Many companies really got bloated during COVID. From what I can see online, Meta doubled their number of employees between 2019 and 2022. How long does it take to correct from that amount of hiring?
Some of these companies have increased headcount since their post-COVID cuts.
Some of this has nothing to do with COVID boom numbers. Some are bailing water as fast as they can (Atlassian, et al), some are treading water and betting on future returns from AI (Block), etc.
