Suddenly layoffs are everywhere – and not just in tech. If the news is so bad, why are tech stocks UP this week?
I have been asked more than a few times about the quick run-up in tech stock prices following two months of seemingly BAD news. The stocks are having a fairly predictable reaction to something the stock markets usually embraces, at least for a moment: Layoffs.
January is not over and layoff news has dominated the business media. Well, except for news about SBF, the FTX CEO who should probably STFU while awaiting trial. The headlines I am referencing have contained an impressive list of impacted companies cutting staff including: Spotify (600), Google (12,000), Microsoft (10,000), Salesforce (8,000), Amazon (18,000), Coinbase (950) and even Vimeo (140). DAMN! That’s approximately 50,000 tech workers and the year is still young.
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