Sign In

Communications of the ACM

ACM Careers

Tech Startups Are Laying Off Thousands


View as: Print Mobile App Share: Send by email Share on reddit Share on StumbleUpon Share on Hacker News Share on Tweeter Share on Facebook
boot kicking numerous workers, illustration

Credit: Getty Images

Monikers have followed Martin Pichinson for his whole career, given his line of work. He winds down technology companies, selling off their assets in their final days. And so, in some corners, Pichinson has become known as the "Undertaker of Silicon Valley."

It's a grim practice he has honed since the dot-com bust of the late-1990s, when he shuttered nearly 200 tech companies.

"If there's no revenue incoming, and there's no money investing, the company is basically insolvent and out of business," he says. "We basically come in and clean up the messes."

Now, once again, Pichinson says, his business is booming because of the coronavirus pandemic.

"Well, we used to do two, three to four a week," he says of startup wind-downs. "Now, we're [doing] two to five a day."

From NPR
View Full Article


 

No entries found

Sign In for Full Access
» Forgot Password? » Create an ACM Web Account