now under new ownership after a protracted fight by Elon Musk — first to buy Twitter, then to avoid buying it, and finally to give in to buying it.