Not everything is covid, but in general tech companies amping up hiring like crazy for whatever reason has now gone the other way. Last year Meta canned 10,000 employees alone.
Half the time it's probably not even overzealous sales forecasts (covid gravy train) or too much hype in VR or whatever. But simply just no control. Like tech CEOs dont know what they are doing or too afraid to fire people. Tech companies typically have deep pockets, so it's just hand out jobs and costs like it's nothing. Ping Pong tables in every floor too.
But it seems to got to a point the past year that once one company fires people, everyone jumps on the train too.
It's like when Twitter got bought by Musk and he gassed half the company I think. Even Jack Dorsey admitted he had too many people. Well, if there's too many people working there and Twitter is a company that I dont think had made profit in 15 years, then why keep hiring like crazy to like 7500 people? You should be going the other way. But Twitter employee count kept going up.