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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personally think cause covid stigma was not to fire people, they got bloated and were unable to trim due to negative perceptions, so recent events are good cover to do the trimming you have been accumulating over the past few yrs.