The tech industry, already dominant, only seemed destined to grow even bigger at the start of this year. The spread of the Omicron variant suggested a continued pandemic-fueled demand for digital goods and services, which had buoyed many tech companies. Near 0% interest rates meant startups still had easy access to the funding that had fueled their high valuations and risky ventures. But the year is ending on a much different note.
The founders of Stripe, Twitter and Facebook each took turns admitting they either grew their companies too quickly or were overly optimistic about pandemic-fueled growth in their sector. “We were much too optimistic about the internet economy’s near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of a broader slowdown,” Patrick Collison, CEO of Stripe, wrote in a note to employees last month announcing 14% of the staff would be cut.
The biggest loser of 2022 is, of course, CNN+
Enjoy the BIDEN recession.
How many perfect storms am I gonna experience this life time?