Disagree. A CEO does not cut employees during a time when others are laying off unless business doesn't need / can't support/ not prudent to retain those employees.

Why? Because periods like now is the absolute best time to steal market share from established companies - which would grow the team and business. Startups (competitors) begin to post less risk because they'll be hard to find financing.

So - if growing the business is a CEO's top responsibility...if the leadership felt they could steal business from others that experience attrition - they would. My guess is they don't seem to feel that way about the current moment.