The author doesn't appear to have any industry experience whatsoever, which might have contributed to the post being a series of baseless assertions, followed by a non sequitur.
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Which is, from their perspective, pretty brutal. Imagine spending 4-5 years at university watching people slightly older than you getting $250k TC offers at BigTech right out of school, then as soon as you graduate the rug is pulled, hiring freezes up and you're stuck at a no-name dev shop getting paid a much more modest salary. I can understand their frustration.