Make tech great again
Mark Zuckerberg has dubbed 2023 Meta’s “year of efficiency.” The slogan is a corporate euphemism for layoffs, of course — and not an especially subtle one. Zuckerberg’s company has parted ways with tens of thousands of employees this year. Other tech firms are following suit. Crunchbase estimates that US tech firms fired more than 118,000 employees in the first quarter of 2023. These are lean times in Silicon Valley — and, as Joel Kotkin explains in this month’s cover story, there is more to this tale than Big Tech belt-tightening after a pandemic-era hiring spree. The Valley, Kotkin explains, is in trouble. A place that America, and the world, once looked to for an ambitious and optimistic vision of the future, has grown sclerotic.