We’ve noted in weeks past that Silicon Valley has lost roughly $1 trillion in market cap over the past year. These losses haven’t just whacked Bill Gates and Mark Zuckerberg’s wealth. Tens of millions of working-class Americans have lost money in lifetime savings and 401k plans because of the big tech blood bath in 2022.
Tens of thousands more have lost their jobs.
Meanwhile here are the layoff numbers for big tech in recent months:
Big Tech Layoffs
That the mighty have fallen is seen as a good thing by the rowdy “breakup big tech” crowd. That includes Biden’s antitrust warriors and some of our conservative friends who fear big tech’s leftwing bias. The market is punishing firms like Google and Facebook/Meta for alienating half their audience far more effectively than big government is.
But the sharp drop in the market value of the FAANG stocks isn’t helping boost the next generation of tech superstars. It’s having the opposite effect – by spooking investors away from the kinds of innovative start-ups that could someday knock Apple and Amazon from their pedestals.
We want Silicon Valley to stop discriminating against conservative voices and values, but the government’s war against big tech is a dangerous assault on U.S. economic supremacy. No other nation in the world intentionally kneecaps its most profitable companies.