Zuck is true sucker, what a slap on laidoff employees. They have $40B for stock buyback but not to support employees. Seems like they need to pump the stock so that wall street and they can dump on retail.
This needs regulation
There already is regulation. Democrats passed a bill last year on stock buybacks but in true political fashion it doesn’t do shit
legal. they can just issue a special dividend instead. same effect ignoring taxes for the shareholder
did you think they literally couldnt afford to pay people?
this^. they just think the money is well spent somewhere else
This ^. When I call that out here people came to me and I had my account suspended. They say "I take full responsibility". They do not. They fuck with people's lives over money. That's it. That's the reality. There is no responsibility at all.
It’s an excuse to do some trimming
Nope. It’s all driven by greed and putting corporate money to increase his net worth Zuck would be dumping more stocks will go heavy on cash
Oh that zucks
Why is that a slap? Those ex employees also have ownership in the company and saw their stock holding jump 20%. When the company is sitting on that pile of cash and has no better ways to deploy it, better to give it back to shareholders. Can’t just spend it on charity.
Then why the layoff if they had all that cash? They'd rather spend it buying back stocks which does nothing other than to enrich the stockholders than to invest it in something that actually helps the company produce more value which is it's employees. I'm sure the employees are so grateful to lose their salaries to get that minor pump in equity value with their minority stake. "No better way to deploy it" - sure
How is meta paying for $40b in buyback ?
Come on, what do you expect? It is a company not a philanthropist. If they don’t need that many employees they need to do lay off. And what exactly is bad to those employees? They got big severance tickets, and for the ones who can’t find another job they should feel lucky as they got in Meta at the beginning because of the overhiring. And I am sure a lot of them are bootcamp folks.
I was laid off from Meta, you don't know what you're talking about... Severance is good for the industry, I'll give you that. For the rest, meta made deep random cuts. I'd been there 4 years , outperforming every single half. So, no, i don't feel warm and fuzzy about the buyback
You made tons of money over the last 4 years, got a pretty good severance(thanks for “giving us that”). There are people out there who were laid off from non faang(or whatever you call it these days) companies. They are the ones who actually cant feel warm. Move on
I mean, all you really had to say was “fuck Meta/Zuck”. Didn’t have to explain why.
Folks need to understand that a corporation exists to maximize profit. A simple example is say with 100 employees the company can make $50 profit but with 120 employees can make only $30 profit, they will layoff 20 without thinking. Similarly with 80 employees they can make only $30 in profit they will hire another 20. That is all to it, in my opinion
That’s the cliffs notes version or fiduciary responsibility of a publicly traded for-profit company; I would hope a company does more than that like provide employment and build something of some use at least. Imagine if all companies were profit maximizing with no morals, you would be priced out of your mind for inelastic demand stuff. We already have a flavor of that in US healthcare: what is your willingness to pay to survive a medical emergency? This could also lead to AI-driven employee-less companies whose sole purpose is to milk you for profits. Sounds like a terrible world to live in 😳
Actually now when I think about it is not very clear what the objective of a corporation is, is it purely profit or maybe 80% profit and 20% social responsibility, or something else. If so who sets these rules is it govt regulation,,( e.g there is an-trust laws, WARN notice before laying of folks). One thing is if company A is purely for max profit, and company B is like 50% profit, 50% for employees, social responsibility, then over time company A will be exponentially larger in market cap than company B. So probably the companies that we know are the big ones and they tend to be largely profit making.
Idiot, a corporation is responsible to its shareholders not to its employees.
Lol, why? They started saying stakeholders instead of shareholders long ago
meta employees are shareholders. (and no need to get rude to get your point across. its a sign of inferiority.)
This is corporate America. Due to their greed they overhired. Now they are laying off people. For them it's number, but actual human life is impacted, and in some cases disproportionately.
Its that same reason why unqualified new grads doing little to no work were getting 300K+ offers. Why wasnt no one complaining about "corporate america" and "greed" back then? Why was no one calling out these companies when they were over hiring and over paying?
Those ex employees should be happy instead. This one single move added 20% to their net worth.