In Unprecedented Cost-Cutting, Exxon is Firing 15% of Its Workers to Keep Dividend

from Zero Hedge

It may sound unbelievable that just seven years ago Exxon was the world’s largest company.

Of course, all that changed with the advent of the FAAMGs and the Fed blowing the biggest tech bubble in history which together with the plunge in the price of oil, meant the market cap of Exxon has tumbled to just $136BN, below that of Zoom. Yes, we have gotten to the point in the bubble where a video chat with no barriers to entry, zero infrastructure and barely any profit is more valuable than a company that has invested tens of billions of dollars in creating the world’s biggest oil exploration and production infrastructure.

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