The year tech giants fell to earth

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The year tech giants fell to earth

To say 2022 was not a good year for the technology industry is an understatement.

Stock prices and earnings fell — driving a $7.4 trillion loss, by one estimate. Industry titans such as Meta and Amazon laid off workers, and regulators and the public zeroed in on concerns about privacy, social media and potential monopolies. The metaverse flopped, Elon Musk ushered in Twitter’s dark age, and the collapse of FTX laid bare a multibillion-dollar fraud.

It’s a hard reversal for an industry that soared during the first few years of the pandemic, as people stayed close to home and turned to tech to solve an increasing list of covid-era conundrums.

Here are 12 big moments that shaped tech’s annus horribilis.

Thanks to Dave Tepps for copy editing this article.

  • Benjamin Powers
    Benjamin Powers

    Technology Reporter

    Benjamin Powers is a technology reporter for Grid where he explores the interconnection of technology and privacy within major stories.