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Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

A crypto-collapse, layoffs at Facebook and carnage at Twitter are rocking the tech industry. It’s stoking memories of the dot-com crash 20 years ago.

Updated November 12, 2022 at 5:59 p.m. EST|Published November 12, 2022 at 6:00 a.m. EST

LAYOFFVIZ (Laura Padilla Castellanos/The Washington Post)

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Over the past week, Silicon Valley companies have laid off 20,000 employees, a swift ramp-up of the job cuts and hiring freezes that have been ricocheting through the tech industry for months.

Twitter, Facebook parent Meta, payment platform Stripe, software service firm Salesforce, ride-hailing company Lyft and a growing list of smaller companies all laid off double-digit percentages of their workers. That means tens of thousands of engineers, salespeople and support staff in one of the country’s most important and highest-paying industries are out of a job. Meanwhile, other companies including Google and Amazon have recently instated hiring slowdowns and freezes.

The departures are solidifying a feeling in Silicon Valley that the bull market of the past decade — which created massive amounts of wealth for tech investors, workers and the broader economy — is decidedly over, conjuring an image of what the rest of the economy could experience if a predicted recession materializes.

“It does feel a little like 2000,” said Lise Buyer, a longtime tech analyst, executive and investor, referring to the turn-of-the-century dot-com crash. “Hire engineers, hire engineers, hire engineers, and then suddenly companies get a cold bucket of water in their face.”

Corporations on

Mark Cuban DeFi crash, China’s bitcoin mining

From China’s bitcoin mining crackdown to billionaire investor Mark Cuban’s DeFi investment decision crash, a ton took place in crypto more than the previous week.

With the top cryptocurrencies by industry price remaining in the purple Monday afternoon, in this article are 7 points worth realizing.

1. Kim Kardashian West was compensated to advertise a electronic coin on Instagram

Influencers, this kind of as the D’Amelio relatives and Tana Mongeau, have started to write-up compensated adverts on their social media platforms for diverse electronic cash and exchanges.

Kim Kardashian West created headlines after putting up an advert for altcoin ethereummax on her Instagram story on June 13 to her 228 million followers.

Followed by a quick clip of her speaking to her digital camera about ethereummax with “#advert” created at the bottom of the display, Kardashian West posted textual content: “Are you fellas into crypto???”

“This is not economical guidance but sharing what my good friends advised me about the ethereum max token!” the post study. She extra several hashtags, such as #ad, which is needed in purchase to disclose that her article is compensated for.

2. China’s bitcoin miners are migrating

In Might, Beijing identified as for a serious crackdown on bitcoin mining. This caused what is actually being termed by individuals in the crypto environment “the wonderful mining migration,” to areas like Texas.

Texas seems to be an excellent place for miners owing to its deregulated power grid and pro-crypto political natural environment.

“You are going to see

A crypto crash wiped out $1 trillion this week. Here is what transpired

On Wednesday, a wide crypto crash wiped out about $1 trillion in industry price — a staggering drop from $2.5 trillion just a week ago. Bitcoin, which accounts for more than 40% of the world wide crypto market, nosedived 30% to $30,000 on Wednesday, its cheapest stage since January.

By Friday, bitcoin had rebounded a little bit, to all-around $37,000 — bruised by continued regulatory fears, and much off its all time high previously mentioned $64,000 that it strike a thirty day period in the past.

Volatility is baked into the nascent cryptocurrency sector, but the electronic assets’ explosive development in the previous 12 months has attracted hordes of beginner and professional buyers wanting for a rapid financial gain. Several of them journey an upswing and get out, or stress sell when points convert bitter, exacerbating gains or losses.

This 7 days, a combination of aspects, which include government warnings about increased regulation and tweets from influential market place mover Elon Musk, additional gasoline to an previously jittery sector.

What took place?

The crypto current market had been specially shaky for about a 7 days in advance of the crash on Wednesday.

On May 12, bitcoin fell 12% right after Elon Musk walked back again Tesla’s motivation to take bitcoin as payment, citing fears about the crytocurrency’s substantial carbon footprint. Musk extra to investor stress and anxiety previous weekend with a pair of seemingly contradictory tweets about bitcoin that still left investors scratching their heads.

Then the significant crash came