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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#651

Post by sytelus »

discordance wrote: post #259
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…

"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."

SV should start new season. Writers will have no shortage of material.

Re: Meta lays off 11,000 people

#652

Post by ergocoder »

maerF0x0 wrote: post #648

> > I got this wrong, and I take responsibility for that. He's not taking responsibility. Taking responsibility would look like him saying "And I'm going to personally give 1% of my shares to those who are leaving spread equally". Responsibility means being willing to sacrifice something personal to make it right (or less wrong). Zuck owns 13.6% of 2.687B shares, at a $104 a piece that 1% share would be about $30k pe…

Isn't it included in the severance packages?

Just curious. Or you want the severance package to be 30k more?

Re: Meta lays off 11,000 people

#653

Post by nell »

maerF0x0 wrote: post #648

> > I got this wrong, and I take responsibility for that. He's not taking responsibility. Taking responsibility would look like him saying "And I'm going to personally give 1% of my shares to those who are leaving spread equally". Responsibility means being willing to sacrifice something personal to make it right (or less wrong). Zuck owns 13.6% of 2.687B shares, at a $104 a piece that 1% share would be about $30k pe…

He was worth $130B. Now, $34B. Hasn't sold any significant piece of it while he knew there are risks with changing the direction of the company. That should count for something.

Re: Meta lays off 11,000 people

#654

Post by cortesoft »

maerF0x0 wrote: post #648

> > I got this wrong, and I take responsibility for that. He's not taking responsibility. Taking responsibility would look like him saying "And I'm going to personally give 1% of my shares to those who are leaving spread equally". Responsibility means being willing to sacrifice something personal to make it right (or less wrong). Zuck owns 13.6% of 2.687B shares, at a $104 a piece that 1% share would be about $30k pe…

Isn't the plummeting stock price him taking responsibility and ownership? He has lost way more from that than 1% of his stock ownership.

Re: Meta lays off 11,000 people

#655

Post by indigodaddy »

tiagod wrote: post #530
crazygringo wrote: post #423

Earlier quoted context omitted.

It means he's not trying to scapegoat a VP or the board or say "It's not my fault nobody foresaw this economy." It doesn't mean anything in terms of action or "self-punishment" but nor should it. The dude has already lost many more billions of dollars than you or I will ever see. I'm no fan of the guy, but some people won't even take responsibility verbally. So at least he's not descending that low. And the severance…

> The dude has already lost many more billions of dollars than you or I will ever see. Is it worse to lose a billion dollars when you have two b, or a thousand dollars when all you have is 2k?

I’d say the latter because what you end up with is much more relatively closer to zero. Of course you weren’t losing much in the first place so there’s plenty of argument for the former as well.

Re: Meta lays off 11,000 people

#656

Post by ergocoder »

wickedsickeune wrote: post #629

For those wondering what "accountability" and "responsibility" should look like: They do not need to mean punishment, they can just mean "clear, concrete intent for remediation and improvement". The remediation part is implemented by the severance package. The intent for improvement, is nowhere to be seen. When somebody makes a mistake, punishing on its own is meaningless. The point is to remedy the mistake (eg pay m…

They did. It is the over hiring, and they rectify it by laying off people and going into hiring freeze.

Re: Meta lays off 11,000 people

#657

Post by maerF0x0 »

marcus_holmes wrote: post #165
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?

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.

I dont really care why you got into it so long as you remain excellent while you're here. the Problem is the (seeming) correlation between money driven motivation and apathetic (sub)mediocrity.

Re: Meta lays off 11,000 people

#658

Post by mattnewton »

sabellito wrote: post #598
hbn wrote: post #420

> Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I mean people who had financial gain on the line (like yourselves) pretended this was the case so you could cash in at the time and then pull the rug once it wasn't working any more (as you're doing now), but everyone with half a brain knew it wasn't sustainable. Literally how could that acceleration be p…

> but everyone with half a brain knew it wasn't sustainable. Did you short all these companies and are currently a billionaire? Since it took only half a brain to know.

He's also probably not an accredited investor, selling a stock short in any significant volume is not like making a retail purchase. It can be quite hard to make money off knowing a stock will crash, and that's not even accounting for needing to know _when_ precisely since most of the ways involve short dated options. I gave up after investigating ways to bet on interest rate hikes and market corrections, and just went cash heavy at the end of 2021. That doesn't make you a billionaire it makes you just not lose principle.

Re: Meta lays off 11,000 people

#660

Post by jollyllama »

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.

Try ~50,000. https://layoffs.fyi/
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