Doom and gloom reigns in the news and in the skies over San Francisco. It’s been raining non-stop and in a mirror image storms have raged one after another on the economic front.
Goldman Sachs, Airtable, Adobe, Plaid, Morgan Stanley, Buzzfeed, Pepsi, Gannet, CNN, DoorDash, AMC Networks, Carvana, Nuro, Roku, Cisco, Amazon, and Asana have all announced layoffs in the past month. More than 90,000 workers in the U.S. tech sector have been laid off so far in 2022 and over 150,000 worldwide. This is more than in 2021 and 2020 combined.
A generation of tech workers who believe Pet Bereavement Leave is normal will discover a new normal.
Scott Galloway
The good news is storms come to an end and we are likely in a three year cycle. Interest rates will come down and it will be business as usual once more.
Plus, if you look at the total 5 million jobs created in 2022, the loss of 90,000 is a drop in the bucket, even if this continues into 2023, as it likely will. However, what this has done is change the landscape for workers who thought they were irreplaceable and has made many irrelevant.
Hopefully, the laid off tech workers will put their time to good use and spur innovation in creative ways giving rise to new entrepreneurial ventures. Additionally, the layoffs may help me to finally find a permanent webmaster for Ocean SF and be able to develop my long awaited What to Wear app for skiing and sailing that takes the windchill factor into account and provides recommendations on what to wear.
There is always a silver lining. And, opportunities in downturns.
During the last storm I walked down to the Museum of Modern Art. Please note this is why people live in cities. It took me 10 minutes to get there. I took a spin around the first floor and bumped into this gorgeous painting. The Rothko No. 14, 1960.
They also had this self portrait by Andy Warhol lying around.
The rain and layoffs continue, but there is still much to be loved and enjoyed as the storm rages on.
Love and blessings,
Sydney
Sydney 