As I mentioned in my comment, during previous boom-bust cycle, the leadership that had P/L responsibilities (Engineering Leadership, Group/Directors PM) would remain in the US.

But after the COVID layoffs happened, impacted H1B, EB1/2, and O1 visa holders returned to their home countries, and then got rehired by the same employers but for $60k-130k TC (depending on country).

A lot of mid-late career product and engineering leadership was laid of in 2020-21, and those guys have now founded the new generation of foreign offices.