101–110 of 403 posts
Earlier quoted context omitted.
I worked at Yahoo! when the company offered to acquire Facebook for $1.4 billion. Most thought Zuck was a fool to pass on that. He 300x’d it in 10 years.
He is still a fool. He says he wakes up everyday felling like he is getting punched in the stomach. What more proof do you need?
Earlier quoted context omitted.
12 000 people out of 58 000 is “not a big deal”? It’s especially a big deal in the context of Facebook’s decline and bleak outlook. They’ve been outcompeted by TikTok, and their bet on VR looks misguided. Facebook look doomed, and this is a big step in that direction.
They literally went on a hiring binge from 2020-2021, so... in my opinion, yes. Sure there's bleak outlook, but you have no idea how many people I know from different companies who jumped ship from some 2nd-3rd tier co to work for the big five or Zoom-like start up during COVID. Mind you, there was binge hiring even outside of the big five. Many high profile startups increased their workforces by 10-20% in less than…
Earlier quoted context omitted.
The results are the same: your company has one employee less and you have one employer less.
Big companies offer packages when laying people off, n weeks of full salary once you are gone with m weeks before of time to find a new role internally or externally. This does not happen when you are fired for cause.
Does anyone even remember Libra?
Ironically, if they’d gone for normal boring payments like the Asian messaging apps, instead of following the crypto fashion, they’d be a giant bank by now.
Sad for the employees but a little part of my heart perks up whenever I hear any story of Facebook failing in any way.
Earlier quoted context omitted.
They literally went on a hiring binge from 2020-2021, so... in my opinion, yes. Sure there's bleak outlook, but you have no idea how many people I know from different companies who jumped ship from some 2nd-3rd tier co to work for the big five or Zoom-like start up during COVID. Mind you, there was binge hiring even outside of the big five. Many high profile startups increased their workforces by 10-20% in less than…
Exactly. A lot of people got a free lunch in the past couple of years because FAANG hiring (And the rest of the tech sector) went absolutely bonkers.
All the while their companies remained unprofitable.
Utter insanity. Especially in hindsight when we know that there is no “new normal” - just the old normal with a few online-only remnants.
Facebook employs over 58K people. This is not a big deal especially considering tech went on a * massive* hiring binge recently. [0] Facebook had a recruiting crisis in 2021: https://www.protocol.com/workplace/facebook-docs-hiring-recr... [1] Facebook aimed to hire 10K Europeans for metaverse in 2021: https://www.reuters.com/technology/facebook-plans-hire-10000... People underestimate just how much COVID and the rapi…
Earlier quoted context omitted.
He is still a fool. He says he wakes up everyday felling like he is getting punched in the stomach. What more proof do you need?
You don't have to like the man but, I think it's pretty clear that running any global social media company is miserable and filled with impossible decisions + people who will hate you no matter what choices you make. It sounds like many social media CEOs would agree that it's like getting punched in the stomach every day
He's had every chance to be a decent human being and he has rejected it.
Facebook has been a force for tremendous evil in the world, and now he's trying to push this bullshit proprietary metaverse crap on us, just because.
People hate him for who he is. He feels bad, and then continues doing the things that make us hate him, and that makes it worse.
Earlier quoted context omitted.
It could also mean creating an inhospitable environment for work, like demotion, allocating drudge work, removing responsibilities, etc. Right - it's actually far worse than outright firing or laying off people. As in, genuinely harmful to people from a psychological (and hence physical) point of view. All so the company can save a few dollars, and hit certain quarterly targets a bit sooner. That's why there's a name…
Sounds like you're suggesting to him that he gets himself put on the "managed out" list. I get your point completely, and agree with it to an extent. But if I put myself in that position, what would I do? I'd like to think I'd take the honorable approach you suggested, but I've also got bills to pay, kids to support, plans I want to achieve. Getting myself "managed out" at the expense of all of those things would be…
Agreed - and corporate life often gets that way.
But another way of looking at the payoff matrix might be: "I've got kids to support - and that means having parents they can trust, and look up to in this chaotic and morally ambivalent world. Even if it means we might have to work a year or two more before being able to retire more comfortably, or we might not get to take that vacation to Tulum this year."
Earlier quoted context omitted.
Hiring graduates at $200k is a major part of where the money goes when you’re spending billions on unprofitable software projects.
I'd wager that astronomical housing costs are the biggest factor in these absurd salaries, followed by healthcare. In the end it's a circle of money, from investors to mega-companies to their employees to their landlords which are again part of the investor class. Healthcare is just the same.