Silicon Valley's greatest minds misread pandemic demand. Now their employees are paying for it.

Key Facts

• But Zuckerberg is one of a growing list of prominent tech leaders who are cutting costs and issuing mea culpas after failing to anticipate a whiplash in the market between 2020 and 2022.
• The e-commerce giant is now freezing corporate hiring “for the next few months” and reportedly looking to cut costs in some of its unprofitable units.
• With nearly two months still left to go, he said the number of tech employees laid off in 2022 has already surpassed 100,000 based on his data.
• While some companies may be better equipped to weather the storm than others, it’s becoming apparent that no company is completely unaffected, said Nikolai Roussanov, a professor of finance at the Wharton School of the University of Pennsylvania.

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