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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#101

Post by habinero »

oblio wrote: post #70
nokeya wrote: post #32

So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?

Obviously, if this continues at this rate. We'll be able to judge in 3-6 months the full impact. Anyone who tells you otherwise is living in Lalaland. The main thing is figuring out what's the full impact. If it's 10%+ of tech workers, the golden days are over for the vast majority of tech workers.

Y'all. It's not eng being laid off. Or, at least, only marginally.

This letter says mainly recruiting and biz depts.

Re: Meta lays off 11,000 people

#102

Post by TheOtherHobbes »

4gotunameagain wrote: post #19

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

Corporations are like schools of fishes. They all swim in one direction until suddenly they swim in a different direction.

So rationally - no. Practically, in terms of social signalling - very probably.

Many c-suites will use this as an excuse to offer lower salaries. Even though the numbers are tiny in absolute terms, there will be chilling effect across tech in general, especially in the usual hot-spots - Bay Area, Seattle, maybe London, etc.

I'm not sure I'd expect a Tech Recession yet, but there are omens of a much wider recession which may well include tech.

Re: Meta lays off 11,000 people

#103

Post by andrewinardeer »

kensai wrote: post #45
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.

You really think he penned this? This is a PR release made by a team of people that he put his name to.

Re: Meta lays off 11,000 people

#105

Post by mattbrewsbytes »

jstx1 wrote: post #18
lljk_kennedy wrote: post #2

Honest question - what does 'take accountability' and 'take responsibility' actually look like for Zuckerberg here?

This question comes up in every layoff thread. It doesn't mean "this will have negative consequences on me personally". It means "I don't blame anyone else for this".

If you look at his net worth, which is likely to be mostly on paper, it has suffered a lot. I know its a "cry me a river", "worlds smallest violin" type of thing but for someone at his level that is the material impact. I would imagine someone with empathy will feel horrible about having to do this to 11,000 people's livelihoods. I'm not implying Zuck has or doesn't have empathy, I don't know him. I'm just saying this likely has an impact. It might also have a business impact on future hiring, forecasting, etc. for the company as well. Maybe the pace of funding in the VR BigBet gets pulled back some? We'll know in a couple quarters.

Re: Meta lays off 11,000 people

#106

Post by onlyrealcuzzo »

maltelandwehr wrote: post #71
nokeya wrote: post #32

So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?

If you include Stripe, Klarna, Netflix, Uber, Robinhood, Snap, Lyft, etc. tech layoffs in recent months have topped 100,000 now.

Which is about how many people Google itself hired over the course of the Pandemic, for context.

So it's not the end of the world. It really is a pretty minor set back so far.

Re: Meta lays off 11,000 people

#107

Post by fumblebee »

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.

If you think 85,000 if a lot (it is), Amazon employs a whopping 1.6m.

> In 2021, the American multinational e-commerce company, headquartered in Seattle, Washington, employed 1,608,000 full- and part-time employees.[1]

[1] https://www.statista.com/statistics/234488/number-of-amazon-...

Re: Meta lays off 11,000 people

#108

Post by habinero »

dagw wrote: post #86
whatwherewhy wrote: post #52

Earlier quoted context omitted.

In the small central EU country where I live, that wouldn't even saturate the open programmer positions - just about 1/10 of it. I'd be very surprised if it saturated the US market in any measurable way. If anything this just means these people will be working on more different products, and that means more opportunities for even more programmers in the future.

While it might not saturate the US job market as a whole, it will saturate the parts of the local programmer market that can come even close to matching the sorts of salaries these people where probably paid. If they're willing to move to anywhere in the US and/or take a 50+% pay cut then they'll have no problem getting a job. If they all want to stay where they are and get paid within 20% of their current salary the…

Or they'll start their own companies. Not a bad time to do it.

Re: Meta lays off 11,000 people

#109

Post by tyingq »

atemerev wrote: post #42
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.

I suspect those are not employees and not counted in this at all.

Re: Meta lays off 11,000 people

#110

Post by vanilla-almond »

pmontra wrote: post #41

> 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://…

Shopify announced staff layoffs in July 2022. The Shopify CEO expressed the same sentiment repeated later by Stripe and Facebook:

"...given what we saw, we placed another bet: We bet that the channel mix - the share of dollars that travel through ecommerce rather than physical retail - would permanently leap ahead by 5 or even 10 years."

"It’s now clear that bet didn’t pay off. What we see now is the mix reverting to roughly where pre-Covid data would have suggested it should be at this point."

https://news.shopify.com/changes-to-shopifys-team

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