The value of high-growth tech firms that remained unprofitable has plummeted. Our “lockdown lunacy index” measures the stockmarket value of five such firms, including Netflix and Peloton
firms, 2022 has been a torrid year. Soaring inflation has squeezed the future earnings value of speculative companies. Consumers have tightened their purse strings. The war in Ukraine and souring relations between China and the West have added to the uncertainty. As a result, the value of high-growth firms that remained unprofitable hasThat stands in stark contrast to 2021.
This year tech firms have had to cut back. One approach has been to stop side projects. Snap, a social-media firm, binned its selfie drone project. The same fate befell a cryptocurrency project at Meta, Facebook’s parent company, and Stadia, Google’s game-streaming service. Another has been to ditch staff . Crunchbase, a data provider, estimates that more than 50,000 American tech personnel have been laid off so far in 2022.
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