The author’s examples are very prominent tech companies during a period of rapid growth in the industry and a single massive retailer (Walmart) with a big onlin

The author’s examples are very prominent tech companies during a period of rapid growth in the industry and a single massive retailer (Walmart) with a big online presence. For comparison , I spot checked Target: revenue increased from $85B in 2020 to about 105B$ in 2024, about a ~20% increase. Headcount went from ~ 360,000 to 440,000 during that period, also a ~ 20% increase. I think a better title might be the less catchy, ‘The decoupling of headcount and revenue at quasi-monopolistic tech companies that are scaling platform products and services.” Also revenue and capital are not interchangeable terms. The author appears to be confused over this point.