We need to hire thousands of people.

Why? Because market is booming and we need to make the most of it to increase our stock price.

Why? Because it will make us more attractive for investors.

Why? So they put their money in our company.

Why? Because that will buoy our stock price, which is important.

Why? Because it makes shareholders richer.

Oh.

The economy, consumer confidence and investor mood changed. The way you make investors richer changes depending on inflation.

Well, interest rates. But that’s driven by inflation.

Do people on HN not read history books? This has happened countless times before.

Or was it assumed that those in the tech industry were a "protected" class of people for whom the rules do not apply?

Hell one of the best things about capitalism: everyone is equal before the dollar and everyone is expendable.

And expend you they shall. Faster and longer and cheaper, unless a union demands otherwise.

https://en.wikipedia.org/wiki/Triangle_Shirtwaist_Factory_fi...

Everyone that is disadvantaged by not holding any of the power is expendable. And expend those in power will do in order to do the bidding of their investors and keep their compensation + bonuses well padded out.

You never see CEO’s take pay cuts, lose compensation, or executive teams get, “right sized.”

It’s always the workers who get the shaft first.

Given that a lot of this is driven by a hedge fund, isn’t this how IBM was gutted back in the day?