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this post was submitted on 20 Jul 2023
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Feel like we're watching a lot of tech companies making a lot of bad decisions all at once. Reddit, Google, Netflix, Meta, Twitter, Hulu, etc. Regardless of the individual circumstances and bad actors in each case, it feels like they're all being fueled by a shared, low-key desperation.
I know it sounds a little silly to blame this on one person, but honestly think it’s Elon’s fault.
A bunch of tech-bro CEO types idolize him and are jealous - thinking he is cool for getting to “say whatever he wants” to the public, his detractors - Hell… even the SEC… and he “gets away with it.”
Not only that, but he has gotten to present to cheering crowds on stage for companies people still mistakenly think Elon both founded and runs single-handedly like Tesla and SpaceX… and he has been positively referenced and guest appeared over the past decade in Marvel films and other “cool” pop culture like South Park and Rick & Morty.
…And so when Elon just said “fuck you” publicly to a bunch of his workers by firing a bunch of them… The Elon wannabes loved it.
Worse - they are influenced by his actions. Some have even openly said it.
So not only do people like spez go and fuck over their devs, their users, and advertisers… but the folks at the heads of lots of companies are doing the same. For example - and I don’t know if it was mentioned here but - Plex recently fired like 20% of their workforce.
Interest rates. This bursts the bubble.
It's unreal how many people don't know that. It's always fun to think about on my way to work at 5am.
Costs are going up, investment is wising up.
Easy money pipeline has been cut off, makes sense we're all seeing this kind of thing at the same time when you consider it from the POV of the investors bankrolling these companies.
The venture capital free money train is gone and they're realizing their revenue models make zero sense.