In the late aughts and early 2010s, before Cambridge Analytica and Theranos and the so-called techlash; before the interest rate hikes and layoffs and Sam Bankman-Fried; before Silicon Valley’s leaders pledged fealty to Trump and military contracting came back into vogue, big tech companies seemed like pretty nice places to work. There was shrimp in the office; free laundry service was a corporate perk; many enjoyed feeling that they were...
The trouble in Silicon Valley goes far beyond the tumult at Twitter and the implosion of FTX; in the sixteen months since Facebook rebranded as Meta, the company has shed thousands of employees, including 11,000 in a single round of layoffs, and has extended its hiring freeze. Across DoorDash, Stripe, Lyft, Salesforce, and other companies, more than 150,000 tech workers lost their jobs in 2022 alone, and stocks have taken...
On a balmy Monday evening last summer, I attended a networking event for young venture capitalists on a rooftop in midtown Manhattan. I asked some if the state of the economy — teetering, as it seemed to be, on the brink of a recession — worried them. One recent Harvard graduate, standing with a view of Grand Central Terminal, told me that, on the contrary, he was excited for the...