Meta just fired 11,000 people [13% of its workforce]

SJRB

SJRB

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www.theverge.com

Meta announces huge job cuts affecting 11,000 employees

Meta’s stock has tumbled, now its workforce faces broad cuts
www.theverge.com 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."
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How big of a moron is the Zuck, really?
 
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
 
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The day after the election. Zuck killed Facebook with stupid meta.
 
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Fbh said:
But willl they still be able to hang out with their ex coworkers on Horizon Worlds?
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Only the top half


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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.
winjer said:
They should fire Zuckerberg. He is the one that is sinking the company.
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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!
 
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nightmare-slain said:
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!
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He has some kind of golden vote in the company. But not majority shares.
 
Awkward all those people complaining about Elon Musk "how dare he fire people!!!!!" and then Meta goes and boots out a bunch of people.
 
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 👍😊
 
supernova8 said:
Awkward all those people complaining about Elon Musk "how dare he fire people!!!!!" and then Meta goes and boots out a bunch of people.
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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
 
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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.
 
Wait does that mean their whole work force is like 90k? WTF
 
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.

Hugare said:
https://gizmodo.com/musk-twitter-layoffs-1849751286
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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.
 
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nightmare-slain said:
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!
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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.
 
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Always the little people while Zucks top brass will walk away with billions in golden parachute payments to offshoots of Meta.
 
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.
 
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.
 
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
 
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.
 
nkarafo said:
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.
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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"
 
This man basically a representation of that meme of Skinner. "No, the problem is not me or meta, its probably on the workers."
 
I really hope with all the money they spend in r&d that some cool stuff comes out of it in general
 
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