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Facebook parent Meta, Uber, and Nvidia are among the companies slowing hiring, too. Klarna said this week it plans to lay off about 10% of its global workforce, following similar announcements from Robinhood and Netflix. Tech companies that saw tremendous growth during the pandemic are already taking steps to trim costs by either cutting jobs or freezing hiring. Sequoia joins a chorus of venture capital firms and investors on Twitter warning founders about the current macroeconomic environment.Īs Lightspeed put it last week in a blog post, "the boom times of the last decade are unambiguously over." "We do not believe that this is going to be another steep correction followed by an equally swift V-shaped recovery like we saw at the outset of the pandemic."
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"This time, many of those tools have been exhausted," the presentation said. The Sequoia partners said they did get one factor wrong in the Black Swan memo: underestimating the monetary and fiscal policy response that followed the Covid crisis, "and the distortion field that created" in markets. In the most recent one, Sequoia points to sustained inflation and geopolitical conflicts that it says will limit the ability for a "quick-fix" policy solutions like slashing interest rates or quantitative easing. Good Times" as the economy melted down in 2008, and wrote a widely read " Black Swan" memo in the early days of the coronavirus pandemic.
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The firm published a memo titled " R.I.P. Sequoia, known for early investments in Apple, Google and Airbnb, has sounded alarm bells ahead of other crises. "First and foremost, we must recognize the changing environment and shift our mindset to respond with intention rather than regret." "We believe this is a Crucible Moment," the presentation reads.