The trouble in Silicon Valley goes far beyond the tumult at Twitter and the implosion of FTX; in the sixteen months since Facebook rebranded as Meta, the company has shed thousands of employees, including 11,000 in a single round of layoffs, and has extended its hiring freeze. Across DoorDash, Stripe, Lyft, Salesforce, and other companies, more than 150,000 tech workers lost their jobs in 2022 alone, and stocks have taken...
We were always told that the internet would bring about a new era, one marked by dynamism, entrepreneurship, and innovation. And if you look at the numbers, the economic contribution of the tech sector speaks for itself. As of 2021, a Harvard Business School study found, the American internet economy accounted for twelve percent of the nation’s GDP and had grown seven times faster than the rest of the economy...