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Meta in talks to reincorporate in Texas or another state, WSJ reports

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Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#111

Post by ok_dad »

lolinder wrote: post #53
RickS wrote: post #44

Earlier quoted context omitted.

> Which values exactly are being expressed by being incorporated in, say, California? Depends on when. The whole point is that the incentives, and signal generated by responding to them, are changing a bunch. Just my opinion, but between ~2008 and ~2016, incorporating in CA could at least potentially be read as "We're really serious about hiring the best talent and doing an unusually good job, to the point that we're…

> between ~2008 and ~2016, incorporating in CA could at least potentially be read as "We're really serious about hiring the best talent and doing an unusually good job, to the point that we're willing to pay a premium." This makes sense for putting a headquarters in California but doesn't explain incorporating there. For example, from TFA: Meta is thinking of moving their corporation from DE to somewhere else, but th…

> I'm trying to figure out what values would be signaled by incorporating anywhere other than DE.

"I don't like that corporations can shop around for the best deal in governments, while an individual is stuck with using their physical location and must follow those laws and pay those taxes no matter where they work. Therefore, my company will be incorporated in the locality that it's main office is in, and we'll pay local taxes and follow local laws for our locations elsewhere, so as to support the people who make our products/services great."

Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#112

Post by alpha_squared »

Aurornis wrote: post #104
m_ke wrote: post #13

I can't imagine what it's like at Meta right now, with the CEO publicly stating that they're firing the bottom 5% of performers and then a week later stating that the LLMs that his researchers / engineers are working on will soon be able to replace them. Zuck needs Yann LeCun and other senior researchers at Meta a lot more than they need him. If they were to quit there would be a line out the door to hand them as muc…

> the CEO publicly stating that they're firing the bottom 5% of performers I understand that people don't like any talk about layoffs and performance management, but I've never worked at a company where being in the bottom 5-10% of performers meant your job was safe. I've also never worked at a big company that didn't have at least 1-in-20 people who were clearly underperforming and everyone around them knew it. I kn…

Taking this to its eventual conclusion, wouldn't you just fire everyone?

Say you fire 5% now, then another 5%, and another, and so on. Obviously, you'll still hire, so you can argue that not everyone will be fired, but you could potentially just be firing/pushing out all the people you have today over the next X years to replace them with what you believed to be better employees. However, those newer employees are not the ones that got you to where you are today where you make so much money that you can liberally fire "the bottom 5%". It feels like a bit of a paradox.

At some point, it's worthwhile to step back and ask if maybe the system is broken. The constant hiring/culling cycle is ruthless way to wring out performance from people who are already likely overperforming in the industry.

Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#113

Post by dkjaudyeqooe »

stego-tech wrote: post #9

Not surprising, and I expect more of this in the decade to come. It feels like we’re finally seeing companies begin to draw lines in the sand on where their interests actually lay: power (which Texas grants in spades), profit (which Delaware has historically protected), or values (in which case they would incorporate/move to a place that aligns with said values - of which vanishingly few companies do). If anything, i…

I'm sure people like Musk and Zuckerberg think they are gaining some sort of advantage, but the reality is they're mostly gaining a lot of uncertainty as to legal rulings and government intervention. Delaware is widely preferred for a reason.

What happened to Disney should be chilling, but maybe they've decided to go all in on the right and figure that will be favored.

Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#114

Post by xyst »

Good for billionaires, and shareholders, capitalists. Bad for labor. Texas is going down the shitter. Local infrastructure is outdated, emergency systems stretched, minimal to no foresight in weatherization of critical systems such as power grid.

Any time it gets below freezing, anxiety shoots through the roof because 2021 was a real fucking disaster. The TX grid is a joke.

Let’s not forget how the state leaders bend to the GOP and use our tax dollars for political stunts (useless border walls used for photo ops, bussing migrants long distances for political theater, sending state guard to border to “protect” border and delay transportation of perishable goods).

I feel bad for people moving here under the allure of “cheap housing”.

- strong climate change denial here due to state leaders being O&G industry puppets

- anti-abortion

- anti-progressive

I can’t wait to leave this shithole.

Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#115

Post by leishman »

m_ke wrote: post #13

I can't imagine what it's like at Meta right now, with the CEO publicly stating that they're firing the bottom 5% of performers and then a week later stating that the LLMs that his researchers / engineers are working on will soon be able to replace them. Zuck needs Yann LeCun and other senior researchers at Meta a lot more than they need him. If they were to quit there would be a line out the door to hand them as muc…

Actually the top talent wants to work at a company that regularly fires the bottom performers

Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#116

Post by dkjaudyeqooe »

asdasdsddd wrote: post #88

Seems like a lot of Californians are feeling insecure about this kind of news. Maybe its time to re-evaluate why this is happening instead of lashing out. California is a beautiful state with great weather, it has some of the most important trade and transit hubs in the west, and a robust education system. There's no reason we can't turn this around, almost all of our issues are governance related problems.

It's a legal relocation, not a physical one.

Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#118

Post by moogly »

jfengel wrote: post #49
foogazi wrote: post #37

Is it a mental illness if a billionaire many times over still wants more money ?

The DSM definitions usually require some aspect of being made unhappy by your mental state. He seems pretty thrilled to be himself.

So why the ketamine?

Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#119

Post by insane_dreamer »

9283409232 wrote: post #3

A lot of SV companies keep moving or talking about moving to Texas but is Texas really that billionaire friendly? Reuters says it is "perceived by some.." but is it?

incorporating in TX is not the same as moving to TX

Meta is incorporated in DE -- how many employees do you think it has in DE?

Re: Meta in talks to reincorporate in Texas or another state, WSJ reports

#120

Post by jedberg »

kjksf wrote: post #57
HillRat wrote: post #38

Earlier quoted context omitted.

Also, speaking of Musk, note that for all his fits of pique over losing in chancery court over his attempt to wriggle out of a terrible contract that he wrote (Twitter) and a pay package that was rubber-stamped by a conflicted-controller BoD, he also notched some notable wins on some non-slam-dunk cases there, such as upholding Tesla's acquisition of his cousins' failing company SolarCity.

> pay package that was rubber-stamped by a conflicted-controller BoD Pay package was voted on by 75% shareholders, twice, so that's a gross misrepresentation of reality

No, it was voted on by 75% of shares. Musk alone is 12% of that.
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