Members Only: The Seclusion Market

How history’s longest bull run influenced poor innovation. I received an early A.M. message from a Meta employee who is counting the days until his number is pulled; he messaged with tears of relief that he wasn’t one of his peers who were laid off with 4,000 others in technical roles. It got me thinking: where did all of this go wrong? I attribute it to four distinct influences: the end of the bull run, nagging inflationary pressures, misreading the market, and Elon Musk (though not in the way you’re probably thinking).

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