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Meta lays off 11,000 people
251–260 of 1001 posts
Re: Meta lays off 11,000 people
#252Meta/FB is an immoral company, so I have almost zero sympathy if you agreed to work there in the first place.
Re: Meta lays off 11,000 people
#253Earlier quoted context omitted.
I remember the dot-com (and Y2K) bust, when all the people who got into tech for the money (and not the love of it) suddenly decided to switch career. I hope the same happens now.
So you're implying only people who are passionate about tech should be allowed to work in tech? This does not hold water for almost any profession. Tech pays extremely well, and if you can do the work, who cares how you feel about it?
You're reading it wrong.
If you can do the work, awesome, no one cares how you feel about it. But that's the keyword: *IF* you can.
People who went into IT for the love of it are diligent by default (from my personal experience) and CAN do the work. Then you get people who enter IT for the money (nothing wrong with that) and not all of them can do the work.
Those are the show-stoppers usually which incur various debts (from tech-debt to actual financial debt) because you end up having to carry them.
Let's not pretend as if they don't exist, there's so many of them.
Re: Meta lays off 11,000 people
#254Google did the same sort of crazy hiring and i wonder if they will be next to layoff thousands
I read (an estimate?) somewhere that google has been doing this by not renewing contractors and cutting hiring
I'm pretty sure that's what Meta was doing 3-6 months ago, so it may still be coming.
Re: Meta lays off 11,000 people
#255> I got this wrong, and I take responsibility for that. As always with these things, I wonder what taking responsibility actually means in practice. Businesses usually try to find ways to correct for major failures in decision making. In the case of Zuck, given his ownership, does anything actually happen or change? I'm sure his net worth has been reduced by changes to Meta's share price, but he was a multi-billionai…
That’s super pessimistic. What do you want him to say: “sucks all y’all lost your jobs but wasn’t my fault. Haha you’re unemployed now”. Like sure it’s not much, but without owning your mistakes how do you get better and improve to prevent them from repeating?
Re: Meta lays off 11,000 people
#256Considering the greatly inflated tech wages in top companies, aren't those layoffs alone likely to impact the US economy?
FTA: > While we’re making reductions in every organization across both Family of Apps and Reality Labs, some teams will be affected more than others. Recruiting will be disproportionately affected since we’re planning to hire fewer people next year. We’re also restructuring our business teams more substantially. It's not all engineers let go.
Are engineers the only people in tech with high salaries?
Re: Meta lays off 11,000 people
#257“I want to take responsibility” vs “I take responsibility”.
Re: Meta lays off 11,000 people
#258> 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://…
> Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended Who predicted this? The general consensus among folks I know was that the economy was in for an ass blasting once the pandemic supports were removed.
Most large fast going tech companies "predicited" this but that doesn't mean they really believed it. The alternative at the time was to say..."we grew 100% in the last two years but with covid restrictions limiting etc wr think that growth will be more like 80% and revenue down x%" that would have sent massive shocks to investors and stocks would have dropped overnight as companies like Meta had been setting a long precedent of "beat and raise" with their earnings calls. Essentially everyone was hoping it would continue as they didn't want to see equity and comp and valuations down. What's funny is that it all happened anyway over the course of the year. Believe me from first hand experience there were many people in these companies raising flags late last year that it can't continue but were essentially ignored. Hope is not a strategy!
Re: Meta lays off 11,000 people
#259> I got this wrong, and I take responsibility for that. As always with these things, I wonder what taking responsibility actually means in practice. Businesses usually try to find ways to correct for major failures in decision making. In the case of Zuck, given his ownership, does anything actually happen or change? I'm sure his net worth has been reduced by changes to Meta's share price, but he was a multi-billionai…
"Today, effective immediately, I, Gavin Belson, founder and CEO of Hooli, am forced to officially say goodbye to the entire Nucleus division. All Nucleus personnel will be given proper notice and terminated. But make no mistake. Though they're the ones leaving, it is I who must remain and bear the heavy burden of their failure."
Re: Meta lays off 11,000 people
#260I'd like to highlight this quote from the statement:
> and ads signal loss have caused our revenue to be much lower than I’d expected
Apple decisions + EU regulations?