Silicon Valley could use a reboot. The biggest players are not growing and more than a few are seeing a sharp drop in revenue. Regulators appear to oppose any merger proposal, while lawmakers push for new rules to crack down on internet giants. The Justice Department couldn’t stop filing an antitrust lawsuit against Google. The initial public offering market is closed. Venture capital investments are on the decline, along with the valuation of companies going public. Maybe they should try turning the whole thing on and off.
The only strategy that seems to work is to fire people. Tech CEOs are suddenly turning to Marie Kondo, tidying up and keeping only the people and projects that “spark joy” or at least support decent operating profits. Layoffs.fyi reports that tech companies have laid off more than 122,000 people had this year.
