Huge Layoffs in Tech
Wow, the list of layoffs in technology is long and the number are large, to say the least.
-
Google: 12,000
-
Amazon: 18,000
-
Microsoft: 10,000
-
Meta: 11,000
Stocks since the beginning of the year? Only Microsoft is underperforming the S&P 500. Google, Amazon, and Meta are crushing the S&P 500, so far. That said, the smartest guys in the room are laying people off in droves (55,000 in tech space so far in 2023!), what about Jae’s Rib Shack? Hmmm.
Last takeaway: asset prices may not care about this type of ‘news.’ If anything, it can easily be interpreted to be that layoffs prove that they are nimbler than Jae’s Rib Shack, and a narrative can exist where the stocks are being given credit for the companies’ ability to recognize and act.
