Joe Biden continues to inform us that we are in the midst of an economy better than anyone has ever seen. We're being told that we're better off than we could have ever hoped for.
Meanwhile, gas is $3.50, eggs are $5 a dozen, and huge companies are being forced to layoff tremendous swaths of employees because they can't afford them.
The latest big tech company to send a huge percentage of their employees packing is the videoconferencing platform that took off during the pandemic, Zoom.
From the Wall Street Journal:
Zoom Video Communications Inc. is laying off 1,300 of its employees, or 15%, of its staff, becoming the latest technology company to trim its workforce as it adjusts to more normalized trends after a pandemic-fueled growth spurt.
Chief Executive Eric Yuan said Tuesday he was also reducing his salary and foregoing his bonus, joining other corporate leaders across finance and tech to take pay cuts this year. He made just over $300,000 in salary for the fiscal year ended Jan. 31, 2022, and about $13,000 as part of a non-equity bonus plan.
The CEO is taking a big pay cut, but he's still letting go of 15% of the workforce because Joe Biden's economic policies are just so awesome.
The economy is SO good that people are getting sent packing left and right. Don't question the narrative.
Once a pandemic darling, Zoom grew rapidly during the Covid-19 pandemic, when companies and consumers turned to its videoconferencing software to connect with one another. That growth has cooled in recent quarters as companies have called employees back to offices and people returned to in-person activities.
Mr. Yuan said the company tripled in size in two years. As of Jan. 31, 2022, the company had nearly 6,800 employees, up from about 2,500 employees at the same time in 2020, according to regulatory filings.
"We didn't take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities," Mr. Yuan said in a message to employees. "I am accountable for these mistakes."
Coming out of the pandemic, you can see why Zoom would shrink. Fewer virtual meetings, less need for the software.
However, the economy in general was poised for a bounce back before Biden, so it's not surprising that the CEO would make the mistake of thinking the economy wouldn't be an issue.
