Some companies are in legit trouble, unprofitable, were counting on VC funding and aren’t getting it in a high interest rate environment. Need to cut costs for

Some companies are in legit trouble, unprofitable, were counting on VC funding and aren’t getting it in a high interest rate environment. Need to cut costs for longer runway / ipo. The big tech / profitable companies are taking advantage of this and using opportunity to cut labor costs. Add to this the fact that they did overhire during pandemic, layoffs make sense.