21–30 of 616 posts
If we follow the weekly updates: 1. First a hiring "slowdown". 2. Hiring freeze and rescinded offers. 3. 18% layoffs. What's the reason behind announcing it in stages? Don't they receive much more negative publicity this way? Or are they really making decisions from one week for the next?
If we follow the weekly updates: 1. First a hiring "slowdown". 2. Hiring freeze and rescinded offers. 3. 18% layoffs. What's the reason behind announcing it in stages? Don't they receive much more negative publicity this way? Or are they really making decisions from one week for the next?
Crypto is a zero sum game, and the old Paul Graham essays and other tired VC dogmas really only work in positive sum games. FTX was founded by traders which is valuable when the ultimate purpose of the crypto industry is to separate uninformed people from their money.
This is sad. This was avoidable. There’s no recession as far as the eye can see. There’s a crypto recession. Let’s go back to building real tech.
>There’s no recession as far as the eye can see. Back your pardon? The Fed is expected to raise the interest rate by 0.75% in September, IIRC. If that's not a recession on the horizon, then what is?
It is fascinating just how quickly sentiments can change (both in the broader market but in crypto it seems to be exacerbated). That said, it's obvious that companies like these dramatically overhired and overspent on talent and were growing far beyond what the market could bear except in an extremely bull run subsidized by government largesse. Now that investors are losing their shirts on crypto and retail people wh…
Sounds like a classic bubble that people have been warning about. Tulips all over again?
https://www.cnbc.com/amp/2022/05/02/warren-buffett-wouldnt-s...
This is sad. This was avoidable. There’s no recession as far as the eye can see. There’s a crypto recession. Let’s go back to building real tech.
You cannot print money nigh on end. If you did not see this downturn coming in the markets, I have a bridge to sell you.
Crypto is clearly crashing but I’m more curious if a reckoning will hit FAANG, particularly Google. I know one person there who is the spouse of a good friend, and they make nearly 7 figures as a middle manager (although I’m unsure what happens with the stock declines and RSUs). Can these companies support legions of absurdly highly paid people? GOOG is down 25% this year, what will happen when it drops 50%?
This of course means that if you were granted just before a downturn, the "reason to stay" isn't as powerful as it was before.
And I think the big names will start slowing down hiring and offering less, probably salaries stay the same but the grants start to decline.