"at least four months of compensation replacement, as well as financial assistance to enroll in COBRA. We will also provide outplacement service support and launch an opt-in talent directory." Read the full memo here: https://www.theverge.com/2022/8/31/23330123/snap-layoffs-announced-original-shows-canceled-games-mini-apps
Did he change his name to Evan Kerr??
I keep reading it as Karen
OP didn’t even read his own article “CEO Evan Spiegel wrote that Snap is “restructuring our business to increase focus on our three strategic priorities: community growth, revenue growth, and augmented reality.”
The Snap ship has been sinking for a long time, and now finally the bow is fully underwater. The rest of the company will soon follow. Companies exist to make money for shareholders. Snap essentially has NEVER been profitable. Huge mismanagement from the very top of the company has led to this moment. It's why I've been saying for YEARS that everyone should stay as far away from Snap as possible. I notice that all of my previous critics on Blind (mostly Snap employees with kool-aid stains on their shirts) are silent today, probably frantically updating their resumes. I give it 1 to 3 years before the company does another layoff at a minimum of twice the size, or shuts its doors entirely.
They should have sold it while they could. Why do people believe that growth can continue infinitely forever? There are going to be periods of downturn and your company has to either have revenue or a cash reserve
You realize they have 340M DAU right? How many other companies have that high of a DAU?
What about stock vestings? It's not much (anymore) but it's something.
Especially Snap has monthly vesting, so it’s definitely something. I guess it’s gone though
Layoffs suck, but 4 months severance + COBRA is a really strong package. I’d take that right now if I was offered it
Yeah I thought we had a decent one but if Snap’s 4 months also include RSUs that’s one of the best packages I’ve ever seen.
Can someone confirm what’s going to happen to the RSUs/Stocks?
I saw a Snap employee say RSUs are included in the 4 mos of severance. No source though.
How long will be kept on payroll? Next 4 months?
Severance will be lump sum unless they were on contract but their termination date will be next year to help with employment verification purposes.
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4 months to leetcode and get a better position? Sounds good to me.
It is only base pay. If eng that's a 50% drop in comp straightaway.
SNAP is basically a penny stock anyway.