Making the statement that companies are laying off "underperforming" employees is a gross assumption - I got laid off with 25% of the workforce at a pre-ipo co

Making the statement that companies are laying off "underperforming" employees is a gross assumption - I got laid off with 25% of the workforce at a pre-ipo company that raised 550 million USD. Most large layoffs are happening at pre-ipo companies which raised a ton of money in 2020/2021 and were hoping to go public. Unfortunately the tables turned since Feb 2022, investors want them to tighten belts and reduce cash burn.