Out of the loop

The answer is a lot of companies made dumb decisions during COVID-19. A lot of tech CEO's saw a massive increase of profits during the COVID lockdown, and they decided there was no possible way for the gravy train to ever slow. The tech sector expanded way beyond its means, and now that COVID restrictions have inevitably ended and most everyone has returned to normal, their profit margins have shrunk back to normal. Since tech CEOs all have a brain parasite that compels them to increase growth always and forever, they have to now cut all those employees they hired during the pandemic to make the line go up.

You'll notice that none of the tech CEOs are going to face any consequences for their pants-on-head stupid belief that they'd continue seeing the same revenue as when people were trapped in their homes, and the only ones who are going to suffer are all the employees who have now wasted ~3 years at these companies.