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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#401

Post by ripper1138 »

automatic6131 wrote: post #327
nokeya wrote: post #32

So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?

>Will this over flood the market and bring expectations and salaries down? Well I predict two things: One, the days of $200-500k TC being common and widespread are going to end. If you're in this bracket, or about to break into it, yeah be worried, it's probably going to evaporate. Two, the CV value of Meta, Snap, Stripe, etc. is also going to end. I don't think they will command the same premium in the jobs market f…

It was obvious that those days were going to end eventually, it was never going to be sustainable. A few people I knew were deciding between job offers at beginning of this year and I straight up said take the most comp, this shit isn’t gonna last forever…

Re: Meta lays off 11,000 people

#402

Post by falcolas »

paulcole wrote: post #322
andyjohnson0 wrote: post #246

> I got this wrong, and I take responsibility for that. As always with these things, I wonder what taking responsibility actually means in practice. Businesses usually try to find ways to correct for major failures in decision making. In the case of Zuck, given his ownership, does anything actually happen or change? I'm sure his net worth has been reduced by changes to Meta's share price, but he was a multi-billionai…

What would him taking responsibility in practice look like to you?

Taking a salary cut. Loosing unvested options. Fewer grants going forward.

Financial penalties that incentivize him to not fuck up again.

Re: Meta lays off 11,000 people

#403

Post by grey-area »

shafyy wrote: post #179
pmontra wrote: post #41

> At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. This is very similar to the Stripe layoff memo at https://…

I just don't buy that they naively thought that everything would keep growing like it did during the pandemic once the pandemic was over. It seems like a welcome excuse.

They were willing for their new employees to take that risk.

Re: Meta lays off 11,000 people

#404

Post by Bluecobra »

Ocerge wrote: post #186
marcus_holmes wrote: post #165

Earlier quoted context omitted.

I remember the dot-com (and Y2K) bust, when all the people who got into tech for the money (and not the love of it) suddenly decided to switch career. I hope the same happens now.

So you're implying only people who are passionate about tech should be allowed to work in tech? This does not hold water for almost any profession. Tech pays extremely well, and if you can do the work, who cares how you feel about it?

During the dot-com days, you could get a job if you can fog a mirror and turn on a PC. Now you typically need to get a degree to get your foot in the door so at least there is a vested interest. (Not to say there aren’t talented people without degrees.) I think the OP is talking about getting rid of some of the dead weight. We’ve all worked with someone who coasts along and wonder how the hell they have a job in the first place.

Re: Meta lays off 11,000 people

#405

Post by relativ575 »

oblio wrote: post #70
nokeya wrote: post #32

So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?

Obviously, if this continues at this rate. We'll be able to judge in 3-6 months the full impact. Anyone who tells you otherwise is living in Lalaland. The main thing is figuring out what's the full impact. If it's 10%+ of tech workers, the golden days are over for the vast majority of tech workers.

Were you around the dot com crash? It was much worse than what is going on, layoffs happened left and right. But the future would have never been better for tech jobs. So no, incorrect to say anything for sure.

Re: Meta lays off 11,000 people

#406

Post by boringg »

tootie wrote: post #299
eschneider wrote: post #146

I'm old and this is the third time around for these sorts of layoffs in tech. (Was around for dot-com bust of 2000-ish and financial meltdown post-2008.) One thing you want to keep in mind is that decent severance packages are usually only a thing for the FIRST round of layoffs. There will be more, and the payouts will be a LOT worse. Just, FYI.

This is going to be a repeat of 2000, not 2008. There's seemingly no contagion and no secular stagnation. This is just unwinding of the cheap money era that flowed overwhelmingly into SV. You'll see a cooling off of red hot compensation, a lot of failed startups that no one ever understood and the ongoing crypto crash. This may end up being enough to trigger a mild recession.

Global macro is very different. This is going to be different from both.

Re: Meta lays off 11,000 people

#407

Post by reaperducer »

andyjohnson0 wrote: post #246

> I got this wrong, and I take responsibility for that. As always with these things, I wonder what taking responsibility actually means in practice. Businesses usually try to find ways to correct for major failures in decision making. In the case of Zuck, given his ownership, does anything actually happen or change? I'm sure his net worth has been reduced by changes to Meta's share price, but he was a multi-billionai…

> I got this wrong, and I take responsibility for that.

As always with these things, I wonder what taking responsibility actually means in practice.

Perhaps he will give up his sixth boat, or his fourth house, or his 13th car? Maybe he's going to wait on buying that private island until next quarter.

Everyone has to make sacrifices.

Re: Meta lays off 11,000 people

#408

Post by cableshaft »

discordance wrote: post #259
andyjohnson0 wrote: post #246

> I got this wrong, and I take responsibility for that. As always with these things, I wonder what taking responsibility actually means in practice. Businesses usually try to find ways to correct for major failures in decision making. In the case of Zuck, given his ownership, does anything actually happen or change? I'm sure his net worth has been reduced by changes to Meta's share price, but he was a multi-billionai…

"Today, effective immediately, I, Gavin Belson, founder and CEO of Hooli, am forced to officially say goodbye to the entire Nucleus division. All Nucleus personnel will be given proper notice and terminated. But make no mistake. Though they're the ones leaving, it is I who must remain and bear the heavy burden of their failure."

For someone who barely ever worked an office job, Mike Judge is an expert at portraying office space.

Re: Meta lays off 11,000 people

#409

Post by BarryMilo »

mattmaroon wrote: post #364
andyjohnson0 wrote: post #246

> I got this wrong, and I take responsibility for that. As always with these things, I wonder what taking responsibility actually means in practice. Businesses usually try to find ways to correct for major failures in decision making. In the case of Zuck, given his ownership, does anything actually happen or change? I'm sure his net worth has been reduced by changes to Meta's share price, but he was a multi-billionai…

Yeah that’s about it. He’s lost about $90b in net worth. I suppose you can debate whether that’s punishment enough or not when you’ve got another $38b left or whatever. But I’ll tell you this from experience: lasting people off because you chose to grow too fast is really, really hard. I’ve done it, though in my case it was a lot fewer people and I actually knew and loved them all. If I had to lay off 11,000 people I…

And unlike any of his employees, he is a billionaire. I'm sure he'll find a way to sleep.

Re: Meta lays off 11,000 people

#410

Post by jressey »

nokeya wrote: post #32

So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?

My 2 cents is that it's going to be mostly recruiters, sales, customer success, and other misc operations folks. That's the pattern I've been observing since the post-covid layoffs have begun.
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