Why all these tech layoffs?

If you (like me) are wondering why so many tech companies are laying people off lately (Meta, Amazon, Stripe, Uber, Lyft, Asana, Zendesk, Salesforce, Groupon, Twitter, and many others), this Reddit comment summarizes it nicely:

Comment from discussion call-your-mother-pls’s comment from discussion "Amazon reportedly plans to lay off about 10,000 employees starting this week".

And also:

Comment from discussion Senior-Ad-2307’s comment from discussion "Amazon reportedly plans to lay off about 10,000 employees starting this week".