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.

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anecdotally, i found google becoming bloated by the time I left two years ago after a 5 year stint there. (still love the company)

Do you think the additional people were losing the company money?

i guess it is case by case. i'd say neutral, lose, or incremental gain