Tech giants are profiting — and getting more powerful — even as the global economy tanks
Must-read via the Washington Post
“The broader stock markets tanked in recent weeks, but share prices of Amazon and Microsoft hit at or near records. Facebook is moving to acquire high-skilled talent, announcing the hiring of 10,000 new workers this year”
“There are really two Americas right now,” said Scott Galloway, a marketing professor at the New York University Stern School of Business and author of “The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google.” “There is Big Tech and there is everyone else. They can do what very few companies can do, which is play offense in the middle of a pandemic.”
The only game in town…technology?
“As the economic contraction continues and start-ups die off, the largest firms may also be some of the only companies in the position to do any hiring. In a recent interview, Sheryl Sandberg, chief operating officer of Facebook, made a point of highlighting that the company would create 10,000 new positions this year in engineering and product roles”
