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Twitter Layoff Started Today

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Re: Twitter Layoff Started Today

#121

Post by TimPC »

The_Colonel wrote: post #55
falcolas wrote: post #42

Earlier quoted context omitted.

> What stops them from moving to another part of the country? Cost. Paying early termination on your rental contract. Paying to move. First, last, and a cleaning deposit at your new place. Stocking a new place with perishables. An easy 3+ grand to move to an inexpensive town. Loss of salary/job opportunities. You won't have the same job opportunities, nor salary ranges, if you live in a less expensive part of the cou…

> You won't have the same job opportunities, nor salary ranges, if you live in a less expensive part of the country So they will have to downgrade from an extremely privileged position to just highly privileged position. Should we open some fundraiser so they can keep their expensive lifestyle even after layoffs?

I believe the proposal on the table was that Twitter should give them permission to sell the stock they rightfully earned, not that anyone else should fund them. The blackout on stock sales suck.

Re: Twitter Layoff Started Today

#122

Post by mlboss »

rad88 wrote: post #114
throwaway5959 wrote: post #5

Earlier quoted context omitted.

Seriously. I wouldn’t be surprised if the lowest total comp was in excess of $200k/year. If you can’t have 6 months in cash sitting in a high yield savings account on that, there’s no amount of severance that will help you.

I'm financially illiterate. Where can I find a good high yield savings account?

There is no high yield savings account in US.

Re: Twitter Layoff Started Today

#123

Post by vlozko »

skookum wrote: post #92
influx wrote: post #29

Earlier quoted context omitted.

Companies should also remove your trading window when you exit the company.

Are trading blackout windows enforced in any way other than threat of dismissal? I don't think there's any external repercussions to trading during an applicable blackout, and trading on NPMI is illegal regardless of whether it is done in or out of a window.

Usually the broker that handles RSUs for the company automatically does this. They’ll prevent you from doing such trades. You could still technically use a different broker and buy/sell but that’s probably blatant insider trading.

Re: Twitter Layoff Started Today

#124

Post by smugma »

actually_a_dog wrote: post #76
falcolas wrote: post #42

Earlier quoted context omitted.

> What stops them from moving to another part of the country? Cost. Paying early termination on your rental contract. Paying to move. First, last, and a cleaning deposit at your new place. Stocking a new place with perishables. An easy 3+ grand to move to an inexpensive town. Loss of salary/job opportunities. You won't have the same job opportunities, nor salary ranges, if you live in a less expensive part of the cou…

> An easy 3+ grand to move to an inexpensive town. I think 3 grand is probably an underestimate for any significant move. It cost me $1k to move ~2.5 miles across town the last time I moved.

It cost me $3000+ to move <1 mile in SF. This didn’t include any unpacking etc. $320/hr for 4 people, 10 hours plus tip. Guys worked super fast but being on a top floor of a Victorian with tight stairways and multiple beds and couches is a lot of work.

Re: Twitter Layoff Started Today

#125

Post by [deleted] »

hughesjj wrote: post #41
throwaway5959 wrote: post #23

Earlier quoted context omitted.

Equity isn’t an emergency fund.

Isn't and Shouldn't are different things. Also, new hires exist. Not everyone has had time to actually accumulate wealth from their compensation. Not everyone was taught financial literacy before being dumped into a high stress job. Not everyone is in good health. I think sympathy and compassion are fine ideals to hold for any of our working class cohort.

[deleted]

Re: Twitter Layoff Started Today

#126

Post by [deleted] »

commandlinefan wrote: post #60
ahepp wrote: post #14

Earlier quoted context omitted.

You can't take out a 401k loan if you don't work there any more. In fact, that's one of the major drawbacks of 401k loans. If you leave employment, you have to repay the loan within a set time period, or treat it as a disbursement. That said I agree, complaints about "what will happen when my severance runs out!" did elicit a bit of an eye roll.

I'd never heard that... can you roll it over into an IRA and take a loan against that?

[deleted]

Re: Twitter Layoff Started Today

#127

Post by jpollock »

stocknoob wrote: post #2

“ many of these folks won’t be able to sell the shares they earned. The money they need pay bills and keep them afloat if and until they get new employment. When severance ends, that’s it.” It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?

Many people are extended enough that their stock is considered part of their compensation for buying a house. I know many people that sell all of their stock every month to make sure they have enough to live in the Bay Area.

What's the mortgage on a USD$2m 1300sqft house? Looks to be $11k/mo? So, total comp should be at least US$400k to be considered affordable.

Using South Bay, I don't know where a Twitter engineer would live in San Francisco...

https://www.redfin.com/CA/Sunnyvale/1063-W-McKinley-Ave-9408...

https://www.redfin.com/CA/Mountain-View/237-Houghton-St-9404...

Re: Twitter Layoff Started Today

#128

Post by anonAndOn »

throwaway9870 wrote: post #50
throwaway5959 wrote: post #5

Earlier quoted context omitted.

Seriously. I wouldn’t be surprised if the lowest total comp was in excess of $200k/year. If you can’t have 6 months in cash sitting in a high yield savings account on that, there’s no amount of severance that will help you.

While saving 6 months might be possible, I would love for you to point me to a high-yield savings account.

You can only deposit 10k/yr but how does 9.62% sound?[0]

[0]https://treasurydirect.gov/indiv/products/prod_ibonds_glance...

Re: Twitter Layoff Started Today

#129

Post by madeofpalk »

jpollock wrote: post #127
stocknoob wrote: post #2

“ many of these folks won’t be able to sell the shares they earned. The money they need pay bills and keep them afloat if and until they get new employment. When severance ends, that’s it.” It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?

Many people are extended enough that their stock is considered part of their compensation for buying a house. I know many people that sell all of their stock every month to make sure they have enough to live in the Bay Area. What's the mortgage on a USD$2m 1300sqft house? Looks to be $11k/mo? So, total comp should be at least US$400k to be considered affordable. Using South Bay, I don't know where a Twitter engineer…

Seems unwise. You can always be fired or otherwise lose your job.

Re: Twitter Layoff Started Today

#130

Post by KerrAvon »

xienze wrote: post #91
filoleg wrote: post #40

Earlier quoted context omitted.

> $25-30k in liquid cash hanging around all the time That's like 3-4 months of post-tax pay for a twitter engineer (and not a senior one at all). Yeah, i would expect them to be able to have that much in savings. If someone cant accumulate roughly 15% of their annual compensation in savings, while earning $200-400k/yr, then I have no idea what else could be done here to help.

> If someone cant accumulate roughly 15% of their annual compensation in savings, while earning $200-400k/yr, then I have no idea what else could be done here to help. The thing with those crazy Valley salaries that you hear about here is that a lot of the time a good amount is in the form of stock that vests on a rolling basis. So maybe you get $150K in cash and $75K in stock. After 401k, California and federal taxe…

Yup. Pretty much cut 45-50% off the top for federal and state taxes immediately. Divide the remainder between stock that won't actually vest for years and your base pay. It's way more complicated than "you're making six figures!!! why can't you SAV3!!1 too much avocado toast!"

Should people be more disciplined? Isn't it possible to do better? Sure, totally. But let's start with reality and not boomer bootstrap fan fiction.

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