This spring, Google employees in the Bay Area got a private Lizzo concert to herald a return to the office. Now the company is cutting back on social gatherings as well as hiring. Meta Platforms Inc., known for once-lavish perks such as free laundry, began slashing 11,000 jobs this week and said some of its remaining workers will have to share desks.
The comedown has been swift for employees of big technology companies, long among the most coveted workers in business. Accustomed to jobs with six-figure salaries, fat equity packages and cushy amenities, many employees are now facing staff cuts for the first time, along with shrinking net worths as stocks fall during a bumpy stretch for big tech.