Most if not all of those employees had to go through interview hell in order to work there. It says a lot that employers are always hesitant to hire but when they fire it is because they have run out of time.
Twitter Layoff Started Today
261–270 of 355 posts
Re: Twitter Layoff Started Today
#262Re: Twitter Layoff Started Today
#263Earlier quoted context omitted.
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.
I'm stunned really. I'm from the Netherlands, known for its comparatively poor pay for engineers as well as high costs of living. Despite that, from day 1, when my salary was at its lowest and I was still single, I saved 25% of my salary. A lot of years later and no longer single, I've build up multiple years in savings. Even more than that if I add my spouse. And the funny thing is that the need to do this applies l…
The key is that you started saving from the beginning. This informs all your future purchases and helps you maintain it going forward.
Many who get a high-paying job at the beginning spend to the limit of their income and then some. Very sad.
Re: Twitter Layoff Started Today
#264Earlier quoted context omitted.
> If someone cant accumulate roughly 15% of their annual compensation in savings, while earning $200-400k/yr, then I have no idea what else could be done here to help. The thing with those crazy Valley salaries that you hear about here is that a lot of the time a good amount is in the form of stock that vests on a rolling basis. So maybe you get $150K in cash and $75K in stock. After 401k, California and federal taxe…
> The thing with those crazy Valley salaries that you hear about here is that a lot of the time a good amount is in the form of stock that vests on a rolling basis. This doesn't make any sense. Yes, your stock "vests on a rolling basis" the same way your salary "vests" every two weeks. If you are making 150k in cash and 75k in stock, then you get access to 225k (minus tax) of liquid cash every year. The vesting sched…
Sure, but you have to sell it in full every single year to get that money, which means you have to forego the possibility of that stock being worth a lot more in the future. And there’s the whole “stock might go down” thing. So no, it’s not the same as cash salary.
Re: Twitter Layoff Started Today
#265Earlier quoted context omitted.
You know what you call someone with 1.5 million worth of assets? A millionaire. They will live, even if they have to move to "flyover country".
If they have a mortgage, they don't have 1.5M in assets. They have 1.5M in debt.
And yet home value is used to calculate net worth.
Re: Twitter Layoff Started Today
#266Earlier quoted context omitted.
> The thing with those crazy Valley salaries that you hear about here is that a lot of the time a good amount is in the form of stock that vests on a rolling basis. This doesn't make any sense. Yes, your stock "vests on a rolling basis" the same way your salary "vests" every two weeks. If you are making 150k in cash and 75k in stock, then you get access to 225k (minus tax) of liquid cash every year. The vesting sched…
Sure, but you have to sell it in full every single year to get that money, which means you have to forego the possibility of that stock being worth a lot more in the future. And there’s the whole “stock might go down” thing. So no, it’s not the same as cash salary.
Not selling the moment you vest is the same as deciding to purchase the stock. Even if you do it for Tax Reasons it's still a choice you're making, and there are potential downsides.
Re: Twitter Layoff Started Today
#267Re: Twitter Layoff Started Today
#268> So- in addition to losing their jobs, which Twitter assured employees would not happen I'm not that old, but even I remember a time when companies, at least in principle, would invest in their employees (via stable employment, regular raises, mutual trust) in return for employees investing in the companies (innovation, extra effort, dedication, championing the company brand). Today, we have this: - Companies using…
> I'm not that old, but even I remember a time when companies, at least in principle, would invest in their employees (via stable employment, regular raises, mutual trust) in return for employees investing in the companies (innovation, extra effort, dedication, championing the company brand).
So I'm in my mid 40s, and my earliest memories of company-labor relationship, has always been one of union crushing, layoffs, and pitting towns against each other to see which factory or mine was going to close first, before offshoring. But then again, I grew up in the deindustrializing midwest.
I'm not saying this rosey world never existed (I believe lifetime quality employment still existed in the 1960s), but it's been like this for more than half a century.
Re: Twitter Layoff Started Today
#269Fwiw, as far as stock sales being blocked. You can probably easily bypass that if you prepare in advance.
There exists a standard stock transfer mechanism, ACATS, for basically "wiring" your stocks to a different brokerage. I think these transfers are also legally mandated to some extent.
My previous company partnered with ETrade, giving us a special account for stock awards. The main special thing about it were insane commission, order(s?) of magnitude higher than interactive brokers. I moved the stocks to IB using ACATS; it felt like ETrade tried to use stalling tactics like asking me to mail a paper form I think (I called bs), then iirc there was an error because the account was special so the transfer logic couldn't find it, etc. But after persisting I saved 100s of $$ and also the company had no control of the stock anymore (we had some earnings lock outs, not that it affected me).
The downside is that it might mess with automatic tax stuff, iirc dates-CBs got transferred but I had to redo something about these tx-es, maybe ISO stuff? Not sure if anything was missing for RSUs, I assume things like espp cost basis might get lost, we didn't have it.
Now I wonder if I should do the same for my current company stock... just in case.
Re: Twitter Layoff Started Today
#270> So- in addition to losing their jobs, which Twitter assured employees would not happen I'm not that old, but even I remember a time when companies, at least in principle, would invest in their employees (via stable employment, regular raises, mutual trust) in return for employees investing in the companies (innovation, extra effort, dedication, championing the company brand). Today, we have this: - Companies using…
>> I'm not that old, but even I remember a time when companies, at least in principle, would invest in their employees (via stable employment, regular raises, mutual trust) in return for employees investing in the companies (innovation, extra effort, dedication, championing the company brand)
Well I am old, and I don't remember the time you claim to recall.
I've never championed a company brand and I just threw up in my mouth a little even typing that.