A wave of layoffs started by California tech giants is reaching Irish shores. Within Meta Group, 400 of the 3,000 people who work at Facebook, Instagram and WhatsApp in Dublin will leave the ship. Social network Twitter’s new captain, billionaire Elon Musk, has decided to part with a third of its 500-strong workforce in Ireland. “These announcements are alarming,” slide The Irish Times.
Because over sixty years, the Emerald Isle has gradually moved away from agriculture and rolled out the red carpet to foreign direct investment. Especially, for the last twenty years, of Silicon Valley companies. “While Ireland still exports livestock and dairy products, foreign multinationals now account for 10.2% of the country’s employment and 66% of its exports. contextualizing Guardian.
No one escapes the crisis
The first company to set up its European headquarters in the Irish capital, in 2002, Google brought other Silicon Valley companies in its wake. “Corporation tax, 12.5%, encouraged American giants to bring their international earnings back to the Irish Republic”, take it back The Daily
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