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this post was submitted on 05 Aug 2023
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My theory is that they have been "inbreeding" too much by only hiring friends and family. This creates a cesspool instead of a talent pool. Try getting into one of these companies without an in... It's not easy.
I think it's a little more straightforward: we're at the tail end of a tech bubble. All these companies have been riding a COVID-19 wave and are reaching the end of it. They've been laying off staff as well as burning their customer good-will for extra revenue.