“The whole tech industry of the last 15 years was built by cheap money,” said Sam Abuelsamid, principal analyst with Guidehouse Insights. “Now they’re getting hit by a new reality, and they will pay the price.” Online used car retailer Carvana had such great prospects that it was worth $80 billion. Now it is valued at less than $1.5 billion
https://www.nytimes.com/2023/01/23/technology/tech-interest-rates-layoffs.html