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Tech Startups Are Laying Off Thousands
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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
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