Tech stocks did very well during the pandemic because tech was so important to our daily lives. Wall Street turned changes by and said, no, we don't like that. So that's tech in general. And then specifically at Facebook, Wall Street's concerned about Facebook's growth possibilities are saying, look, you're reaching 2 billion people through Instagram, Facebook, WhatsApp, etc. Seems like it'll be hard for you to grow.
Mark Zuckerberg fired 11,000 employees at Meta. Elon Musk axed half his staff at Twitter. Other tech giants are slashing jobs and eliminating perks, too. Recode’s Peter Kafka says the era of big tech growth is over.
This episode was produced by Amanda Lewellyn, edited and fact-checked by Matt Collette, engineered by Paul Robert Mounsey, and hosted by Noel King.
Transcript at vox.com/todayexplained
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