Stock goes up in expectation of ... CEOs doing share buybacks to increase their bonus checks.
Layoffs at Block
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Re: Layoffs at Block
#12Earlier quoted context omitted.
People keep saying it’s pandemic over hiring, but it should be called ZIRP hiring. With the cost of money almost 4x what it used to be, companies have to deliver now, not just coast on promises of growth and success that may never materialize. Have to sing for that supper. https://paulgraham.com/startuplessons.html
I miss those days. It may have been economically silly but there was so much optimism, especially in the tech world.
Now we're just economically silly without optimism (except for one pocket of the tech world).
Re: Layoffs at Block
#13i'm gonna write this terrible news in all lowercase cause it's super aesthetic. maintain a bit of professionalism for the 4,000 people whose lives i'm throwing into turmoil? i don't think so, i have my shift key taped over so i don't accidentally show respect to anybody
Re: Layoffs at Block
#14Imagine not being laid off in this situation.. I'd demand to be.
EDIT: I guess if it comes with 300% raise I'd pause for a bit to think about it, but otherwise absolutely not.
Re: Layoffs at Block
#15> we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build a…
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Re: Layoffs at Block
#16Earlier quoted context omitted.
People keep saying it’s pandemic over hiring, but it should be called ZIRP hiring. With the cost of money almost 4x what it used to be, companies have to deliver now, not just coast on promises of growth and success that may never materialize. Have to sing for that supper. https://paulgraham.com/startuplessons.html
I miss those days. It may have been economically silly but there was so much optimism, especially in the tech world.
That is called a bubble.
Now some here are about to experience a repeat of the years 2000 and 2008 put together.
Re: Layoffs at Block
#17Stock goes up in expectation of ... CEOs doing share buybacks to increase their bonus checks.
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Re: Layoffs at Block
#18>we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build an…
> but something has changed
i.e. we finally decided to audit head count from post covid-era.
> paired with smaller and flatter teams
i.e. management was axed
Re: Layoffs at Block
#19Why make others misfortune a platform for ego expression? Why not doing things elegant, quiet, keep it in-house? Because misery of others drives stock prices up! It's a sacrifice he's willing to make.
Because it will go out today anyway on the investor call or later via leak so might as well get ahead of it.
Re: Layoffs at Block
#20What are the odds this is actually due to overhiring during the pandemic? From what I know, that was the principle reason for the Amazon layoffs. Would love to be corrected if I'm misremembering.
Except the concensus around the Amazon layoffs is that it's a shift in free cashflow to capex spent towards ram/gpus.