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Do the ‘tech geniuses’ know what they’re doing?
With many tech companies losing staff or going bankrupt we must ask the question if the people running them know what they’re doing?
“Only when the tide goes out do you discover who’s been swimming naked” a famous quote by Warren Buffet represents that when the times are good businesses are making money but when things go south many are exposed.
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And once again we are seeing the same story now with many companies that enjoyed a decade of low interest rates are now experiencing what it's like to live in a struggling economy.
From FTX to Elon Musk’s takeover of Twitter. We have seen many instances this week of tech companies crumbling due to lack of competent leadership.
A surprising company to lay off a lot of staff was Meta. They dropped 11,000 people after Mark Zuckerberg’s double down on the metaverse, which nobody asked for and has so far been a failure.
FTX is the second biggest crypto exchange which filed for bankruptcy this week after it tried to sell itself to their rival “Binance” for $1. This sudden downturn took the net worth of founder Sam Bankman-Fried from $16 billion to $0. He is also being investigated for securities law violations.
Elon Musk's second week in charge of Twitter has been one that has been quite amusing but also complete chaos. His pay for blue check scheme has completely failed with thousands of accounts using it to impersonate celebrities, companies and government organisations. The tweet in the image below is one of the many parody accounts that have taken advantage of this blue check scheme.
While it has been deactivated now it still caused a lot of chaos and there is a big bankruptcy warning for twitter.
The issue is a lot of investors just threw a bunch of money at these “tech geniuses”. While this was fine during the golden era of low interest rates it is now a reality for a lot of poorly run companies.
Written by Nial Dixon
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