Because tech companies underwent an unprecedented hiring spree the last two years. Tech companies were so flush with cash due to the stock market (which also se

Because tech companies underwent an unprecedented hiring spree the last two years. Tech companies were so flush with cash due to the stock market (which also seeped into private valuations) that they basically green lit any headcount request that sounded remotely plausible. This allowed middle managers to grow their fiefdoms so they could add a little line on their resume: "Managed team of X at Stripe." Such spending is totally wasteful and unnecessary.