Bay Area tech layoffs may be only the beginning. Well-funded startups have already begun to fail.
at the top firms, ominous signs abound for much of the Bay Area’s dominant sector. After a flood of easy money during the pandemic, the venture capital firms that pump cash into Silicon Valley’s tech startups have grown thriftier — leaving a plethora of pre-profit startups with few lifelines and dwindling coffers.
In 2021, the tech industry grew quickly and sometimes unsustainably. Meta and Alphabet added tens of thousands of employees as digital ad spending, each firm’s main revenue source, soared.
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