[ambrozk]

It didn't even really happen in FAANG. FAANG employees are still doing extremely well. FAANG companies are still holding onto tons of unproductive headcount which they would prefer to let go were it not for the employee backlash that'd follow. There are lots of people making lots of money who would be cut in any other competitive industry. I know because they're honest about it during their lunch hour. People read these stories about companies going about layoffs in a ham-fisted and counterproductive way, and jump to the conclusion that managements are all mustache-twirling robber barons whose main dream in life is to feed their employees into meat-grinders. The more conservative and reasonable conclusion to draw from the poor layoff execution is that FAANG management teams aren't very competent people managers, and are especially incompetent when it comes to layoffs, since they don't do them often.