Dylan JohnsJan 24, 2023
Berkubernetus

Folks are treating the recent tech layoffs as something spontaneous. They were not. Apparently the current layoffs were orchestrated by hedge funds.

This hedge fund demanded that the big tech companies lay people off because they were being paid too much. Let that one sink in: a hedge fund manager saying that you're being paid too much.

Note that TCI is demanding that Google lay off more people.

Jan 23, 2023 at 10:03pmWeb
Show threadBerkubernetusJan 23, 2023
A lot of evil in the world could be prevented by outlawing hedge funds.
Show threadAPT Ate My HomeworkJan 23, 2023
@fuzzychef multiple recruiters have approached me on behalf of hedge funds offering very shiny compensation packages, and I have honestly never felt tempted. My soul may not be squeaky clean, but at least this way I can still see it through the dirt.
Show threadAPT Ate My HomeworkJan 23, 2023
@fuzzychef I only regret that I've never told them no in the language I felt was truly appropriate to the situation
Show threadPJ Perez Jan 24, 2023
@fuzzychef outlawing as in chopping their heads off?
Show threadGaryJan 24, 2023
@pjperez that or shooting them into space without space suits and oxygen.
Show threadA Library SocialistJan 24, 2023
@pjperez @fuzzychef
Show threadSriram "sri" Ramkrishna - 😼Jan 24, 2023

@fuzzychef these same hedge funds are also driving the costs of housing up. They are overall creating havoc.

With a divided congress, we are not going to be able to do anything until we have Dems back in the House. You know the GOP are not going to do anything.

Show threadc3141mtdJan 24, 2023
@sri @fuzzychef Democrats won't do anything. Ever since Bill Clinton's "third way", democrats have been center-right neoliberals; all of the right-wing economic policies, just with less of the bigotry. They are always trying to compromise with Republicans even when democrats have all of the power and never want to play hardball because both parties answer to their doners, not the people.
Show threadSriram "sri" Ramkrishna - 😼Jan 24, 2023
@c3141mtd @fuzzychef I don't want to get into a deep discussion but I think today's dems are different than what they were in the past. Like you, I've not been pleased with the right-ward movement - realize that right-ward movement was to garner white male votes. Today, the party's base is black women - that's going to drive a different dynamic than chasing after working class white men.
Show threadLitzz11Jan 24, 2023
@sri @fuzzychef I wish more people would talk about this. Our affordable housing crisis is not because we aren't building enough, and not because our zoning is wonky. It's because housing financing mechanisms are removed from the markets they serve and are geared toward investor profit, not providing housing. It's all upside down.
Show threadA Library SocialistJan 24, 2023
@sri @fuzzychef the Dems don't do anything about hedge funds, even when they have the government. See 2008-2010, 2020-2022.
Show threadBunnyjadwigaJan 24, 2023
@fuzzychef yes.
Show threadKrytenJan 24, 2023
@fuzzychef we should approach the French about borrowing some old equipment. I'm sure it would be okay if we promise to hose it off before sending it back.
Show threadLesley Carhart Jan 24, 2023
@Kryten @fuzzychef chippity choppity!
Show threadBillyblblJan 24, 2023
@Kryten @fuzzychef ah don't bother with cleaning the thing, with the speed it goes to it should still cut even with a bit of rusting, and even if it doesn't, well, it just make the fun take longer 🙂
Show threadA Library SocialistJan 24, 2023
@Kryten @fuzzychef slicey bois
Show threadLætitiaJan 24, 2023
@fuzzychef what about passing laws to protect the workers from abusive situations like that one instead?
Show threadA Library SocialistJan 24, 2023
@l_avrot @fuzzychef how about we gave the workers own the companies instead of investors?
Show threadRev. GothAliceJan 24, 2023
@fuzzychef More generally, Gene Roddenberry may have been on to something. #UBI
Show threadMayank GuptaJan 24, 2023

@fuzzychef agreed!

We need another stonk like GameStop to mess up these guys!

What the heck.. how do these guys sleep at night. Firing 12000 people!

Show threadWitek KowalikJan 24, 2023
@Mayank @fuzzychef
Soundly I presume.
To men like that, 12k people he never met is just statistics, and this should speak volumes about their morality. Even worse so, as it really doesn't matter whether he met them or not - that's what charity is for ... and tax evasion.
Show threadMayank GuptaJan 24, 2023

@frankboon @fuzzychef

It will be satisfying to see his net worth become $12000!

And shame on #SundarPichai for taking the pressure.

Show threadbhcompyJan 24, 2023
@Mayank @fuzzychef Everyone was all in on screwing over Citadel in that thing, and Citadel just had its most profitable year(which the media is stating is the largest single profit by any hedge fund ever https://www.cnn.com/2023/01/23/investing/citadel-top-hedge-fund/index.html). I'm sorry to break it to you, but people got played if they thought they were hurting anyone but the regular people who missed the boat.
Show threadThe DoctorJan 24, 2023
@Mayank @fuzzychef Money is involved. More of it than they had before. They sleep just fine.
Show threadMayank GuptaJan 24, 2023

@drwho @fuzzychef

yeah checked. He made $1.9 Million per day last year.

And he was the boss of Rishi Sunak at one time.

I can't take this anymore, I need to dial down..

Show threadThe DoctorJan 24, 2023
@Mayank @fuzzychef Make some tea. That's what I'm doing.
Show threadMayank GuptaJan 24, 2023

@drwho @fuzzychef

It's funny to me now to think that I will be drowning myself in work.. that's where I get peace 🕊️

Not going for tea, it's already 3:30 AM and I wanted to sleep, but this has been a nightmare knowing rich assholes can sleep better after ruining the sleep of thousands

I have a job for now, it makes me wonder...who will pull the strings and it will all come crashing.

I think I will keep thinking more and will eventually crash!

Show threadMayank GuptaJan 24, 2023

@drwho @fuzzychef
In any case I am happy to not open Twitter and Cameron masto instead. At least I got to have wonderful conversations here.

Thank you and everyone else who chatted with me.

Show threadThe DoctorJan 24, 2023
@Mayank @fuzzychef You're welcome.
Show threadThe DoctorJan 24, 2023
@Mayank @fuzzychef All I can really say is, there is no stability, really. Have a backup plan and keep your resume up to date.
Show threadMayank GuptaJan 24, 2023

@drwho @fuzzychef exactly, I have been doing that only.

Have been able to build a decent Upwork profile as a backup. And now I am focusing on building my website/blog to ensure that it can help me stand out from the crowd if I end up facing the undesirable situation.

Also trying to upskill as much as I can.

Are you taking any particular steps?

Show threadThe DoctorJan 24, 2023
@Mayank @fuzzychef Updated resume, plus taking advantage of a severance subscription to a resume editing/consulting/legwork service (hey, I'll take any help I can get, force multipliers are good, actually). Heavy networking (which is how I'm getting hold of some of that information). Playing with a few things (Grafana is next). Going to start asking some previous employers if they're hiring. I should do some formal studying, too.
Show threadDarkstarJan 24, 2023
@Mayank @fuzzychef if it is indeed coordinated and this guy in involved in the layoffs at Microsoft, Spotify and so on, it is more than 50,000 people ...
Show threadMayank GuptaJan 24, 2023

@darkstar @fuzzychef
Wow! I was going nuts on 12000 and what you are saying is only making me wish this guy goes to hell, if there is one.

It's beyond me, how much money is enough... Guy already has 7 billion worth and made almost 2 million per day last year...

At what point will he feel that I don't need more..

Show threadCatherine is not complacentJan 24, 2023
@Mayank @darkstar @fuzzychef never. People like that are dragons , sleeping on piles of gold in between wreaking havoc. Nothing will ever be enough.
Show threadMichaelJan 24, 2023
@fuzzychef Thank you for saying this! Hedge funds are the unelected and largely invisible actors ruling the financial world and thus the “real” one.
Show threadbhcompyJan 24, 2023
@fuzzychef I get it, but you're not going to outlaw the stock market. Public ownership is not going away, and organized groups to manage that ownership is part and parcel. Working for private companies is the only way to hope to avoid the impact of public investment, assuming you find a company that isn't owned in some capacity by private equity or forced their way onto the board through VC.
Show threadDarkstarJan 24, 2023
@bhcompy @fuzzychef and laws to protect employees...
Show threadAral BalkanJan 24, 2023
@fuzzychef And venture capital.
Show threadmittfhJan 24, 2023

@aral @fuzzychef Even worse, the subset of Venture Capitalists nicknamed Vulture Capitalists: take over a company then either ruthlessly cut costs or break up and asset strip the company.

While companies may see lucrative returns in floating on stock markets, going public does carry the risk of attracting predatory investors, particularly if it doesn't increase cash profits each year, regardless of the state of the economy.

Show threadSue SmithJan 23, 2023
@fuzzychef I wish I hadn't looked at this on twitter, replies are full of folk giving it "he's right" etc 🥴
Show threadBerkubernetusJan 23, 2023
@sue looking at anything on Twitter is a mistake.
Show threadGrinning Cat Jan 24, 2023

@fuzzychef @sue "Looking at anything on #Twitter is a mistake."

O/T: I'd been leaving my account dormant, but what you said is why I finally reposted my "most important" #OldTwitterPosts here, before pulling the plug & leaving only a redirect.

(Yes, I did grab my archive first.)

The sociopathic billionaire running the fowl site's free-speech-for-me-but-not-for-thee shitshow shouldn't profit from further engagement with the content I shared *for free*.

#TwitterRefugee

Show threadPhilip Mallegol-HansenJan 25, 2023
@fuzzychef @sue Looking at Twitter is a mistake.
Show threadJeffJan 25, 2023
@fuzzychef @sue having an account could get you killed
Show threadNerdShinobiJan 24, 2023
@sue @fuzzychef I am only assume the boot must have a delicious flavor. Or perhaps it feels therapeutic on the neck.....
Show threadwhyJoeJan 24, 2023
@NerdShinobi @sue @fuzzychef They love the boot and they love watching it stomp.
Show threadMastokarl 🇺🇦Jan 24, 2023
@sue @fuzzychef That’s because Twitter’s algorithms serve you stuff that makes you angry on purpose. To get you “engaged”. I am so happy I left that hate site behind. Sleeping better, less anger in me.
Show threadwinnie13uaJan 25, 2023

@Mastokarl @sue @fuzzychef

Lol, yeah, that's true :-( this "Engagement" thing sucks.

(and that modern sites are trying to suck you into using mobile app instead)

Show threadPeter HanecakJan 24, 2023

@sue
@fuzzychef Well they are "right", in that narrow sense "we only care about money".(*)

But, "money", "economy", "companies", etc. those are supposed to be tools. In democratic country, tools for better life of whole society.

So, we need to fix that "narrow mindedness".

One way would be to remember who those employers are and then either do not work for them or work, but as a member of union. Etc. 1/2

Show threadPeter HanecakJan 24, 2023

@sue
@fuzzychef 2/2 And reg. "we only care about money": Publicly traded companies are also (among other things) used by us (workers/citizens) to save some money for retirement. E.g. they have to make money. But:

1) are they?

2) also for us?

3) are we OK with *how* they are making that money?

4) …

Show threadGaëtan PerraultJan 24, 2023

@phanecak @sue @fuzzychef

Built in to this whole letter are unstated assumptions about anticipated growth and how stock price is evaluated.

The "he's right" camp of people want an optimum valuation today. They want optimal rent collection now. More revenue without more people.

It's short sighted, but hedge funds get paid on annual performance. So they're inherently short sighted machines.

Show threadKrupoJan 25, 2023

@gatesvp @phanecak @sue @fuzzychef exactly.

I'm thinking of the sales and marketing folk they dumped in the middle of client visits

Sure they'll save some short term expenses. Maybe.

But what about the customers who just had a meeting cancelled because Google just arbitrarily wiped out the entire department that was about to meet with them?

Insane mismanagement

Show threadembixJan 24, 2023
@sue @fuzzychef TBF those folks ARE (alt-)right
Show threadDuncan JJan 24, 2023
@sue @fuzzychef and that's why I'm no longer on Twitter.
Show threadwinnie13uaJan 25, 2023

@sue @fuzzychef

Well, I can't say they are wrong either. Company can decide to shorten workforce anytime. Especially during economic turmoils. And looking at this letter it doesn't sound so bad. It's just 1/3 of new hires from 2022.

Show threadwinnie13uaJan 25, 2023

@sue @fuzzychef

I actually hope that would eventually lead to more healthy situation in Google, where employees are working only for promotions and abandon projects as soon as they got promoted. I'm not saying that it would fix google instantly, but it can happen eventually.

Yes, it would be painful for employees.