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[SJRB]

Meta announces huge job cuts affecting 11,000 employees

Meta’s stock has tumbled, now its workforce faces broad cuts

www.theverge.com

“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” said Zuckerberg. “Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”

How big of a moron is the Zuck, really?

 

[Punished Miku]

Plenty of time to play God of War I guess.

 

[Dr.D00p]

Why hasn't he fired himself....he's the one that caused the problem.

 

[Maiden Voyage]

Yeah, there's probably more on the way too.

 

[winjer]

They should fire Zuckerberg. He is the one that is sinking the company.

 

[Von Hugh]

Will the Meta stock drop to 80 dollars today?

 

[Hugare]

His excuse is laughable

Anyone with a brain knew that the COVID boom wouldnt last forever. And I dont like him, but he is not stupid.

Dude is being a coward by not telling the truth for those cuts

 

[Fbh]

But willl they still be able to hang out with their ex coworkers on Horizon Worlds?

 

[AJUMP23]

The day after the election. Zuck killed Facebook with stupid meta.

 

[EviLore]

But willl they still be able to hang out with their ex coworkers on Horizon Worlds?

Only the top half

 

[V1LÆM]

i don't like seeing people lose their jobs but any bad news around Meta is nothing but great news for me. fuck them and i hope they keep hurting.

They should fire Zuckerberg. He is the one that is sinking the company.

i thought he couldn't be fired because he owns most shares or some shit? i don't know the set up so i could be wrong (probably am). anyway, if he is sinking the company then i'm happy to see him stay in charge. let him burn the entire thing to the ground!

 

[KrakenIPA]

Only the top half

Right in half, haha!

 

[winjer]

i thought he couldn't be fired because he owns most shares or some shit? i don't know the set up so i could be wrong (probably am). anyway, if he is sinking the company then i'm happy to see him stay in charge. let him burn the entire thing to the ground!

He has some kind of golden vote in the company. But not majority shares.

 

[ProgenitorCastle]

 

[supernova8]

Awkward all those people complaining about Elon Musk "how dare he fire people!!!!!" and then Meta goes and boots out a bunch of people.

 

[Ownage]

I don't like seeing folks lose their jobs. Sorry to hear.

 

[FunkMiller]

Yes, yes RoboZuck. It’s all because of Covid… and nothing to do with your idiotic, rapacious and hubristic attempt to control the future of the internet.

Get fucked

 

[AJUMP23]

Is Facebook still making revenue? Just overextended on capital expenditure.

 

[Hugare]

Awkward all those people complaining about Elon Musk "how dare he fire people!!!!!" and then Meta goes and boots out a bunch of people.

Well, context is important

Zuck fired people due to stock price drop. 11k workers are 13% of Meta.

Elon fired almost 50% of Twitter within a few days because ... well, because Musk

He said that it was due to "poor financial state", but he had less than a week to come to this conclusion

Maybe he was a little too irrational about it

So much so that he is rehiring some people

https://gizmodo.com/musk-twitter-layoffs-1849751286

 

[chromhound]

 

[SlimySnake]

The tech industry is self correcting. Everyone I know was doubling and tripling their salaries and I was sitting there at my 12 year workplace wondering if I should switch and take advantage of it. I pussied out and have regretted ever since, but now I'm not too unhappy.

These guys will land on their feet. There are still millions of jobs out there. Just not high paying ones like Facebook which was handing out $300-400k to senior developers. I saw salesforce and twitter giving out $400k packages to people with 5 years of experience lol. Now they will have to settle for $150k-200k which is still pretty good. Still not a bad time to be a software developer despite all the layoffs.

 

[Deleted member 1159]

Wait does that mean their whole work force is like 90k? WTF

 

[Kenneth Haight]

 

[Lukaku's First Touch]

Anyone working in the world of social media like twitter or facebook has no sympathy from me.

 

[diffusionx]

If you asked me a month ago how many employees Twitter and Faceberg have, I would have guessed like 1,000 and 10,000. Instead the numbers are 7x+ that. A correction was long overdue.

https://gizmodo.com/musk-twitter-layoffs-1849751286

Gizmodo is applying their spin. If anything Musk wasn’t aggressive enough with his layoffs, and he targeted some development teams (you know people doing the real work) when he should have kept gutting the reams of PMs and moderators they have on staff.

 

[Cyberpunkd]

i thought he couldn't be fired because he owns most shares or some shit? i don't know the set up so i could be wrong (probably am). anyway, if he is sinking the company then i'm happy to see him stay in charge. let him burn the entire thing to the ground!

He owns most shares, and most importantly majority of voting rights through super shares. However if other investors got together and made a good case they can probably force him to resign and stay on as a Chairman or Non-Executive President.

His explanation is laughable to I will go with good old “less yoga and energy bars, more work”. If you have no idea why FB needs that many employees - this is the answer, it doesn’t.

 

[DGrayson]

They can live in the Metaverse!

 

[GymWolf]

Even his fucking avatar looks more human than him.

 

[dem]

They hired way too many people.

 

[chromhound]

i hope they find jobs on the metaverse

 

[Shtef]

 

[Nitty_Grimes]

Always the little people while Zucks top brass will walk away with billions in golden parachute payments to offshoots of Meta.

 

[lachesis]

Well, I don't think this would be just isolated incident for Meta though...
IMO, it will be pretty cold winter this year for a lot of other big techs and industry.
Economically, I'm not too optimistic about 2023, and trying to stay afloat as best as I can myself.

 

[TheUsual]

Damn and seeing similar "work days" from Twitter employees, I feel little sympathy if they got canned.

 

[StreetsofBeige]

I think a lot of these tech companies know what they are doing. They just got so much money to blow they don’t care. Their priority is ramping stuff up so fast they got to hire fast and then when shit hits the fan do giant firings. It’s part of the master plan.

Other kinds of companies and industries are more stable and don’t seem to do mass hiring and firing sprees.

 

[EverydayBeast]

Meta and VR is a contender for peoples time.

 

[ÆMNE22A!C]

Just a stepping stone towards trans humanism. Kind of funny when from some perspective we're already in a Simulation so Meta's quite the name giving it's intends. More or less

 

[ÆMNE22A!C]

Meta and VR is a contender for peoples time.

Only for those which time isn't spend in a far better quality elsewhere.

 

[chromhound]

Even his fucking avatar looks more human than him.

 

[Billbofet]

Laying off 13% of your staff is insane, but then I watch the vid of the girl above "being cute" and it all makes sense! Let it all burn!

 

[jason10mm]

But was that girl one of the layoffs? If not, then I'd say "being cute" is paying off it's usual dividend. "Cute Privilege" is a far more tangible thing than any other.

 

[Dee Dah Dave]

Amazing how many staff they have anyway for a glorified website.

 

[nkarafo]

Holy shit, what kind of luxury life is this? Are these people supposed to be middle class? Is this work?

Damn, i'm like a middle age peasant compared to those.

 

[64bitmodels]

Damn and seeing similar "work days" from Twitter employees, I feel little sympathy if they got canned.

man how about instead of being angry and jealous you work there? sounds like a dream job to me,little work and gigantic salary

 

[SJRB]

Holy shit, what kind of luxury life is this? Are these people supposed to be middle class? Is this work?

Damn, i'm like a middle age peasant compared to those.

The bigger tech companies are basically adult day care centers.

 

[Pagusas]

Holy shit, what kind of luxury life is this? Are these people supposed to be middle class? Is this work?

Damn, i'm like a middle age peasant compared to those.

You Should have went into marketing, life really is like this for most of us . Not exaggerating, us marketing people get treated like royalties and get all the privileges. I love it. A friend of mine in logistics worked with me for a day and said the same things as you “I’m living a fricken peasant work life compared to this”

 

[Saber]

This man basically a representation of that meme of Skinner. "No, the problem is not me or meta, its probably on the workers."

 

[diffusionx]

Amazing how many staff they have anyway for a glorified website.

This is where you are wrong. Facebook isn’t a “glorified website”, it is a tool to track literally every human on earth across the entire internet and beyond.

 

[Esca]

I really hope with all the money they spend in r&d that some cool stuff comes out of it in general

 

[Punished Miku]

This is where you are wrong. Facebook isn’t a “glorified website”, it is a tool to track literally every human on earth across the entire internet and beyond.

Seriously. They're basically a privatized global CIA.