> They just hired loads of people to do jobs that they now realise don’t need to be done.

I'm not sure you got the point.

It's sop to start and stop projects, hire and fire people, invest and cut, etc.

But this event is a concerted effort to fire a massive amount of people without criteria or rationale that's immediately evident.

FANGs just woke up one day and decided that they would decimate their companies.