The world's beloved Silicon Valley has fallen on the worst of times. Giant companies like Netflix, Shopify, and Coinbase laid off more than 32 thousand employees. The main reason for this is the decline in the post-Corona boom in demand for online services. These tech companies have made huge profits during the Corona period. Therefore, the company increased the salary of the employees. Tech companies were well developed during that time. The demand for tech companies' services is now back to normal. That's why tech companies are starting to cut surplus staff.
The second reason behind the reduction in wages is the decision of the Reserve Bank of America. The bank increased interest rates three times. As a result, shares of Silicon Valley companies fell. Apart from that, the CEOs of Facebook, Amazon, and Apple in Silicon had to appear in court.
Former US President Barack Obama also criticized these companies. These companies were accused of undermining democracy. Margaret O'Hara, a professor at the University of Washington, said it would be too early to say that Silicon Valley has lost its importance because the post-Karena boom is winding down.
Americans dislike royal tech companies. A recent survey shows that 68 percent of Americans oppose royal tech companies. Compared to 2018, this number is 17 percent more because they think big companies influence the government's decisions.