SocialWiredabout 1 hour ago
Tech Bust After Pandemic Boom Led to Mass Layoffs
1 min read
The post-pandemic tech boom, fueled by near-zero interest rates, saw Amazon and Facebook more than double their headcount between 2019 and 2022. The Federal Reserve then raised rates from near zero to roughly 5.5 percent, causing a market crash. Nearly $4 trillion in market value vanished from major tech firms, leading to mass layoffs as the industry shifted from growth to austerity.
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