Did they have rounds of layoffs first before closing down? Because this may just be the beginning. The fed rates generally take 9-12 months to hit the real economy. We're going to be feeling this for a while.
But I still feel this is different. In 2001, there were _loads_ of companies that were started in the mid-late 90s on internet hype, and either had literally no business model apart from ‘drive up engagement and we’ll work it out later’, or had a business model (‘deliver pet food quickly’) that just wasn’t working, and growth charts that should it wouldn’t in the foreseeable future.
They’d all been just hemorrhaging cash for years. Is that as widespread now?
This feels more like an established industry that’s taking the (perhaps ill advised) opportunity to make itself more (on paper, at least) efficient to me.
But I still feel this is different. In 2001, there were _loads_ of companies that were started in the mid-late 90s on internet hype, and either had literally no business model apart from ‘drive up engagement and we’ll work it out later’, or had a business model (‘deliver pet food quickly’) that just wasn’t working, and growth charts that should it wouldn’t in the foreseeable future.
They’d all been just hemorrhaging cash for years. Is that as widespread now?
This feels more like an established industry that’s taking the (perhaps ill advised) opportunity to make itself more (on paper, at least) efficient to me.