It is exactly Mark’s plan. He called 2023 “the year of efficiency”, meaning that he wants to flatten the whole organization and get closer to startup velocity (and cost). He communicated this theme during performance reviews, as suggested by the article.
https://www.facebook.com/100006735798590/posts/i-resigned-fr...
These people all have 2+ years of build, tooling, dev experience in this newly emerging field. They did valuable work, it just did not hit market.
Anyone else in this space will be happy to snag them up.
And Meta, Amazon, Salesforce etc are only shedding excess pandemic hires. If you look at a graph of hires over a decade, the pandemic shows a huge blip up, and these layoffs correct that.
Wouldnt the stock price drop with people selling the stock. That didn't happen with meta with interest rate hikes.
The interest rate connection is that investors buy the company stock (driving the price up beyond what's reasonable given the underlying business health), because the alternative fix rate instruments offer negative return.
I think you're arguing against yourself.
Why do you think there was a huge blip up during the pandemic? Because their revenue was increasing at a faster rate, so they hired to sustain the increase in revenue and they believed the growth rate will continue. Why was revenue increasing at a faster rate? Two reasons. First, zero interest rates meant that people had more money to spend than before. Second, staying at home meant that people didn't have much else to spend their money on except tech/internet.
[1] I'm still not going to call it "Meta" any more than I am going to call "Star Wars" "Star Wars IV: New Hope".
Sure, why not?
I guess if you are working on greenfields tech - one should avoid the big tech co. You have no real ownership of the innovaton and nobody is going to come along and buy you out if it goes well.
Or am I just old and not naive and start doing the same thing they do I got my first check + prorated sign on bonus when I was hired at BigTech almost 3 years ago?
The whole comment section becomes a cesspool whenever Meta/Mark or Elon is discussed