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Twitter Layoff Started Today

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Re: Twitter Layoff Started Today

#171

Post by kurupt213 »

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 cost of a modest lifestyle in SF would strain a Twitter salary

Re: Twitter Layoff Started Today

#172

Post by anonAndOn »

SilasX wrote: post #157
anonAndOn wrote: post #128

Earlier quoted context omitted.

You can only deposit 10k/yr but how does 9.62% sound?[0] [0] https://treasurydirect.gov/indiv/products/prod_ibonds_glance...

That's not emergency fund material since there are big penalties for early (pre-12 months) withdrawal.

If you buy 10x $1000 (or 20x $500) bonds and cash out less than the full amount over the course of a year, you'll still come out ahead of whatever interest $BANK was going to pay you for the same funds in your savings account.

Re: Twitter Layoff Started Today

#174

Post by shukantpal »

projectazorian wrote: post #154
rayiner wrote: post #111

Earlier quoted context omitted.

> compassion are fine ideals to hold for any of our working class cohort. “Working class” lol. Class-wise, engineers are like the junior executives in the Mad Men era, or junior lawyers and bankers today. They are not only well compensated, but have tons of impact (and therefore leverage) as individual contributors. The “working class” are the folks cleaning the building who are fungible commodities. You can be a 10x…

> “Working class” lol. Class-wise, engineers are like the junior executives in the Mad Men era, or junior lawyers and bankers today. They are not only well compensated, but have tons of impact (and therefore leverage) as individual contributors. Anyone who relies on wage labor for their income (as opposed to earnings from capital) is working class. That is the defining feature of the working class. Unless you could r…

No post body was provided.

Re: Twitter Layoff Started Today

#175

Post by aatharuv »

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?

Agreed.

Depending on how Twitter does things, if the employees got RSU's, taxes due (federal, state, etc.) got correctly deducted on vesting.

Unless people deliberately reduced their tax deducted from their RSU's (which may not be doable), or have lots of other income on which tax is due, they won't be screwed over on taxes. And if they have lots of other income on which tax is due, they're less likely to be living paycheck to paycheck.

Re: Twitter Layoff Started Today

#176

Post by actually_a_dog »

notch656a wrote: post #119
actually_a_dog wrote: post #109

Earlier quoted context omitted.

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.

Only 16% of SF is families with children, so that's not really representative of someone living there.

That's a valid objection to two whole words of my comment. On the flip side, 99% of SF is people who live in homes. Most of those people will have more than a backpack's worth of stuff to move.

Re: Twitter Layoff Started Today

#177

Post by dionidium »

jmathai wrote: post #67
schnebbau wrote: post #21

Earlier quoted context omitted.

I guess they'll have to lower their cost of living like the rest of us?

I don't understand the hate towards high cost of living areas. Making a few $100k in a HCOL area is similar to making $100k in a LCOL area. You don't live like a king if both your income AND expenses are higher. Both people in this example have a lot more in common than I'm reading into from your comments.

> $100k in a LCOL area

OK, but it's very easy to live comfortably on $100k in a LCOL area. The idea that these people have no fat in their budgets is risible. Put me in charge of the books and I promise they'll be in tip-top shape in 6 months. But they'll hate me, because a lot of stuff they've been keeping in the "needs" bucket is gonna find its way into the "wants" pile in a hurry.

If you don't have an emergency fund, then you cannot afford to eat out. You cannot afford two cars. The one car you have better be a used Hyundai. You can't afford to take a vacation. You can't afford those violin lessons. Hell, you can't even afford Hulu or Netflix. Go for a quiet walk and gather your thoughts toward accumulating an emergency fund, because if you don't have one, then you cannot afford any of that stuff.

Re: Twitter Layoff Started Today

#178

Post by jonas21 »

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.

This sounds like the standard blackout period that public companies have every quarter to prevent insider trading. If so, it'll be lifted a few days after TWTR reports Q2 earnings later this month.

Re: Twitter Layoff Started Today

#179

Post by abirch »

twunde wrote: post #140

I feel sympathetic but anyone that hasn't started prepping for layoffs is simply not reading the writing on the wall, _especially_ at Twitter. Elon Musk has basically said that he wants people working 40+ hours/week in the office or you can quit to Tesla and SpaceX. There have been stories for weeks about large startups having layoffs. Finally, most acquisitions tend to end in layoffs Minimum, you should be updating…

Elon is probably not going to buy Twitter and they will have to sue him for the billion he owes them if he breaks the deal

Re: Twitter Layoff Started Today

#180

Post by reaperducer »

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?

It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?

Wait till they get new jobs and find out that in the real world companies don't have RSUs, rooms full of toys, flexible hours, gold-plated healthcare plans, company time to work on your own projects, and free cafeterias staffed by gourmet chefs.

Welcome to the 99%!

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