> I think it's mostly due to pandemic overhiring and higher interest rates

It's not because of pandemic overhiring, and if that were true, the layoffs in 2021-2022 would have handled it. It's 2026. The people getting laid off (on average) haven't worked at these companies since before the pandemic, they got hired in ~2023 (average tenure at a tech company is ~3 years).

It's not because of AI either. Nobody is replacing jobs with AI, AI can't do anyone's job.

It's not because of interest rates. People hired like crazy when interest rates were this high in the oughts.

It's because Elon Musk's Twitter purchase and subsequent management convinced every executive in tech that you can cut to the bone, fuck your product's quality completely, and be totally fine. It's not true, but the downsides come later and the cash influx comes now, so they're doing it anyway.

> It's because Elon Musk's Twitter purchase and subsequent management convinced every executive in tech that you can cut to the bone, fuck your product's quality completely, and be totally fine.

I agreed with you up to this point. Twitter largely operated in the red for its entire existence prior to his "restructuring" to make it leaner and profitable. In my opinion, twitter went to shit when the incentive for creating engagement switched from gaining social capital to gaining... erm... actual capital. The laissez-faire attitude about allowing fairly terrible behavior on there gave it a PR black eye that probably didn't help either in the eyes of advertisers.

If I had to guess what happened with Block (and that's what we're all doing, guessing): a CEO's job is to make the line go up, and saying you introduced tools to increase productivity with half the staff (especially if you're overstaffed) seems to me a pretty easy way to do that. I saw someone on here refer to it as "Vibe CEOing", which I think is pretty on point. Again, just my opinion/guess.