Twelve thousand layoffs at Google. Eleven thousand at Facebook; 10,000 at Microsoft; 18,000 at Amazon; 8,000 at Salesforce; 4,000 at Cisco; 3,000-plus at Twitter.
The American economy has recovered from the sharp downturn caused by the arrival of the coronavirus and is chugging along just fine, at least for the moment. Yet the tech sector—the country’s most dynamic industry—has fallen into a kind of recession characterized by mass layoffs, pervasive hiring freezes, a bear market for tech stocks (their recent rebound notwithstanding), a collapse in initial public offerings, and a sharp drop in venture-capital funding.
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