The PayPal co-founder predicts that Elon Musk has started a great reckoning
As the cheap money era draws to a close, perhaps no industry has been worse affected than the tech sector. Last year, there were nearly 100,000 job cuts — an astonishing 649% increase from the nearly 13,000 tech jobs that were cut in 2021. And this year the picture doesn’t look much rosier: from Apple to Amazon (which cut a further 18,000 employees this week), job cuts are happening across the board.
So where does this leave Twitter’s new chief, Elon Musk? Like other tech CEOs, the entrepreneur has announced a significant reduction to his new workforce, with reports suggesting that as much as 75% of employees are leaving. But astonishing as this figure may seem, Twitter has actually grown in activity and downloads under its new leadership. What could explain this?
