This is definitely the case. I was just talking with a Googler after the Microsoft layoffs about how Google is (now was) one of the last big tech companies avoiding layoffs, and Pichai was fighting investors like hell to keep it that way. He supposedly literally told them "these are real people" out of frustration at some point.

It's hard to look at that incredibly generous layoff package an not see it as a "fuck you" to investors telling him to slim down, after forcing his hand.