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Equity in this context likely means diversity, inclusion, and equity (DI&E) which has been an absolute cancer on US tech companies in the years leading to the current cycle of layoffs.

i.e. roles and promotions reserved for people of certain races and genders.

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You're going to need a massive bucket of evidence to back that claim. The current layoffs are most definitely not due to diversity hires, they are largely driven by a skittish market, active shareholders being more critical of cashflow, reduced funding and performative overhead reduction.

I see. It's as if putting "equity" in there signals they are talking about diversity and inclusion as well. Thank you.

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