From a business perspective it would be a bad idea. If you have three revenue streams (Advertising, Enterprise communication product, hiring product/marketplace), of which two are doing very well and one is not doing well (hiring) you need to continue investing in what is working and stop burning money on what is not working. Otherwise you will lose your competitive edge in the areas that are working well.

In the end, the responsibility of the CEO is not to give every employee the best life possible but to ensure the long-term success and survival of the company. If this is ensured, it also means job security for everyone not laid off!

I agree with the other responses. But to add on, when you do an across the board cut, your best people can find another job leaving only your lower performers at the company.

This is true even during a normal recession. This time it’s different though. The entire job market has collapsed except for big tech and a few other companies.