My guess from what I've heard, or at least a factor. A lot of cheap money (low interest govt loans, etc) as part of the market propping up in April 2020, and b

My guess from what I've heard, or at least a factor. A lot of cheap money (low interest govt loans, etc) as part of the market propping up in April 2020, and beyond lead to a lot of incoming capital for a lot of these companies. I think just over half or at least close to half of the money printed to assist people went straight to Wall Street. That flooded the market with money which while propping up the market, probably got used to hire a lot of people who weren't necessary for "growth" or not strictly necessary and wasn't sustainable.