Meta layoffs: Facebook owner to cut 10,000 staff

I often hear that Silicon Valley firms have a tendency to over-recruit, for two reasons. Firstly, so they have staff ready to handle sudden enormous growth, which can happen (just look at TikTok), and secondly, to hire and retain those they perceive to be “top tech talent”, and who they do not want working for their rivals instead. Both are luxuries, it seems, that are no longer affordable.