Robinhood lays off 23% of staff
The truth is that a majority of tech companies don&#x27;t need 50%+ of their employees.<p>Google could lay off vast swathes tomorrow and be immensely more profitable without any loss in revenue.<p>The 2010s will be remembered as the golden era for tech employment. The second we start getting industry wide layoffs, the insanely high wage inflation we&#x27;ve seen will kick into reverse much faster than you probably believe possible.<p>Further, tech employees will be the first to suffer in a high inflation environment due to rising discount rate. Yet tech is such a small portion of the labor force that layoffs here basically mean zilch when it comes to the unemployment rate&#x2F;inflation, and thus there&#x27;s a long way for it to fall before the Fed adjusts policy