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Twitter Layoff Started Today

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Re: Twitter Layoff Started Today

#101

Post by notch656a »

actually_a_dog wrote: post #76
falcolas wrote: post #42

Earlier quoted context omitted.

> What stops them from moving to another part of the country? Cost. Paying early termination on your rental contract. Paying to move. First, last, and a cleaning deposit at your new place. Stocking a new place with perishables. An easy 3+ grand to move to an inexpensive town. Loss of salary/job opportunities. You won't have the same job opportunities, nor salary ranges, if you live in a less expensive part of the cou…

> An easy 3+ grand to move to an inexpensive town. I think 3 grand is probably an underestimate for any significant move. It cost me $1k to move ~2.5 miles across town the last time I moved.

I've moved across the nation with my thumb out, $20, and a tarp to tie across some trees to sleep under. It's doable on way less than $1k.

Re: Twitter Layoff Started Today

#103

Post by metadat »

baskethead wrote: post #7
metadat wrote: post #4

Earlier quoted context omitted.

Twitter employees are well-compensated with base salary, and generally highly skilled. They're going to be fine, who wouldn't want to hire ex-twitter? The job market is still hot for techies. The writing has been on the wall since Mollusk started chasing the purchase.

Job market is definitely not "hot". I think there are still jobs out there but lots of companies are tightening up severely.

Incorrect, it's still a feeding frenzy, just not everywhere.

No guarantee about next week, but for now it's strong demand.

Re: Twitter Layoff Started Today

#104

Post by onlyrealcuzzo »

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.

If you need 6 months to get a job in this profession, something is wrong.

Even the slowest companies take 2-3 months to get an offer. Maybe it takes you a month without a job to be interview ready.

Honestly, the vast majority of people would be better off taking a month of work to prepare for interview full time to get a better job...

Re: Twitter Layoff Started Today

#105

Post by TheCoelacanth »

cecilpl2 wrote: post #82
whatgoodisaroad wrote: post #68

My understanding was that this sort of stock sale blackout is typically an internal thing to avoid insider trading liability, but if you've been laid off, you would no longer be internal and therefore no longer subject to the blackout. Is that not how it's structured here?

You are subject to a blackout when you have material nonpublic information. IME the blackout remains until the opening of the trading window following the end of your employment.

Most rank-and-file employees don't have material nonpublic information, though.

Blackout periods are more of a CYA thing.

Once you leave the company, you only have to follow the actual law, not the stricter rules that the company sets for its employees.

Re: Twitter Layoff Started Today

#106

Post by smugma »

hughesjj wrote: post #41
throwaway5959 wrote: post #23

Earlier quoted context omitted.

Equity isn’t an emergency fund.

Isn't and Shouldn't are different things. Also, new hires exist. Not everyone has had time to actually accumulate wealth from their compensation. Not everyone was taught financial literacy before being dumped into a high stress job. Not everyone is in good health. I think sympathy and compassion are fine ideals to hold for any of our working class cohort.

New hires won’t have vested equity that is blocked, so I don’t understand the relevance.

It’s also not clear that Twitter would be able to block sales once you are no longer an employee; my guess is that they can’t.

Re: Twitter Layoff Started Today

#107

Post by albatross13 »

throwaway9870 wrote: post #50
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.

While saving 6 months might be possible, I would love for you to point me to a high-yield savings account.

$GME

Re: Twitter Layoff Started Today

#108

Post by vlozko »

maerF0x0 wrote: post #62
ar_lan wrote: post #47

Earlier quoted context omitted.

$40k is probably a more accurate median. Still, after taxes, that should leave ~$80k money to live on/save beyond rent concerns.

40k is accurate if you only need one bedroom. Now try being the breadwinner for 4 people.

I don’t see the motivation of raising a family and paying such a high rent in SF, particularly when Twitter has stated just about all their employees can work remote.

Re: Twitter Layoff Started Today

#109

Post by actually_a_dog »

notch656a wrote: post #101
actually_a_dog wrote: post #76

Earlier quoted context omitted.

> An easy 3+ grand to move to an inexpensive town. I think 3 grand is probably an underestimate for any significant move. It cost me $1k to move ~2.5 miles across town the last time I moved.

I've moved across the nation with my thumb out, $20, and a tarp to tie across some trees to sleep under. It's doable on way less than $1k.

Of course it is, if you're not taking anything with you. I moved thousands of miles for $0 once, because everything I was taking fit in a suitcase that I already owned, and my flight was paid for by the company I was moving to work for. I'm talking about people who have to move apartments, and possibly families. You aren't doing that for $20.

Re: Twitter Layoff Started Today

#110

Post by [deleted] »

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.

[deleted]
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