WSJ says Meta is about to layoff “thousands”. Anyone at Meta heard this? I have known a lot of folks who left my firm and went to Meta. Hope this is not the case.
https://www.wsj.com/articles/meta-is-preparing-to-notify-employees-of-large-scale-layoffs-this-week-11667767794?st=o0mgn9pdbufst97&reflink=article_copyURL_share
Facebook (Meta)
Zuckerberg is literally the worst leader ever.
he needs to stop focusing on VR and focus way more on AR. both consumer and business applications are a lot better in AR than VR.
imagine a virtual computer screen as big as you want that you can see hovering over your desk all by wearing some simple lightweight glasses. or overlay of navigation directions over the road while driving. or meetings where you can share what you’re seeing to allow easy screen sharing. that is the future - not full-dive VR metaverse.
and you avoid all the nauseating effects of VR and don’t have to compete with the beauty of real life - you simply augment it. far easier, far more impactful, and far more wanted.
It’s hemorrhaging money…no one wants to live ready player one world
We (most people in our industry) lived in a bubble for a year+ during Covid and people didn’t like it…if that wasn’t telling and Zucs still decided to double down on virtual world…
BAH isn’t an IB an won’t be calling into next quarters results (but you know that). You don’t have to worry about an armchair investor but you do have to worry about the ones being paid by bulge bracket firms…which they have been asking about and why Meta has lost so much market cap in the last couple quarters…
Just an aside, while I work at bah now I used to cover the tech industry as an analyst. So…take that with a grain of salt.
Chief
Everyone loves to talk about exits to tech but they're the last group of orgs that can weather an economic downturn.
Deloitte doing layoffs in 2020 begs to differ 🤔
Chief
But but but I thought tech was 20 hour weeks and everyone made $500k minimum!!
Chief
The tech black Monday. I have to wonder what will happen to all the Cali tech workers who moved out of state quickly thinking they could work remote forever
The push back to office seems real- just for attrition
Really depends on the company. Meta is still super remote friendly. I know of people who live in Florida and work on teams in California. Netflix is for tech people. Google is for everyone and it’s pretty straightforward to request being remote. Apple isn’t
Hope Meta shuts down for good!
@M2 getting you up to speed
https://twitter.com/litcapital/status/1585006752046538753?s=21&t=KS7ZNVfowm_gmwe-jZdFTg
Heard Bain is helping with the RIF
Glad they’re doing this. Joined just over a year ago and there are a lot of ppl who are pushing papers.
Sending good vibes your way FB 3.
“Meta, like other tech giants, went on a hiring spree during the pandemic as life and business shifted more online” - I saw this coming in 2021 knowing the number of folks joined Meta from EY😂😂😂
Truth 🙌
I think, regardless of what ‘big tech’ is going through, it’s still a highly desirable place to work. What we are seeing now is rebalancing.
Wait, are you telling me that paying 26 yo SWEs 600k TC and doubling your workforce every 3 years was not sustainable?
Bout time they cleaned house at that bs company
Rising Star
100% agreed with c1, himself and many more
I interviewed with them in the summer for a senior role (director - got offer and declined , thankfully 😅). Loved the process and people but everyone was mediocre at best… did not know nothing outside of meta , all tenured employees , living in the land of milk and honey and rusting away . Glad I dodged a bullet and am at another FAANG currently !
The metaverse is a failing endeavor…I think he miscalculated it
D4, you’re right I didn’t. But in true fashion, a consultant comes in to add the finishing touches. Well done. 🦾
Awful manipulative organization anyway.
I feel really bad for the people that this will impact.
But can’t wait for Meta/Facebook to implode (Enron of the tech industry).
Layoffstracker.com
Mini rant: Interviewed about 7 months ago and did not get the offer due to horrible communication from one of the PM leads (he could only imagine the question being answered in his one framework). Pretty sure the other three went well or well enough. Glad it didn't work out.
And in no way does this reflect on anyone else at the firm. I hope they aren't severely impacted by the layoffs or have options. We have some roles, please reach out if you see something you like.
I like the two teams I've been a part of. Generally good people, though some of the org goals could be better aligned. I don't think we anticipate layoffs apart from general performance based (although who knows); our bonuses were the best I've seen in a while.
DM if you have specific questions.
Not a surprise. They essentially doubled their headcount over the last 3 to 4 years. Wth for?
Way too many teams/people, needs a major reorg.
A lot of Tech jobs getting crushed - many overhired and the stock price implosion is forcing a house cleaning at many firms.