Big Tech Is Falling Apart
Just two days earlier, on January 18, Microsoft announced 10,000 layoffs, constituting around 5 percent of its global employees, with CEO Satya Nadella warning “some parts of the world are in a recession and other parts are anticipating one.” The bloodbath in Big Tech employment has led some to question whether the whole sector is in the throes of a crisis. Brian McGleenon, a financial journalist and host of Yahoo Finance’s The Crypto Mile, told Newsweek the cuts are primarily the result of overambitious forecasts of online usage post coronavirus lockdowns, and the Federal Reserve raising interest rates to battle inflation....