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Twitter Layoff Started Today

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Re: Twitter Layoff Started Today

#271

> 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 remember a time when companies, at least in principle, would invest in their employees

I remember that time too, back before we had armies of employees with nebulous job titles like "Diversity, Equity, & Inclusion Advocate". Maybe someone realized some of these positions don't actually create any value, product, or service. Or as you put it, "Because business sense, etc." My impression is Twitter has extremely high overhead costs, and the gravy train has run out of steam.

Re: Twitter Layoff Started Today

#272
post #269

Fwiw, 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 insa…

I thought etrade had given up commissions and instead just front runs the trades..

Re: Twitter Layoff Started Today

#273

Earlier quoted context omitted.

makes sense. They've been in a hiring freeze for a while now. Not much sense paying recruiters to sit on their hands I guess.

Also, they need to remove the ideologists there first, if they want to be able to replace the ideologists in other positions.

Is there any evidence these layoffs are targeted at "ideologists"?

Re: Twitter Layoff Started Today

#274
post #190
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.

A nice (but not luxury) 2BR place, or a modest 3BR place, within 60 minutes of SF (excluding Central/Deep East Oakland) can easily be $50k/year if you moved in within last 3 years. That’s probably close to the average (4k/mo).

If you need 3BRs in SF, you probably have 2 incomes.

Re: Twitter Layoff Started Today

#275
post #269

Fwiw, 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 insa…

I thought etrade had given up commissions and instead just front runs the trades..

That’s false; brokerages make enough money from retail customers with payment for order flow.

Re: Twitter Layoff Started Today

#276

Earlier quoted context omitted.

Its a loan against yourself

Banks still want to see evidence of your ability to pay it back.

401k “loans” are a misnomer. There’s no underwriting or leverage. It’s an unpenalized withdrawal with payback (as opposed to regular early withdrawals, which are penalized).

Re: Twitter Layoff Started Today

#277

“ 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?

One problem is that companies like to talk about these stock grants as if they are as good as regular salary (and employees seem to play along, using terms like "total comp" and ascribing some definite dollar value to it). But they really aren't. So it is a bit of a deceptive marketing.

Re: Twitter Layoff Started Today

#278
post #157

Earlier quoted context omitted.

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

It's not a good emergency fund at first, but if you roll a few years into bonds then it can act as your fund after a few years.

The part of this that escapes me is that after a certain point one would more than likely have been, by historical accounts, better off the invest in equites. Then again, I am more of a proponent for emergency plans instead of just emergency funds.

However, if one wants to hold a portion of bonds and a sub-portion of said bonds happen to be I-Bonds, then I see no issues with that.

Re: Twitter Layoff Started Today

#279

Earlier quoted context omitted.

For us old people, what is "talent" ?

"recruitment", since labelling humans as resources is apparently inhumane

Shortly after starting a job I saw a spreadsheet my boss had made with a section labeled "Upcoming Resources" with my name and start date underneath. The phrasing caught my eye and it felt a bit weird to be written down like a bushel of wheat, but I certainly wasn't offended by it.

FWIW, that boss turned out to be one of the best and most empathetic people I've ever worked with.

Re: Twitter Layoff Started Today

#280

Earlier quoted context omitted.

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

HYSA is a term typically used to describe savings accounts where the interest rate tracks the federal interest rates and is competitive with other "HYSAs". Right now 1% is the norm, and you can get that from several credit unions and banks. Some banks, however, use their name recognition to attract customers and offer lower yields. For example, a Wells Fargo savings account will not yield 1% at the moment.

The 'H' should be changed to "Higher" instead of "High" since I believe 1% is far from what anyone would consider to be a high return.
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