I know the leftist in me is supposed to have sympathy for these people and get them to unionize. But only after I stop laughing and enjoying this moment. For years these fucks told the rest of us to “learn to code” and pretended like studying anything else at uni was a fucking waste of time.
GUESS WHAT FUCKERS. SO WAS CODING. Looks like we’ll be baristas together, only I’ll have three years of experience!!!
It’s the interest rates. You can’t borrow money for basically free anymore. Previously risky ventures financed on loans now just don’t make financial sense anymore, so they get cut. And that’s still true because interest rates are still high.
It’s 100,000% this. Venture capital went fucking wild from 2008 onwards because interest rates were so low you could take out a loan for practically zero interest to fund whatever dumb idea was being tossed around. FAANG in particular hired like fucking mad during the pandemic, and when interest rates inevitably raised they all realized they were dumping billions of dollars into dead-end projects that would never deliver profit.
It’s shitty that, as usual, workers end up eating the cost of capital’s hubris, but this downturn in the industry was inevitable.