Cutting salaries in half guarantees they lose all the top performers, and probably more than half, instead of the 5 they pick. I don't believe that is the goal.
I get what you are saying though. They are a business and I guess they're doing what is best for their business. The severance package is generous (relatively speaking), so there's at least that.
Edit : I guess I didn't word this properly. I was saying they'd lose top performers if their salaries are cut, during normal times.
Facebook and Amazon, just to mention a couple of giants that would probably love if every company doing layoffs right now would instead halve their top performers' compensation.
This is not as relevant in the Airbnb case since the expected value of RSUs went down so much that this is effectively the case even with no salary cuts.
Lots of companies with cash reserves, picking up good talent on the market.
Would you, really? If you can get a job at FB/AMZN/GOOG/Netflix paying the same or more, would you really stay? Highly unlikely I think.
I understand your skepticism, but I would - I am single and my needs are small, so it is not like my kids are gonna starve.
Facebook and Amazon, to name a couple that have contacted me in the last week.