Salesforce CEO Marc Benioff is bracing for a brutal recession - and says he was blindsided by the market chaos last year
The technology industry boomed during the pandemic. Companies embraced remote-working tools, and a combination of rock-bottom interest rates, stimulus checks, and federal loans and grants boosted demand.
The rosy backdrop darkened last year as inflation spiked to a 40-year high. The Fed responded by raising rates to upwards of 4.5% andHigher rates encourage saving over spending and lifting borrowing costs, which can curb the pace of price increases. Yet they also weigh on asset prices and economic growth, increasing the risk of a recession.
Tech bosses realized they needed to revamp their strategies to reflect the"new normal," Benioff said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is it over for Marc Benioff's Ohana?“Ohana means family,” Benioff said in a 2018 tweet. “And family means nobody gets left behind or forgotten.” That’s not exactly true these days. The San Francisco behemoth is slashing about 8,000 jobs.
Read more »
Marc Benioff Regrets Not Buying TwitterKara Swisher has a long talk with the embattled Salesforce CEO about activist investors, Elon Musk, drunk-tweeting, and much more.
Read more »
Company Lays Off 8,000 While Paying Matthew McConaughey $10 Million a YearSalesforce, the firm co-helmed by the definitely not Hawaiian Marc Benioff, is the latest in a slew of tech giants to lay off thousands of employees.
Read more »
Only 1 In 10 Employees Use AI Skills At Work. Bosses Want To Change That.In a Salesforce survey of 11,000 global workers, few said their day-to-day role currently involves artificial intelligence. But with the rise of technologies like ChatGPT and a focus on boosting workers’ skills, that’s shifting quickly.
Read more »
Only 1 In 10 Employees Use AI Skills At Work. Bosses Want To Change That.In a Salesforce survey of 11,000 global workers, few said their day-to-day role currently involves artificial intelligence. But with the rise of technologies like ChatGPT and a focus on boosting workers’ skills, that’s shifting quickly.
Read more »
Only 1 In 10 Employees Use AI Skills At Work. Bosses Want To Change That.In a Salesforce survey of 11,000 global workers, few said their day-to-day role currently involves artificial intelligence. But with the rise of technologies like ChatGPT and a focus on boosting workers’ skills, that’s shifting quickly.
Read more »