This is the general 'Tech Crash' I was talking about before all of this happened in advance. [0] [1]
We'll see what happens after the news. No company is safe. Not even FAAMNG companies that HN has been screaming about for years was ever untouchable.
Anyone can predict that things will be bad at some point in the future.
By what metric? Metas profits the first 3Qs of the year totaled ~$17B. They would have been higher if not for Zuck's insane spending on the metaverse.
As the letter says, Meta clearly over hired around covid to the tune of 30k+ people. It's normal to pull back some.
Engineers at these companies generate so much economic value, I would argue they are still underpaid at 180k.
Who will pay these house prices?