I could offer a less exciting counter theory on why tech layoffs are happening. Elon has incluenced founders and CEOs more profoundly than they care to admit. He slashes, burns, minimizes. He keeps super talented people and hires 1 where Google would have hires 3 or 4. He tells people to keep eyes forward, avoid meetings and ignore bullshit that isn't directly pertinent to their job (HR communications, happy hours, ping pong, lunch and learn: DELETE).

Many tech founders have realized post-pandemic that they'll be faster and more efficient after they RIF their DEI teams and fire most of their employees in touchy feely roles like chief culture officer, director of diversity etc. Shareholders love this. Fewer employees, higher margins, no loss of revenue? Yes please give us more of that.

We have to admit that tech companies have a habit of hiring more headcount than is really necessary. Therefore, periodic thinning of the herd is probably healthy.