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I 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.
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People have been calling software engineering wages a bubble for 20 years, and trying to call “the end of tech”. I just don’t see it, highly proficient software engineers are more valuable than ever. The wages are higher than ever. Going forwards, tech is really the only engine of growth in the American economy. Trying to say tech will be under for years is like saying the USA will be in a massive recession for years…
What’s happening now is very analogous to the 2000 dot.com crash. The economy overall will recover, albeit slowly. However companies are questioning why they need 100 engineers instead of 50. That doesn’t just reverse itself overnight. As the OP said those that weren’t around the last time might find it hard to believe that tech jobs really just disappear for years.
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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: https://slatestarcodex.com/2020/03/19/coronalinks-3-19-20/
He (mostly) retracted this a week later: "Last links post I included tech company Triplebyte in the shame list for refusing to let employees switch to work-from-home, then firing them. A representative of Triplebyte contacted me and asked me to explain their perspective, which is that they took the pandemic seriously and went all-remote around the same time as everyone else. The reluctance to let employees switch to…
>The rumor is that it had planned the downsizing for a while, wanted the employees to be in the office to hear about it in person, and didn’t care how much risk it had to expose the soon-to-be-ex-employees to in order to make it happen.
i.e. making them come in to the office for the layoff notice, after it was known the public needs to social-distance and minimize gatherings.
That part is still bad, and it's not retracted, nor does Triplebyte dispute making them come in to the office to be informed of the layoffs.
In any case, it would be nice if he updated the original post with a link to the retraction, otherwise people won't see any unringing of the bell when they go back to that link.
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Agreed, though the stock went up after this news, Google and Amazon could have acted faster.
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…
When an employee is hired, the assumption is that that employee's all-in hiring cost is less than the increase in value for all shareholders. That means if you pay an employee $250K a year, including stock, the shareholders better be getting more than $250K back in value.
By your reasoning, the shareholders are losing more by dilution than they gain back by enterprise value. If that's the case they should fire everyone and close their doors, since there's no RSU dilution at all with zero employees.
On the other hand, if employees were hired with the assumption that they were worth the price, then any layoffs should rationally reduce the stock value - because even though you get the RSUs back, the employees must have been worth more than those RSUs or it was a mistake to hire them in the first place.
This seems like a great time for Amazon or Google to buy Lyft. Amazon could bundle rides with package deliveries and get the pre-existing driver and passenger network from Lyft. Lyft was actually telling drivers to work with Amazon when the pandemic started (1). Waymo could take Lyft’s aggregated rider demand. They already have a partnership to transfer autonomous rides from Waymo to Lyft during bad weather situation…
If they can make a better self-driving car than anyone else, they will win the ride-hailing market. People have no loyalty to Lyft or Uber. They will use whatever is the cheapest/most convenient.
> 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
But, i wonder, in general, if all these layoffs are to some degree something overdue that companies wanted to do anyways and are now just taking the opportunity to do it whilst still saving face.
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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…
>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. This case sounds like an unfortunate mistake, I’m sure they intended to present the material in a somber manner. That said, it begs the question on if what should be expected behind closed doors.
This seems like a great time for Amazon or Google to buy Lyft. Amazon could bundle rides with package deliveries and get the pre-existing driver and passenger network from Lyft. Lyft was actually telling drivers to work with Amazon when the pandemic started (1). Waymo could take Lyft’s aggregated rider demand. They already have a partnership to transfer autonomous rides from Waymo to Lyft during bad weather situation…
[0] https://techcrunch.com/2020/04/28/warren-ocasio-cortez-pande...
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?
Facebook is surely in a similar ad dollars crunch as Google. I can't imagine they're full speed.