Change finally is coming to Silicon Valley
READING TIME: 7 MINUTES
The mood in Silicon Valley, literally and metaphorically one of the sunniest places on earth, has darkened.
It’s not just about wrenching layoffs, nauseating stock-price declines, and invasive regulatory probes. True, Elon Musk’s decimation of the Twitter workforce (down more than 60 percent) was a gut punch. And the hacking at Salesforce, Amazon, and Meta and pruning at DoorDash, Stripe, Lyft, and Netflix contributed to the gloom. The tech-heavy NASDAQ Composite Index’s 33 percent decline in 2022, the evaporation of $855 billion in Tesla’s valuation, and the E.U.’s latest $400 million fine of Meta over its ad practices all were genuine buzzkills.
But the vibe shift in the technology industry as it heads into 2023 goes deeper and is likely more permanent. It promises nothing less than a recalibration of the employer-employee relationship in Silicon Valley and, in the ultimate labor-relations knock-on effect, every industry that has followed tech’s lead for a generation.