Earlier quoted context omitted.
> The money they need pay bills and keep them afloat if and until they get new employment. How will these people that were making well into six figures possibly survive?
Now go look at the cost of a home or apartment in San Francisco or nearby towns. I'll wait...
Twitter Layoff Started Today
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Re: Twitter Layoff Started Today
#82My understanding was that this sort of stock sale blackout is typically an internal thing to avoid insider trading liability, but if you've been laid off, you would no longer be internal and therefore no longer subject to the blackout. Is that not how it's structured here?
You are subject to a blackout when you have material nonpublic information.
IME the blackout remains until the opening of the trading window following the end of your employment.
Re: Twitter Layoff Started Today
#83Earlier quoted context omitted.
> The money they need pay bills and keep them afloat if and until they get new employment. How will these people that were making well into six figures possibly survive?
People tend to spend money in relativity to what they earn. https://thehill.com/changing-america/resilience/smart-cities... The same forces that encourage rampant consumerism in people who can't afford it, do it to people who can afford it - and then suddenly discover that they can't.
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Re: Twitter Layoff Started Today
#84Earlier quoted context omitted.
Now go look at the cost of a home or apartment in San Francisco or nearby towns. I'll wait...
Is SF the only city in the US? What stops them from moving to another part of the country? I moved across the globe, twice for the last 12 months, with my family. It’s definitely doable.
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Re: Twitter Layoff Started Today
#85My understanding was that this sort of stock sale blackout is typically an internal thing to avoid insider trading liability, but if you've been laid off, you would no longer be internal and therefore no longer subject to the blackout. Is that not how it's structured here?
They're mid-acquisition so the rules are different atm.
Re: Twitter Layoff Started Today
#86Earlier 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?
Unemployed recruiting coordinator or sourcer during a possible recession, is not what I would call highly privileged..
Re: Twitter Layoff Started Today
#87Earlier 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?
Maybe, but have you tried getting a loan approved with no income?
Re: Twitter Layoff Started Today
#88Earlier quoted context omitted.
The median home value in SF is ~$1.5 million. A typical mortgage on a home like that is ~$4-5k per month. So you're assuming folks have $25-30k in liquid cash hanging around all the time. Not unrealistic but certainly not everyone working at tech companies there has that kinda cash. And that's before you factor in other costs like property taxes, insurance, etc. that you'll need to cover too.
You know what you call someone with 1.5 million worth of assets? A millionaire. They will live, even if they have to move to "flyover country".
If they have a mortgage, they don't have 1.5M in assets. They have 1.5M in debt.
Re: Twitter Layoff Started Today
#89“ 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?
> It’s Twitter’s responsibility to not only offer severance, but make sure employees keep an emergency fund?
Where's Twitter's emergency fund?
Re: Twitter Layoff Started Today
#90Earlier quoted context omitted.
I guess they'll have to lower their cost of living like the rest of us?
I don't understand the hate towards high cost of living areas. Making a few $100k in a HCOL area is similar to making $100k in a LCOL area. You don't live like a king if both your income AND expenses are higher. Both people in this example have a lot more in common than I'm reading into from your comments.
> I don't understand the hate towards high cost of living areas.
It's all the whining. These folks are privileged to have options, choose to live in certain areas, and enjoy the benefits (higher pay, more jobs if they get laid off, amenities, etc.) of those choices. But they still complain.
I honestly don't get the psychology. Is it some sort of defense mechanism for folks who don't want to admit they're the elites that they decry? Rent costs an insane amount in SF—and its driving out long time residents and minorities—because Facebook engineers make $500k/year. It's not "billionaires"--how many houses can Zuck buy? It’s the tens of thousands of rank-and-file employees making 5x the US median household income.