CitizenVectron Posted November 9, 2022 Share Posted November 9, 2022 Meta announces huge job cuts affecting 11,000 employees - The Verge WWW.THEVERGE.COM Meta’s stock has tumbled, now its workforce faces broad cuts Quote Meta has announced it will lay off 11,000 employees or around 13 percent of the company's total staff. CEO Mark Zuckerberg announced the news in a blog post, saying he was at fault for being overoptimistic about the company's future growth based on a pandemic surge.' Quote Zuckerberg said the company would now become "leaner and more efficient" by cutting spending and staff, and shift more resources to "a smaller number of high priority growth areas," including ads, AI, and the metaverse. lol Quote Link to comment Share on other sites More sharing options...
TUFKAK Posted November 9, 2022 Share Posted November 9, 2022 Glad my fiancé didn’t leave her current job for this. 1 Quote Link to comment Share on other sites More sharing options...
Mr.Vic20 Posted November 9, 2022 Share Posted November 9, 2022 Meta should be renamed to "Existential". 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 9, 2022 Share Posted November 9, 2022 43 minutes ago, TUFKAK said: Glad my fiancé didn’t leave her current job for this. Glad I never took the bait. Although I'm at a risky start-up instead for the lols and left a super stable job for it 🫣 1 Quote Link to comment Share on other sites More sharing options...
TUFKAK Posted November 9, 2022 Share Posted November 9, 2022 12 minutes ago, SuperSpreader said: Glad I never took the bait. Although I'm at a risky start-up instead for the lols and left a super stable job for it 🫣 She’s still with a super stable major tech company at least! But they did recruit her heavily. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 9, 2022 Share Posted November 9, 2022 3 minutes ago, TUFKAK said: She’s still with a super stable major tech company at least! But they did recruit her heavily. I just hated all the Nazis on FB and no one could explain to me what a metaverse is Quote Link to comment Share on other sites More sharing options...
TUFKAK Posted November 9, 2022 Share Posted November 9, 2022 2 minutes ago, SuperSpreader said: I just hated all the Nazis on FB and no one could explain to me what a metaverse is I think that’s where spoilers Seriously the machines kept neo 1 Quote Link to comment Share on other sites More sharing options...
ort Posted November 9, 2022 Share Posted November 9, 2022 Facebook has that many employees? Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted November 9, 2022 Share Posted November 9, 2022 7 minutes ago, ort said: Facebook has that many employees? They had close to 100K before layoffs I believe. Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted November 9, 2022 Share Posted November 9, 2022 This is like 1000% stock driven. Even with their huge number of employees, even with the billions they're dumping into the Metaverse, even with huge ass executive bonuses, they're still turning a profit that's in the billions. They're only letting this many people go to appease investors that have been dumping Meta stock as a show of disapproval with Zuck's Metaverse moneypit. Is Metaverse bullshit, bullshit? Yes, but that's beside the point. Quote Link to comment Share on other sites More sharing options...
Spork3245 Posted November 9, 2022 Share Posted November 9, 2022 1 2 1 Quote Link to comment Share on other sites More sharing options...
chakoo Posted November 9, 2022 Share Posted November 9, 2022 Seeing rumours/word it was only 5% of the engineering department that got hit, so it affected other areas (namely HR/Hiring) the most. FB did go on a massive remote hiring spree during covid, they even setup dev outpost in a few places outside the US like Toronto. 2 hours ago, SuperSpreader said: I just hated all the Nazis on FB and no one could explain to me what a metaverse is It's VR Chat / Playstation Home by a group who don't come from the gaming world. Seriously they should have just partnered with an established studio to build it out, FB/OC build out the tech and Ubi or some other studio actually build out the VR space/word. FB decision making can be questionable but with that said I still do think there are some awesome teams internally people don't get to hear about that are focused on more real world applications of future tech. Quote Link to comment Share on other sites More sharing options...
chakoo Posted November 9, 2022 Share Posted November 9, 2022 20 minutes ago, ort said: Facebook has that many employees? Don't forget they also have Oculus, have an entire enterprise software team, maintain tech that is used in a lot of apps/websites (react & react-native) and previously had an entire home hardware team (that bought out Portal). So unlike twitter there is a lot more going on at FB then just fb.com Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted November 9, 2022 Share Posted November 9, 2022 Another case of Elon fucking sucks when Zuck looks good in comparison. Zuck addressed his staff directly, took responsibility, offered 16+ weeks' severance, immigration help, & a chance to speak w/ someone directly. Twitter's layoff memo was unsigned and offered close to the legal minimum. 1 1 Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted November 9, 2022 Share Posted November 9, 2022 3 minutes ago, b_m_b_m_b_m said: Another case of Elon fucking sucks when Zuck looks good in comparison. Zuck addressed his staff directly, took responsibility, offered 16+ weeks' severance, immigration help, & a chance to speak w/ someone directly. Twitter's layoff memo was unsigned and offered close to the legal minimum. It's easy to address staff directly when you're programming dictates it. Seriously, though, Musk along with every other faux-tough guy narcissist is afraid of actual dealing with people that don't like them. These guys don't handle criticism well, so they avoid any real chances of confrontation. 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 9, 2022 Share Posted November 9, 2022 29 minutes ago, chakoo said: Seeing rumours/word it was only 5% of the engineering department that got hit, so it affected other areas (namely HR/Hiring) the most. FB did go on a massive remote hiring spree during covid, they even setup dev outpost in a few places outside the US like Toronto. It's VR Chat / Playstation Home by a group who don't come from the gaming world. Seriously they should have just partnered with an established studio to build it out, FB/OC build out the tech and Ubi or some other studio actually build out the VR space/word. FB decision making can be questionable but with that said I still do think there are some awesome teams internally people don't get to hear about that are focused on more real world applications of future tech. My understanding is they thought people just type some commands to make a 3D world 😂 Quote Link to comment Share on other sites More sharing options...
Spork3245 Posted November 9, 2022 Share Posted November 9, 2022 Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted November 9, 2022 Share Posted November 9, 2022 7 minutes ago, Spork3245 said: I won't shit on that package, even if I do find it frustrating that 11k people are out of work to appease Wall Street over an android's vanity project. 1 Quote Link to comment Share on other sites More sharing options...
chakoo Posted November 9, 2022 Share Posted November 9, 2022 13 minutes ago, SuperSpreader said: My understanding is they thought people just type some commands to make a 3D world 😂 Given what I know about Meta from working on Portal (yeah, I'll admit to that but my contribution was mostly testing infra), it's not far off the mark. I've been asked to make pulling a rabbit out of thin air possible with less than 3 lines of code. =/ Quote Link to comment Share on other sites More sharing options...
ort Posted November 9, 2022 Share Posted November 9, 2022 I mean, that's better than what 99% of people get. That's insanely generous by corporate America standards. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted November 9, 2022 Share Posted November 9, 2022 Iirc when my old company did layoffs severance was one month for every year which I thought was good Quote Link to comment Share on other sites More sharing options...
silentbob Posted November 9, 2022 Share Posted November 9, 2022 I hope my cousin got to keep his job. He works for them out of the Austin, TX area. He moved his family down there for the job about 5-8 years ago. Nov 12th UPDATE: Sadly he was part of the group let go this week. Hope he finds a good job soon (he’s head hunted a lot, so that helps) because his wife has MS. Probably have separate coverage too, but looked like they had good medical benefits at Facebook. Quote Link to comment Share on other sites More sharing options...
TwinIon Posted November 9, 2022 Share Posted November 9, 2022 My hot take is that these layoffs are thanks to Apple more than they are Zuck burning cash chasing the Metaverse. Generally, tech companies tend to be fine burning cash as long as they're also printing it. Google/Alphabet can spend tens of billions on "other bets", but when ad revenue starts taking a hit, it's the first thing to get cut. Facebook was doing well, but Apple's app tracking changes really cut into their cash flow, and suddenly the spending on AR/VR starts to look more suspect. Generally though, I expect them to be just fine. Apple might have hurt them, but they still make a ton of money. Quote Link to comment Share on other sites More sharing options...
chakoo Posted November 9, 2022 Share Posted November 9, 2022 1 hour ago, TwinIon said: My hot take is that these layoffs are thanks to Apple more than they are Zuck burning cash chasing the Metaverse. Generally, tech companies tend to be fine burning cash as long as they're also printing it. Google/Alphabet can spend tens of billions on "other bets", but when ad revenue starts taking a hit, it's the first thing to get cut. Facebook was doing well, but Apple's app tracking changes really cut into their cash flow, and suddenly the spending on AR/VR starts to look more suspect. Generally though, I expect them to be just fine. Apple might have hurt them, but they still make a ton of money. 100% this is it. It will be interesting over the next few weeks to see what areas of engineering were affected. I suspect it will be in areas people didn't know about but not so much in VR/AR. Quote Link to comment Share on other sites More sharing options...
Brick Posted November 9, 2022 Share Posted November 9, 2022 8 hours ago, CitizenVectron said: saying he was at fault "I am the one to blame, so let me take away other people's jobs as punishment for my own doing." 1 Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted November 9, 2022 Share Posted November 9, 2022 3 hours ago, b_m_b_m_b_m said: Iirc when my old company did layoffs severance was one month for every year which I thought was good That's what I got the last time I got laid off. Was with the company for a little over two years and got two months. That company was fun. Let's move national headquarters from Boston to San Francisco. Also we aren't going to pay anyone to relocate. Also we aren't going to adjust anyone's salary to cover the cost of living increase going from Boston to San Francisco. Please come, but if you don't, we'll just replace you with someone local at San Francisco-competitive wages 1 Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted November 9, 2022 Share Posted November 9, 2022 4 hours ago, Spork3245 said: The longevity of “Loss” as a meme is simply incredible. 1 Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted November 9, 2022 Author Share Posted November 9, 2022 43 minutes ago, Ghost_MH said: That's what I got the last time I got laid off. Was with the company for a little over two years and got two months. That company was fun. Let's move national headquarters from Boston to San Francisco. Also we aren't going to pay anyone to relocate. Also we aren't going to adjust anyone's salary to cover the cost of living increase going from Boston to San Francisco. Please come, but if you don't, we'll just replace you with someone local at San Francisco-competitive wages In Canada that's generally the common law rule as well, though it can be higher depending on certain factors (how niche the job, your age, etc). Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted November 9, 2022 Share Posted November 9, 2022 That's funny. I was just visiting a couple friends of mine who work for Meta. They were both saying that they are already hitting a point where they are struggling to find things to do during the day, then they got the news about a week ago that two MORE people were being added to their team. Tech companies operate in bizarro world where money means nothing until it suddenly does, then a bunch of people get laid off, then they go right back to money meaning nothing again. Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted November 9, 2022 Share Posted November 9, 2022 1 minute ago, Fizzzzle said: That's funny. I was just visiting a couple friends of mine who work for Meta. They were both saying that they are already hitting a point where they are struggling to find things to do during the day, then they got the news about a week ago that two MORE people were being added to their team. Tech companies operate in bizarro world where money means nothing until it suddenly does, then a bunch of people get laid off, then they go right back to money meaning nothing again. Meta made $4.3b last quarter, even with so many people, even with this Metaverse boondoggle. The only real issue is that's down over 50% from a year ago. However, I'm not convinced this is just from throwing money at Metaverse because Facebook has always thrown money at moonshot projects. I'm with @TwinIon and think this is more Apple's doing with fear of Google doing the same. I mean, Google just rolled out a consumer VPN for One Premium subscribers specifically to make tracking people more difficult. Google's VPN can't be used for stuff like getting around region locks on Netflix. At this point I'm, honestly, shocked that Facebook hasn't tried propping up a standalone browser. Quote Link to comment Share on other sites More sharing options...
chakoo Posted November 9, 2022 Share Posted November 9, 2022 28 minutes ago, Fizzzzle said: That's funny. I was just visiting a couple friends of mine who work for Meta. They were both saying that they are already hitting a point where they are struggling to find things to do during the day, then they got the news about a week ago that two MORE people were being added to their team. Bored of the arcade and free cookies and ice cream already? Pfff.... If they really need to waste time just schedule meetings across the campus and then run to make it on time. =/ 17 minutes ago, Ghost_MH said: At this point I'm, honestly, shocked that Facebook hasn't tried propping up a standalone browser. Don't give them ideas. Yet to be honest, FB has a huge trust issue still and I'm sure they would find uptick in a FB browser to be painfully difficult (aka see portal, many didn't trust allowing FB to have a camera in their house). Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted November 10, 2022 Share Posted November 10, 2022 2 hours ago, chakoo said: Bored of the arcade and free cookies and ice cream already? Pfff.... If they really need to waste time just schedule meetings across the campus and then run to make it on time. =/ Don't give them ideas. Yet to be honest, FB has a huge trust issue still and I'm sure they would find uptick in a FB browser to be painfully difficult (aka see portal, many didn't trust allowing FB to have a camera in their house). They work from home 3 days a week, so more like they finally ran out of episodes of One Piece. (Believe me, I work manual labor, I am playing the tiniest of violins) Quote Link to comment Share on other sites More sharing options...
unogueen Posted November 10, 2022 Share Posted November 10, 2022 The emoji will be delllllllayed. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.