Big-Tech Layoffs: Recession or Mismanagement?
“The recession is coming; the recession is coming! ” – Paul Revere, 2022
As whispers of a pending recession become louder and louder, it stands to reason these major layoffs in big-tech are a preemptive measure to keep companies afloat. So far, we’ve seen companies like Twitter, Amazon, Meta and more laying off, in some cases, 10,000 or more people.
Joanna Massey, Lead Director at KULR (NYSE: KULR), says these layoffs could be a direct link to the recession, or it could be ramifications of mismanagement and irresponsibly growing too quickly.
“Historically, tech companies don’t experience mass layoffs, so of course, incidents like this, the first ever for meta, in fact. It’s going to raise eyebrows. It’s going to get people talking. It’s going to be caused for concern. But the tech sector is a broad industry of stock, a broad swath of stocks that include companies that manufacture products that, that provide services, that do r and d.
I mean, it is a really broad loop of stocks. I’m the lead director for a tech company that is listed on the NYSE, and I can tell you, there is a difference between the companies, the tech companies that grow quickly, but irresponsibly versus the tech companies that grow quickly but mindfully, strategically and conservatively.
So, to be determined if this is a systemic problem that we’re seeing as we’re heading into a recession, which everybody is saying, or is this more of a referendum on the management of these corporations that are having to do these layoffs? I would argue that we’re probably, history will show that it is more of a referendum on how these companies were managed and how quickly they grew versus a systemic problem in the tech sector right now.”
Article written by Michael Boyer.
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