[nonethewiser]

First, the article you linked is talking about an investors who called for layoffs but the company didn't respond with layoffs. So it completely undermines your point.

Most importantly, the investors have minority stakes in many of these cases. Facebook, Google, etc. And how do you explain non publicly traded companies like Stripe?

Cheap debt and high margins fueled waste. It's as simple as that.

[djbusby]

Stripe still has investors. And those investors have leverage over the corp-officers.

Cheap money did fuel waste. Investors want to reduce the burn.