Another “I take full accountability for the moves that got us here today..” https://newsroom.spotify.com/2023-01-23/an-update-on-january-2023-organizational-changes/
OPEX outpaced growth by “2X”! And the layoffs are just 6% What did someone leave an AWS instance running too long? Unless there are more layoffs this just seems like a bandwagon way to reduce headcount.
Ummm, haven't you noticed that basically everyone is cutting the same amount? It's all for the stock price. It's all for Wall Street. Large investors and funds write letters to the CEO asking for cuts. CEOs respond. It's all a sham.
Meta cut a % in the low teens
Sweet package
And Joe Rogan is paid 200M for his contract. Not sure if it's worth it.
Ya don’t say
Whoever the fuck saying the same lame statement should fucking voluntarily resign.
Spotify CEO message is the most tone deaf, compared to the rest. So much BS about speed and efficiency, and the layoffs is like minor, secondary news. At least Sundar starts with the layoff message in first line.
"The need to become more efficient [...]" same thing we were told...
5 months of severance!
It's the best anyone can hope for in a bad situation, but is in no way a good thing. 100k today, but 0k for the next 5 months unless you can find another job, and it's doubtful you'll find another role with Spotify or FAANG level comp. If I were one of these employees I'd be terrified. The loss of all future potential earnings is greater than one lump of severance today 😞 and now you're competing with 100k other laid off tech employees in a flooded market that is tightening belts. Best of luck to everyone laid off from Spotify
It is not 5 months of severance, notice he said “average” Severance is only 5 months if you’re from Sweden or have been there at least 3 years. It’s 2 months severance + a month for every year of service. Sweden gets a 3 month notice period by default plus the 2 months.