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More than a million people have been laid off at Silicon Valley's biggest digital companies in recent months, including employees at Facebook, Apple, Amazon, LinkedIn, Instagram, Google, Snap and others.
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Because of the sudden increase in product demand in a quarantined globe, IT companies hired more personnel in the wake of the COVID-19 epidemic.
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A letter recommending layoffs and other cost-cutting measures was sent to Meta’s founder and CEO, Mark Zuckerberg, in October of last year from Altimeter Capital Chairman and Chief Executive Brad Gerstner.
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Experts believe the recent job cuts are a sign that the tech industry is maturing following a period of hypergrowth over the past three decades.
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There are a number of new investment ventures by Silicon Valley tech giants that are losing money.
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The top brass at major technology firms expects a depression in the near future, according to management opinion.
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As the economy continues to struggle, experts predict more layoffs in the near future. Ives predicted that “Big Tech” will be forced to lay off large numbers of employees and reduce spending.