Red Hat cutting hundreds of jobs, CEO says in letter to employees • Hacker News Board

Re: Red Hat cutting hundreds of jobs, CEO says in letter to employees

#161

Post by jrockway » Wed, Apr 26, 2023, 5:36 AM UTC

javanissen wrote: post #85

phkahler wrote: post #39

Earlier quoted context omitted.

Make it a Roth 401k so when unusual things like housing collapse you can pull your principal back out to make a purchase without penalty. Assuming the stock market didn't crash simultaneously.

That is the rule with a Roth IRA - pull out up to your contribution value without penalty. Early withdrawals from a Roth 401(k) are different: if your account is 80% contributions and 20% earnings, any early withdrawal you make will be prorated to be 80% contributions and 20% earnings. The earnings chunk will be added to your gross income and subject to a 10% penalty (in this case, 2% of the overall withdrawal). Give…

I'd say either way, keep your retirement savings and home buying savings separate. Sure, it will be nice to own a home when you're retired. But you're still on the hook for property taxes, repairs, and food.

Re: Red Hat cutting hundreds of jobs, CEO says in letter to employees

#162

Post by emptystation » Wed, Apr 26, 2023, 10:59 AM UTC

JohnFen wrote: post #157

hiimkeks wrote: post #155

Earlier quoted context omitted.

In less than a year, you will have less than 10% of a year's worth of pay stacked up that way FTFY

How was my math wrong?

If I earn $1000$/m, and I save $100/m - in a year, I'll maybe have $1200 saved up. 10% is so little for most you might as well spend it.

Personal rant: I've been saving up 20-50% of my salary for the last 5 years for a downpayment, and then in the past year 18% inflation hit, interest rate doubled, food price inflation is in top 10 worst in Europe, property prices in increased by 50% in 4 years. My savings obviously cannot keep up with the economy.

I'm glad I wasn't too stringy and spent some money to complete all necessary dental work in the past couple of years (dental is never covered by the insurance here), now I wouldn't be able to afford it.

Oh, and there's also a war in my home country and my family lost almost all of their income (thank god they aren't displaced (yet)), now I'm awaiting a decision from my company whether I get the boot or not. Fun times. I wish I invested in mental health and therapy too, I would still end up broke as I am now but at least I'd have some resilience.

Re: Red Hat cutting hundreds of jobs, CEO says in letter to employees

#163

Post by freedomben » Sun, Apr 30, 2023, 4:07 PM UTC

susumukodai wrote: post #118

morpheuskafka wrote: post #81

Earlier quoted context omitted.

But why would companies want to say (a) and not (b)? Seems like “you lost your job because the government raised taxes” would be a pretty popular explanation and PR strategy to get the change reversed.

1: "government" would likely be a large customer, and putting blame on one of your large customers is not a good business plan. 2: As much as we know the Biden Administration is largely responsible for our rampant inflation, to point out their significant part into our trashed economy only invites retaliation from them and their cronies. This administration is quick to attack anyone who even slightly besmirches or qu…

Just some friendly advice for the future, statements like this do much damage to your credibility.

> (much like their masters in the CCP).

Re: Red Hat cutting hundreds of jobs, CEO says in letter to employees

#164

Post by lucianf » Sun, Apr 30, 2023, 10:05 PM UTC

drumhead wrote: post #152

hnarn wrote: post #116

Earlier quoted context omitted.

> Do they actually do anything of value anymore or are they just Redhat now? IBM is a behemoth. They bought Red Hat in 2019 for $34B. At that point Red Hat had an annual revenue of ~$3.4B. How much is $34B for IBM? That year their annual revenue was $77B. They literally spent less than half of their annual revenue that year to buy the company. Even if we assume that the revenue stemming from Red Hat in IBM has double…

So what else do they do?

Hardware, software, consulting, research