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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#261

Post by bombcar »

shafyy wrote: post #179
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://…

I just don't buy that they naively thought that everything would keep growing like it did during the pandemic once the pandemic was over. It seems like a welcome excuse.

They thought it would be a paradigm shift and didn’t want to be caught out and dinosaured.

For them that risk was much greater.

Re: Meta lays off 11,000 people

#262

Post by washywashy »

IronWolve wrote: post #244
eschneider wrote: post #146

I'm old and this is the third time around for these sorts of layoffs in tech. (Was around for dot-com bust of 2000-ish and financial meltdown post-2008.) One thing you want to keep in mind is that decent severance packages are usually only a thing for the FIRST round of layoffs. There will be more, and the payouts will be a LOT worse. Just, FYI.

Correct, Take the first round of payouts, always. Almost every 10+ years a mega company buys the company I'm working for and lays off everyone. The first time I stayed on and didnt take the layoff with my group, was going to merge into the new company. Then after a year, was let go and didnt get the big layoff package, then my manager left. Totally screwed out of a major layoff package as it was a year later, way pas…

Are employees able to “take” a layoff even if they don’t receive an email telling them they are among the affected group?

Re: Meta lays off 11,000 people

#263

Post by fleddr »

PM_me_your_math wrote: post #216
CarbonCycles wrote: post #51

I agree. Two very different business responses between Musk and Zuck. I almost feel sorry for Zuck as we are witnessing meltdowns of two large companies in real-time. Musk just continues to dig his own grave… I feel bad for the ppl losing their jobs but that is a very generous severance package.

Correct me if I am worng, but hasnt Twitter has seen more growth in the last week than it has in some time? 15 million new users isn't a meltdown, nor is thinning a bloated and wasteful enterprise. Also, if twitter goes completely belly up, Musk would still be worth hundreds of billions of dollars. Grave? I'm game for some hyperbole, but not this early.

You being downvoted just shows even this community prefers emotional projections over simple facts.

There is no Twitter meltdown. Before Musk it was already in grave financial trouble and would have made 800m$ cuts anyway. Musk most certainly is clumsy in his actions and communications, but Twitter isn't going anywhere.

Likewise, Facebook isn't having a meltdown either. There's a dent in ad spent against a backdrop of 2 years of dramatic overhiring (same as Google, Stripe).

There's a 4% decline in revenue on a 27 billion quarterly revenue. Meltdown? There's a handful of companies on this planet being this profitable.

Re: Meta lays off 11,000 people

#264

Post by Andrew_nenakhov »

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 treat recently conquered people differently from the people you have governed for many years.

Re: Meta lays off 11,000 people

#265

Post by fleddr »

tumetab1 wrote: post #182
sidcool wrote: post #56

As much as I dislike Meta's practices, this was well handled. Decent severance and support.

Allowing access to email until the end of day also seems an improvement over other US companies practices > We made the decision to remove access to most Meta systems for people leaving today given the amount of access to sensitive information. But we’re keeping email addresses active throughout the day so everyone can say farewell.

It's honestly pretty risky. I imagine quite a lot of confidential information is in email.

Re: Meta lays off 11,000 people

#266

Post by jghn »

andyjohnson0 wrote: post #246

> 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…

At sone point “I take responsibility” came to mean nothing more than “My bad”. It’s as if the act of saying it was your fault is all that’s necessary.

Ive noticed it used this way more and more, presumably as people realize it’s utility as a get of jail free card

Re: Meta lays off 11,000 people

#267

Post by bombcar »

tifadg1 wrote: post #137
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.

I'm quite interested in learning which small central EU country has 150k outstanding programming jobs.

Obviously it’s the Vatican City State.

Re: Meta lays off 11,000 people

#270

Post by yashg »

16 weeks of base pay + 6 months of health insurance and everything else, looks like a decent severance package at least. This seems better handled than Twitter's layoffs.
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