Meta lays off 11,000 people • Hacker News Board

Re: Meta lays off 11,000 people

#431

Post by zero_ » Wed, Nov 09, 2022, 2:23 PM UTC

whatwherewhy wrote: post #52

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?

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.

Does the small EU country you are living in pay FAANG level salaries (200k and more) for their developers? Because in the small central EU country where I live, they always say skilled workers are in demand until you tell them your desired salary ;-)

Re: Meta lays off 11,000 people

#432

Post by propogandist » Wed, Nov 09, 2022, 2:23 PM UTC

dbrgn wrote: post #337

If 11k employees are 13% of the workforce, then Meta employed roughly 85k people. Holy moly, what do all these people actually do all day long? Also, assuming an average annual wage of 80k USD, that would mean 6.8 billion USD of wage costs every year. That's quite something.

Facebook folks usually make 6 figures, and most have a large portion of comp in stock based comp. The number is much larger.

Re: Meta lays off 11,000 people

#433

Post by roflyear » Wed, Nov 09, 2022, 2:23 PM UTC

falcolas wrote: post #402

paulcole wrote: post #322

Earlier quoted context omitted.

What would him taking responsibility in practice look like to you?

Taking a salary cut. Loosing unvested options. Fewer grants going forward. Financial penalties that incentivize him to not fuck up again.

Homie this isn't a fuck up. It's what shareholders want and it is awful.

These 11k employees are not a threat to facebooks existence. Not even close. If that was the case FB stock would be tanking.

FB is pulling in record profits. They just are getting a little nervous and they are laying people off. It is ridiculous.

Re: Meta lays off 11,000 people

#434

Post by Aunche » Wed, Nov 09, 2022, 2:23 PM UTC

tootie wrote: post #299

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.

This is going to be a repeat of 2000, not 2008. There's seemingly no contagion and no secular stagnation. This is just unwinding of the cheap money era that flowed overwhelmingly into SV. You'll see a cooling off of red hot compensation, a lot of failed startups that no one ever understood and the ongoing crypto crash. This may end up being enough to trigger a mild recession.

Software engineering is far more saturated than it was in 2000 and 2008. In 2008, Amazon, Apple, and Google all had a seemingly endless room to grow. The iPhone, Android, AWS, and video steaming were still in their infancy. There's nothing like that right now. There are definitely a lot of exciting innovations in ML and VR, but I think it will be a while before these technologies find a mainstream consumer use case.

Re: Meta lays off 11,000 people

#435

Post by Reason077 » Wed, Nov 09, 2022, 2:24 PM UTC

Z̶u̶c̶k̶ Zorg fires 1 million: https://www.youtube.com/watch?v=r0mO6UY6uTg

Re: Meta lays off 11,000 people

#436

Post by DarkGroku » Wed, Nov 09, 2022, 2:24 PM UTC

FB still making 4Billion in profit, all the comments here dont seem to talk about that Twitter wasnt profitable, FB is and laid off 4x the amount of employees, Zuck just saw Musk do it and thought itd be a perfect time while the attention is on Musk and Twitter, that letter Zuck wrote is sick and sounds like its written by a sad emotionless robot he brags about how profitable Meta is in that letter its pathetic, reminds me of the 70s and Reagan and neoliberalism making changes to laws to allow capital flight from New York to the south and firing all the well paid factory workers in the Bronx 10,000 families now without a breadwinner over night Zuck blew through billions on his VR research that no ones buying and just saw the perfect opening to sharpen his technocrat knives and surgically remove 11,000 employees even though they all contributed to making Meta be 4B in profit and it was Zuck who blew billions he needs his stock to bounce back so he can continue buying the rest of Hawaii

Re: Meta lays off 11,000 people

#437

Post by roflyear » Wed, Nov 09, 2022, 2:24 PM UTC

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.

FB is making like $30bn year in profit. I am not sure if they are melting down?

Re: Meta lays off 11,000 people

#438

Post by Fordec » Wed, Nov 09, 2022, 2:24 PM UTC

sumeno wrote: post #362

paulcole wrote: post #322

Earlier quoted context omitted.

What would him taking responsibility in practice look like to you?

Facing repercussions on the level of those he's laying off. If he's responsible he should be the first one out the door.

Or rather the person who is responsible should go before those who are not and have been doing their job.

If a middle manager was responsible for a bad decision, their head would be on a spike. But it's the chief executive officer, so he gets a pass, if only because he's in the position of power.

Re: Meta lays off 11,000 people

#439

Post by francisofascii » Wed, Nov 09, 2022, 2:25 PM UTC

falcolas wrote: post #402

paulcole wrote: post #322

Earlier quoted context omitted.

What would him taking responsibility in practice look like to you?

Taking a salary cut. Loosing unvested options. Fewer grants going forward. Financial penalties that incentivize him to not fuck up again.

To be fair, his net worth fell by $70+ billion. So that sounds like a financial penalty to me.

Re: Meta lays off 11,000 people

#440

Post by FraaJad » Wed, Nov 09, 2022, 2:25 PM UTC

kadomony wrote: post #276

yashg wrote: post #270

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.

Musk only authorized 3 months' severance to substantiate the 90 days needed to prevent being sued into oblivion. The man is going to do the bare minimum for his employees to recoup his loss in making the acquisition.

The bare minimum would be 60 days severance to stave off California's WARN act, isn't it?