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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#41

Post by pmontra »

> At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.

This is very similar to the Stripe layoff memo at https://stripe.com/en-it/newsroom/news/ceo-patrick-collisons...

The structure of the two documents is very similar too. Is that a standard pattern of did Meta took Stripe's memo and adapted it to suit their needs?

Re: Meta lays off 11,000 people

#42

Post by atemerev »

maccard wrote: post #27

> I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go _How_ does Meta have 85,000 employees? That's an _incredible_ size of an organisation.

The moderators and reviewers alone probably make the bulk of it.

Re: Meta lays off 11,000 people

#45

Post by kensai »

Tepix wrote: post #17

Quite a difference between this message and the one Twitter (i.e. Elon Musk) sent to its employees.

As much as people hate Mark Zuckerberg and accuse him of being a robot, he showed much more humanity in his message in respect to Ironman Elon.

Re: Meta lays off 11,000 people

#46

Post by nixcraft »

All social media companies hire too many folks and now cutting expenses to meet their target for shareholders. Yet, only Twitter seems to get lots of backslashes compared to other FANGS. Why? I wonder if this relates to Elon Musks' ongoing outbursts on Twitter regarding his political and other conservative views. I believe I answered my own questions. Ha!

Re: Meta lays off 11,000 people

#47

Post by bell-cot »

4gotunameagain wrote: post #19

Considering the greatly inflated tech wages in top companies, aren't those layoffs alone likely to impact the US economy?

Yes. Hopefully starting with housing prices & rents in certain areas.

Though the US is ~3.3e8 people. Don't expect layoffs of ~1.1e4 to have a substantial national effect.

[Edit - 's/1e3/1e4/' correction.]

Re: Meta lays off 11,000 people

#48

Post by aetherson »

4gotunameagain wrote: post #19

Considering the greatly inflated tech wages in top companies, aren't those layoffs alone likely to impact the US economy?

11,000 people is around 0.003% of the US population. These layoffs alone will not meaningfully impact the US economy. Of course, these layoffs are not in isolation, and the economy is obviously cooling. But, alone, no, it is not a mechanically meaningful factor.

Re: Meta lays off 11,000 people

#49

Post by em500 »

4gotunameagain wrote: post #19

Considering the greatly inflated tech wages in top companies, aren't those layoffs alone likely to impact the US economy?

FB alone certainly not. Even if these 11k people would be earning on average 300k/year, their combined income would be only around 3B/year. The US national income is around 25.000B/year.

Re: Meta lays off 11,000 people

#50

Post by rvz »

Good. About time. $180K per employee for years is not sustainable.

This is the general 'Tech Crash' I was talking about before all of this happened in advance. [0] [1]

We'll see what happens after the news. No company is safe. Not even FAAMNG companies that HN has been screaming about for years was ever untouchable.

[0] https://news.ycombinator.com/item?id=22663119

[1] https://news.ycombinator.com/item?id=29508238

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