Gabriele SveltoI had heard about the CloudFlare job cuts, what I had not realized is that after announcing them the company lost over 23% of its value in one sitting. I guess the trick of announcing job cuts to pump up your stock doesn't work anymore.
samir, witch in training@gabrielesvelto I guess investors are finally seeing through the “we are cutting jobs because AI” nonsense?
The Doctor@samir @gabrielesvelto Now-ex-employees also selling their shares because they need money to live on. Greater supply, lower price.
@drwho @gabrielesvelto Possible for people who have already been let go a while back, but IIRC Cloudflare promised to pay people through August.
@samir @gabrielesvelto Promised.
When layoffs happen like this, promises don't mean much. Money in the bank does.
@drwho @gabrielesvelto Might be true for some, I doubt the drop in price is mostly due to employees selling stock.
@samir @gabrielesvelto Mostly? No, probably not. But did it have an impact? Yes. Something similar happened to Salesforce stock prices during the first two rounds of layoffs.
@drwho @gabrielesvelto Fascinating, I find it hard to believe but this does not mean it’s not credible.
@samir @gabrielesvelto It's a thing that many of us discussed on Slack in early 2023.
Jim Zajkowski@drwho @samir @gabrielesvelto
Never keep 100% of your stock grants & ESPP in the company for this exact reason
Never keep 100% of your stock grants & ESPP in the company for this exact reason