If the company was never going to hire again this might make sense, but laying off 12k people to just re-hire those roles in a year is counter productive. The

If the company was never going to hire again this might make sense, but laying off 12k people to just re-hire those roles in a year is counter productive. The absolute cost to not laying them of is a small proportion of the cash in the bank, and the company would have maintained the pretty great culture it had, kept the loyalty that has otherwise been burnt, and saved on future hiring costs.