by Wolf Richter, Wolf Street:

Drunk with Easy Money, companies were hogging office space and workers for a future that did not come.

The layoff announcements rippling through tech and social media companies are special. They’ve been coming on a daily basis for months. Lots of big tech and social media companies, lots of startups and crypto outfits, have announced layoffs. Among the biggest ones: Alphabet, Meta, Microsoft, Amazon, Salesforce, Cisco, HP, Twitter, etc., hundreds of companies, some of them five-digit layoff announcements, meaning a company firing 10,000 employees and more.