The thousands of layoffs in Big Tech are thanks to an over-hiring spree to satisfy the "vanity" of bosses at the likes of Meta and Alphabet, according to a member of the so-called PayPal Mafia.
Speaking remotely at an event hosted by banking firm Evercore, Silicon Valley VC Keith Rabois said Meta and Google had hired thousands of people to do "fake work" to hit hiring metrics out of "vanity".
