Tech’s talent wars have come back to bite it

The layoffs at Meta and Twitter are not just the result of a worsening economy.

Meta's headquarters in Menlo Park, California. Meta shed 11,000 people, or about 13 per cent of its workforce, on Wednesday. PHOTO: AFP
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SAN FRANCISCO – When Stripe, a payments start-up valued at US$74 billion (S$102 billion), laid off more than 1,000 employees this month, its co-founders blamed themselves. “We over-hired for the world we’re in,” they wrote. “We were much too optimistic.”

After billionaire Elon Musk, Twitter’s new owner, slashed the company’s staffing in half last week, Mr Jack Dorsey, a founder and former chief executive of the social media service, claimed responsibility. “I grew the company size too quickly,” he wrote on Twitter.

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