Uber/airbnb/lyft were considered in the same tier as facebook/google before corona. With google also slowing hiring, are the engineers laid off all going to be absorbed by facebook?
Microsoft is hiring for Jedi like crazy.
Lyft lays off 17% of workforce, furloughs hundreds more
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Re: Lyft lays off 17% of workforce, furloughs hundreds more
#52Source that is linked in the article: https://www.sec.gov/ix?doc=/Archives/edgar/data/1759509/0001...
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#53> Lyft is laying off 17 percent of its workforce and furloughing 5 percent. This is after an employment lawyer at the company accidentally invited much of the workforce to a weekend meeting called "Jetty" in what workers took to be a reference to jettisoning jobs. https://twitter.com/kateconger/status/1255526352813535232
There's always some related piece of news about the way the company went about the layoffs. This one seems especially reaching. Really, a meeting invite?!
If I found out that a bunch of my coworkers had been laid off in a video meeting, I’d be bummed because they got laid off, but I’d understand that companies have to make hard decisions sometimes.
If I learned that the accidentally visible filename of the PowerPoint in that meeting was “EjectorSeat.pptx”, I’d be some combination of angry and alarmed about management’s attitude. That would be a definite “update my resume and call up some former colleagues for lunch” kind of moment at the very least.
I think people reasonably expect that when a company makes a serious decision that affects hundreds of people’s livelihoods, that they effect a pretty somber tone.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#54> Lyft is laying off 17 percent of its workforce and furloughing 5 percent. This is after an employment lawyer at the company accidentally invited much of the workforce to a weekend meeting called "Jetty" in what workers took to be a reference to jettisoning jobs. https://twitter.com/kateconger/status/1255526352813535232
There's always some related piece of news about the way the company went about the layoffs. This one seems especially reaching. Really, a meeting invite?!
What else do you propose during a "lockdown" "shelter-in-place" situation? IMO it's only the name of the meeting that is (potentially) the problem.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#55Earlier quoted context omitted.
There's always some related piece of news about the way the company went about the layoffs. This one seems especially reaching. Really, a meeting invite?!
Just FYI, you're shadowbanned.
There's usually a pretty good reason for that. Notifying the person starts the process over.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#56is there existing analysis of effect of layoff on future stock price?
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#57Earlier quoted context omitted.
That's because there is at least 17% less share dilution than there was a day before, let alone the runway being marginally extended. So speculators don't get dumped on by employees with RSUs all day every day, and the business prospects are not adversely impacted any more than they already were. Thats when you pay more for shares. Layoffs are proactive for investors, not an omen for investors, don't get that confuse…
Won't this create more share dilution in the short term? Don't layoffs trigger options/RSUs to be executed some time window after the layoff?
The other thing I would add is that new employees usually get some cash value for their level divided by the current stock price. Many laid off employees were hired when the stock price was higher. If they have to replace these employees with new ones in a timeframe before the stock price has recovered then they suffer more dilution.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#58As a company, is there reason to believe that Uber can better weather the storm? Does Lyft do anything other than rides?
Uber eats is the biggest delta between the two companies, I suspect they still will need to cut staff though.
Nah, that’s not it. I drove for both in a major city in the months before the virus and outside of peak hours Lyft always has substantially longer pickup times. This is based on a few hundred rides for each company. This means that they have fewer passenger per driver, so the biggest delta is a smaller user base. Once the lockdown began Lyft rides basically evaporated overnight, while Uber was still going strong at certain times and certain places, catering to essential workers. But both are worthless as a way to make money right now.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#59I recall Lyft being the highest paying company with respect to rank, according to levels.fyi. I guess I'm glad I don't work there right now.
At what level? Oracle OCI was paying the most in average to new devs a few short months ago according to levels.fyi so maybe you mean at the senior level or higher?
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#60Earlier quoted context omitted.
There's always some related piece of news about the way the company went about the layoffs. This one seems especially reaching. Really, a meeting invite?!
If I found out that a bunch of my coworkers had been laid off in a video meeting, I’d be bummed because they got laid off, but I’d understand that companies have to make hard decisions sometimes. If I learned that the accidentally visible filename of the PowerPoint in that meeting was “EjectorSeat.pptx”, I’d be some combination of angry and alarmed about management’s attitude. That would be a definite “update my resu…
According to SlateStarCodex, Triplebyte (YC '15) ignored the stay-at-home warnings about the virus and had employees come in to the office to get their notice of layoffs: