this post was submitted on 25 Jan 2024
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An additional factor is that a ton of tech companies aren't even profitable. Twitter and twitch are both very well known to be unprofitable and there are many more that are probably unprofitable. Aside from social media, things like Uber, Lyft and many more are unprofitable.
Even YouTube might not be profitable, Google only posts revenue from the platform, NEVER profits. YouTube's also desperate for money, blocking adblock, making YouTube premium, trying to shove it down our throats and all of the shitty, scammy, ads they accept because they're so desperate.
All of these massive companies had tons of venture capital poured into them to grow the platform, THEN be profitable. Then AI came around and investment priorities changed, leaving many tech companies in the dust. Plus a lot of investors are losing hope, since many of these companies have existed for some 15 years without a cent to show for it.