If this turns out to be true, I hope it's a watershed moment in the tech industry. Lots of middle management in other companies will be sweating since they'll need to do something better than just asking "hey, when do you think this can be done?".
Especially so at the upper end FAANG comp bands. Likely most of these previously 500k+ comp packages will compress closer to 300k. Issuing RSUs at lowered valuation multiples is much less viable for a public company. Some public companies have ~50% or more of their revenue consumed by stock based comp, which is clearly not sustainable.
It will impact me too, but I accept it as the most likely outcome
And so far throughout history, displaced workers have found new avenues to be productive in the face of technological disruption. It is true that the progression of technology has hastened over time, so perhaps it could create a bigger labor force disruption than in the past.
As some jobs disappear, other jobs become more cost viable through the deflationary structure. e.g. food delivery wasn't likely a viable business before automobiles/e-bikes. Once real cost of delivering a good passes into an economical threshold, new jobs become viable where previously they weren't
M0 -> M1 -> M1 -> M2 -> M2 -> D1 -> D1 -> D2 -> D2 -> VP -> VP -> VP -> CxO -> CEO
Mx = manager Dx = director
It would truly be a new world if Meta cut a bunch of management-class people, and the rest of the world actually followed suit. It seems unimaginable.
I feel like this is the one step that has been unimaginable anywhere in the world. There definitely have been whole teams let go, and a lot of other non-industrial/support departments seeing cuts, but just saying, the managerial class isn't really that valuable, we want to keep our good workers though: it'd be a wildly different world.
Weirdly I find myself far less eager for such a wide shift than I would have been, even a couple years ago.