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Twitter Layoff Started Today

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Re: Twitter Layoff Started Today

#11

Post by qbasic_forever »

schnebbau wrote: post #9
stocknoob wrote: post #2

“ many of these folks won’t be able to sell the shares they earned. The money they need pay bills and keep them afloat if and until they get new employment. When severance ends, that’s it.” It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?

> The money they need pay bills and keep them afloat if and until they get new employment. How will these people that were making well into six figures possibly survive?

Now go look at the cost of a home or apartment in San Francisco or nearby towns. I'll wait...

Re: Twitter Layoff Started Today

#12

Post by onion2k »

throwaway5959 wrote: post #5
stocknoob wrote: post #2

“ many of these folks won’t be able to sell the shares they earned. The money they need pay bills and keep them afloat if and until they get new employment. When severance ends, that’s it.” It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?

Seriously. I wouldn’t be surprised if the lowest total comp was in excess of $200k/year. If you can’t have 6 months in cash sitting in a high yield savings account on that, there’s no amount of severance that will help you.

Someone who earned 150k cash and 50k stock might be able to save, but they'd probably just keep their stock as their "emergency fund". Twitter are blocking them selling that stock. Effectively Twitter are laying people off and putting a freeze on their savings account. I think it's reasonable to have a little sympathy for people in that situation.

Re: Twitter Layoff Started Today

#13

Post by stocknoob »

qbasic_forever wrote: post #11
schnebbau wrote: post #9

Earlier quoted context omitted.

> The money they need pay bills and keep them afloat if and until they get new employment. How will these people that were making well into six figures possibly survive?

Now go look at the cost of a home or apartment in San Francisco or nearby towns. I'll wait...

https://www.forbes.com/sites/jackkelly/2022/03/05/twitter-em...

Re: Twitter Layoff Started Today

#14

Post by ahepp »

stocknoob wrote: post #6
hprotagonist wrote: post #3

Earlier quoted context omitted.

sucks being like the normies, don't it?

Seriously. They are working for a huge name-brand tech employer, and have the best chance of getting a new job (see the LinkedIn replies), but oh yeah, if they run out of severance, and have no emergency fund (because reasons), and their shares are temporarily locked up, whatever will they do? Take out a 401k loan like a plebe?

You can't take out a 401k loan if you don't work there any more. In fact, that's one of the major drawbacks of 401k loans. If you leave employment, you have to repay the loan within a set time period, or treat it as a disbursement.

That said I agree, complaints about "what will happen when my severance runs out!" did elicit a bit of an eye roll.

Re: Twitter Layoff Started Today

#16

Post by qbasic_forever »

throwaway5959 wrote: post #5
stocknoob wrote: post #2

“ many of these folks won’t be able to sell the shares they earned. The money they need pay bills and keep them afloat if and until they get new employment. When severance ends, that’s it.” It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?

Seriously. I wouldn’t be surprised if the lowest total comp was in excess of $200k/year. If you can’t have 6 months in cash sitting in a high yield savings account on that, there’s no amount of severance that will help you.

The median home value in SF is ~$1.5 million. A typical mortgage on a home like that is ~$4-5k per month. So you're assuming folks have $25-30k in liquid cash hanging around all the time. Not unrealistic but certainly not everyone working at tech companies there has that kinda cash. And that's before you factor in other costs like property taxes, insurance, etc. that you'll need to cover too.

Re: Twitter Layoff Started Today

#17

Post by __derek__ »

yupper32 wrote: post #15

Almost no information here or anywhere else. Any other source? What roles? How many? Edit: 30% of its recruiting team: https://www.wsj.com/articles/twitter-lays-off-third-of-talen...

I saw a Linkedin post from a recruiting coordinator who was laid off.

Edit: This was a different person than the author of the submitted post. Uff da.

Re: Twitter Layoff Started Today

#18

Post by baskethead »

onion2k wrote: post #12
throwaway5959 wrote: post #5

Earlier quoted context omitted.

Seriously. I wouldn’t be surprised if the lowest total comp was in excess of $200k/year. If you can’t have 6 months in cash sitting in a high yield savings account on that, there’s no amount of severance that will help you.

Someone who earned 150k cash and 50k stock might be able to save, but they'd probably just keep their stock as their "emergency fund". Twitter are blocking them selling that stock. Effectively Twitter are laying people off and putting a freeze on their savings account. I think it's reasonable to have a little sympathy for people in that situation.

Once they leave the company they are free to sell the stock. They are not beholden to a stock blackout anymore.

Re: Twitter Layoff Started Today

#19

Post by ghostbrainalpha »

Could anyone explain to me in simple terms how it's possible to have a blackout on Vested stock?

I was under the impression that once I'm "vested" the stock is now mine and I own it like any normal stock.

Are "vested" shares something different? Could I say for example sell my shares on Robinhood if the blackout wasn't in effect or are they held by some third party?

Re: Twitter Layoff Started Today

#20

Post by throw_nbvc1234 »

onion2k wrote: post #12
throwaway5959 wrote: post #5

Earlier quoted context omitted.

Seriously. I wouldn’t be surprised if the lowest total comp was in excess of $200k/year. If you can’t have 6 months in cash sitting in a high yield savings account on that, there’s no amount of severance that will help you.

Someone who earned 150k cash and 50k stock might be able to save, but they'd probably just keep their stock as their "emergency fund". Twitter are blocking them selling that stock. Effectively Twitter are laying people off and putting a freeze on their savings account. I think it's reasonable to have a little sympathy for people in that situation.

If this merger wasn't going on twitter stock would be down XX% and so would their "emergency fund". Pretty sure i heard on a podcast that twitter has historically mirrored Meta stock so that's roughly a 50% drop.

edit: over the past 6 months. so the duration of this process

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