The white-collar recession is well underway.

After nearly a decade of six-figure salaries, cushy jobs and extravagant office perks, Silicon Valley firms are finally cutting back. Nearly 90,000 tech workers were laid off in 2022 alone. This year isn’t off to a great start either. Amazon announced 18,000 job cuts on January 5th.

And now, SEC filings show Microsoft is planning to lay off 10,000 employees by the end of the third quarter.

Things aren’t much better for those who have (so far) escaped the layoffs. Countless tech firms, private and public, have watched their valuation tumble over the past 12 months.

And now, the Financial Times reports that a number of panicked laid-off workers are “flooding secondary markets” with their shares of their former companies. Which means those valuations are likely to plunge even further.