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LinkedIn lays off 500 engineers with an average TC 400k. The means Mr Softy saves 200,000,000 a year? Weird how it comes right after Activision approval. The Activision CEO was one CNBC lauding about all the software engineering synergies.
Actually saving more ‘cuz employees overheads and taxes and benefits around 20% of base salary. So probably another 40M saving on top of 200M.
The first year they’ll eat the layoff costs, but it’ll be reaped in subsequent years. But yeah, add on the full benefits (healthcare, payroll taxes, RSUs, on-site benefits, office space etc) and you’re looking at 600k per head, potentially.
The severance is small and costs will begin to be recouped next quarter. It’s 10 weeks severance, plus RSU, which is at parity of a non layoff situation by EOQ. The only difference is paying 6 months of COBRA, so by EOQ FQ3 (end of march), we will be ahead from these layoffs.
Y'all 2 expensive. He's gonna hire my cute buddy Rajeshi now with that dough.
🥲
Fire LinkedIn CEO and other execs too. Satya will save millions there
Layoffs were planned in advance, not related to acquisition
The problem is that Linkedin is too bloated for the kind of work its doing. I would say the actual return on investment is low. This is a different market, tolerance on this is low now.
With benefits it's more