Tech layoffs to ‘get worse before it gets better’: Parler CEO
Parler CEO George Farmer reacts to tech companies laying off employees at the highest rate since 2020.
Netflix, Robinhood, Carvana and Facebook parent Meta are joining the growing list of tech firms laying off employees or slowing hiring which Parler CEO George Farmer warned is "just beginning."
"The sector is feeling the effects of this interest rate rise and the end of free money," Farmer told FOX Business’ Maria Bartiromo on Thursday. "The free pay environment has sort of exacerbated the worst of the tech hiring, which has basically meant that companies are trading off ridiculous price-to-earnings ratios and have sort of exacerbated the overstaffing of these companies."
On "Mornings with Maria," Farmer further cautioned that a "perfect storm" is headed for the technology sector, claiming the industry is most exposed to the Fed’s "incredibly aggressive" inflation period.
"I think it's probably going to be more of an industry-wide repercussion, if I'm honest, rather than just a sort of isolated example," Farmer said. "And I do think that it's going to get worse before it gets better."
AMAZON WORKERS WALK OFF THE JOB IN NEW JERSEY: REPORTS
"I'd be very surprised if you suddenly see companies start hiring again in the short-term," he continued.