Business

The myth of the god of technology is collapsing


Tech is full of smart people who build, run, and invest in successful companies that have spawned massive amounts of innovation. But the industry’s recent series of failures and reversals have made one thing clear: Many of the industry’s leaders aren’t as smart as they seem.

Just this month, a pair of the world’s most powerful tech names, amazon.com and Facebook Original Meta Platform, announced widespread layoffs after years of dizzying hiring. Another giant, the father of Google Alphabetunder pressure from an active investor to cut its cost. some Biggest name in venture capitalconsists of Sequoia Capital and Softbank Group, is trying to figure out what happened after FTX, the $32 billion golden child of the crypto boom, collapsed. And Elon Muskwho perhaps more than anyone embodies the idea of ​​a versatile technological genius, has made a mess of Twitter after paying $44 billion to buy it.

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