To be fair, a handful of large companies have explicitly said[1][2] that their layoffs were largely about individual performance. All my experience as a manager in a large tech company says that that's almost certainly not the whole story, and unfair to many of the folks getting let go, but official word from the companies say otherwise.

1. https://www.cnbc.com/2025/01/14/meta-targeting-lowest-perfor...

2. https://www.cnbc.com/2025/01/08/microsoft-confirms-performan...