It takes a certain kind of cold detatchment to hire 5,000-10,000 people to r&d and build the foundation of your next big thing - drain every ounce of life out of them then discard them on the heap a couple of years later.
[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.
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.
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.
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?