This pattern of toxic CEOs posting from corporate social media accounts, forcing highly visible product changes based on their own personal drama etc is certainly revealing what joke organisations populate the tech industry lol
it's kind of nice to be able to point at instead of trying convince friends outside tech what an infantile farce it is 🙃
Seems like a lot of people in tech are having a midlife crisis in front of everyone.
Maybe not such a bad thing, there was a long period where society idolized tech founders as gods among men, so maybe people can stop automatically assuming that success automatically equals virtue.
In fact, the sort of stable and boring but competent leadership you want from a company that makes up most of your portfolio (both Mag 7 and the faang stocks before them were all tech stocks) is incompatible with the sort of risk taking that is required to create such a company in the first place.
In reality, a company that makes screwdrivers really well is equally or perhaps more important to the world than a company that makes a website, but tech is a self-fulfilling prophecy -- people think it's the next big thing, so they dump money into it, and so it becomes the next big thing. That's why PE ratios for tech companies are consistently higher than in other industries. That's why the smallest car company in the world has a larger market cap than most other car companies on earth combined, because they were able to convince people they were a "tech" company instead of a car company. In alternative universe, Klein or Snap-on could have become similarly insane if they managed to pull off the same jedi mind trick, and we'd be treating the CEO of those companies like they were geniuses instead of shysters.
Maybe not such a bad thing, there was a long period where society idolized tech founders as gods among men, so maybe people can stop automatically assuming that success automatically equals virtue.
In fact, the sort of stable and boring but competent leadership you want from a company that makes up most of your portfolio (both Mag 7 and the faang stocks before them were all tech stocks) is incompatible with the sort of risk taking that is required to create such a company in the first place.
In reality, a company that makes screwdrivers really well is equally or perhaps more important to the world than a company that makes a website, but tech is a self-fulfilling prophecy -- people think it's the next big thing, so they dump money into it, and so it becomes the next big thing. That's why PE ratios for tech companies are consistently higher than in other industries. That's why the smallest car company in the world has a larger market cap than most other car companies on earth combined, because they were able to convince people they were a "tech" company instead of a car company. In alternative universe, Klein or Snap-on could have become similarly insane if they managed to pull off the same jedi mind trick, and we'd be treating the CEO of those companies like they were geniuses instead of shysters.
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