Why the Postpandemic Tech Bust Sent Billionaires to Trump
Following mass layoffs in 2022 and 2023, many tech workers turned against their employers. When liberal politicians also rallied against Silicon Valley, their backers turned to Donald Trump.
The postpandemic tech bust, triggered by a sudden tightening of monetary policy, led many billionaires to turn their attention to former tech giants such as Trump. Once a time of unprecedented hiring and soaring salaries for tech workers, the industry now faced a dramatic downturn after rates were raised sharply. Major tech firms like Amazon, Facebook, Microsoft, and Google reported sluggish growth, missed expectations, and massive layoffs.
The once-beloved tech industry was now seen as irresponsible and bloated, with CEOs and investors blaming workers for "fake work." This shift in perception marked a stark contrast to the golden age of tech worker prosperity that had characterized the years following the 2008 financial crisis.
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