Technology is full of smart people creating, leading and investing in successful companies that have produced a massive amount of innovation. But the industry’s recent spate of failures and setbacks has made one thing clear: many of its leaders aren’t as smart as they thought.
This month, two of the biggest names in technology in the world, Amazon.co.uk and Facebook parent company Meta Platforms, announced sweeping layoffs after years of skyrocketing hiring. Another giant, parent Google Alphabet, came under pressure from an activist investor to cut costs. Some of the biggest names in venture capital, including Sequoia Capital and SoftBank Group, found themselves trying to figure out what was wrong after the implosion of FTX, the $32 billion golden child of the crypto boom. And Elon Musk, who perhaps more than anyone epitomizes the idea of polymath tech genius, made a mess of Twitter after paying $44 billion to buy it.
wsj
