Today, tech layoffs accelerated as Stripe slashed 1,000 jobs, or 14% of its workforce, and Lyft and Affirm joined the fray. The flood will continue tomorrow if Elon Musk slashes Twitter’s employee count in half, as he is expected to do.
The first big takeaway from the massive recalibrations going on is that leaders dramatically overestimated tech’s pandemic-fueled boom. Even as Covid-19 shut down much of the economy, the digital realm continued to thrive. But as we know, that trend didn’t last.
