|
Former U.S. Secretary of the Treasury Larry Summers has a tough message to Silicon Valley and technology companies and investors ravaged by the downturn: “Part of it is not coming back.”
In a private conversation Wednesday with The Information subscribers, Summers talked through the confluence of events that has brought Silicon Valley and tech companies to a level of pain he likened to the dot-com bust. “Peloton equals Pets.com,” he said.
Summers, who was in an optimistic mood following what he called a “repudiation of extremism” on Election Day, spoke about the fallout from FTX’s implosion, “the immensely consequential” economic cold war with China and what’s ahead for crypto and big tech regulation in the U.S.
Lightly edited excerpts follow.
|
