Meta lays off 11,000 people

Post by system2 » Wed, Nov 09, 2022, 4:45 PM UTC

lafreb wrote: post #116

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://…

Not only the structure, the wording is also identical: "Today I’m sharing some of the most difficult changes we’ve made in Meta’s history." "Today we’re announcing the hardest change we have had to make at Stripe to date." "At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth." "At the outset of the pandemic in 2020, the world rotated overnight towards e-com…

Post by pm90 » Wed, Nov 09, 2022, 4:47 PM UTC

TheOtherHobbes wrote: post #102

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,…

Post by obert » Wed, Nov 09, 2022, 4:48 PM UTC

Post by [deleted] » Wed, Nov 09, 2022, 4:49 PM UTC

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…

Post by system2 » Wed, Nov 09, 2022, 4:50 PM UTC

fullshark wrote: post #360

keewee7 wrote: post #287

Facebook has become the local town square on the Internet. Thousands of active local groups is something that other social networks will have a hard time replicating. Marketplace is another feature that takes advantage of Facebook having a strong local presence, everywhere. Why did they pivot towards VR and metaverse when Facebook's strength is being the "Localverse"?

Because FB missed owning the smartphone platform with their FB phone (apple + google), and so they want to own the next one in their opinion (VR-Oculus).