I don't think big tech layoffs are because the companies got bloated, it's because rates went up. 

If the ROI (including opportunity cost of capital) on a marginal hire is positive they should be hired. 

As rates increase the opportunity cost of capital increases so this calculation changes.

making data useful with AI. Previously built @stelo to keep you safe from phishing 
benscharfstein.twitter
https://nf.td/ben

The second and third order effects of interest rates rising dramatically off virtually 0 will continue to be felt for years. For our entire lives, they have been heading in one direction and that’s suddenly changed. https://i.imgur.com/7DD038H.jpg