Sindarina, Edge Case DetectiveJan 20, 2023

I am annoyed at how much coverage of these recurring "Big Gorilla lays off around 10.000 people" is basically just a rehash of the company press release, with not a single journalist asking how it's possible that all of these big tech companies made the same exact mistake of hiring too many people, while simultaneously showing record profits.

Like, if a 'rigorous review' finds 12.000 redundancies, why does nobody question leadership about how this was allowed to happen?

Not one critical note.

Show threadSindarina, Edge Case DetectiveJan 20, 2023

Amazon: 18.000
Alphabet/Google: 12.000
Meta/Facebook: 11.000
Microsoft: 10.000
Salesforce: 8.000

And there's probably more that I am forgetting right now. All very similar percentages of the total workforce, clearly the kind of "you must cut this many" move that's been passed down from on high, and yet pretty much all reporters are nodding along with "post-pandemic spending shift, and weakening global economy" 🙄

Show threadnedhamson
@sindarina all will get a slight boost in market becase they have followed soso strategy for supposed inflation caused slump in profits/stock price. So no innovation just fire people to get short term knee jerk positive vibe from brokers. What it really shows are firms coasting on past being led by coasters and not innovators. Investors should look elsewhere… to companies started by those being fired perhaps.
Jan 20, 2023 at 6:15pmWeb