Big Short Investor Michael Burry Isn't Sold on Salesforce.com. Should You Be?
The software technology sector has a long, arduous road ahead. During the peak of the COVID-19 pandemic throughout 2020 and 2021, several names in big tech proved how valuable technology is and how much businesses and people rely on it. In response to surging growth, many companies in the technology arena went on hiring sprees as a result. Unfortunately, though, this level of growth was not sustainable.
Although we are only one month into 2023, companies such as Microsoft, Amazon, Alphabet, Shopify, Spotify, and Salesforce.com (NYSE: CRM) have all announced layoffs. One notable investor, Michael Burry, who famously predicted the housing collapse in 2008, has recently called out Salesforce.com in a recent Twitter thread.
While investors were pleased to read the news regarding layoffs, Burry believes that this reaction is short-sighted and that tough times are ahead for the customer relationship management (CRM) leader.
Source Fool.com
