Just caught word of Robinhood’s 10% layoff. Personally, given the trends we’re seeing in the market and economy, I think this is just the beginning. Too many tech companies, especially the less established ones, have grown way too quickly and I don’t agree with the mainstream opinion on Blind that our sector is immune from a downturn. Especially given the massive jumps in TC we’ve seen the past two years. Given all this, where do you think the next layoffs will happen? I’d personally put some money on Netflix maybe. Though I’m not sure. Edit: please explain your reasoning if you have the time.
Amazon Robotics is hiring. Let me know if interested.
MSFT is really quick to start layoffs…
Vroom
Robin the hood's business model is pretty trash though, and they lost a huge user base. Other tech companies have more effective business models to support the growth, though idk how aggressive Netflix has been hiring.
This
Yeah they basically sell user behaviour to Wallstreet so they can be strps ahead of people thinking it's democratizing investing. It's BS
It’s all about sensitivity to consumer spending. The closer you are to consumer spend the higher the likelihood
Hmm, how close is Stripe and Amazon then? I guess Amazon is making money mostly from cloud and not their market and stripe is charging businesses for their transactions with consumers.
Isin’t Robinhood making money from selling data to private funds? How are the close to consumer spending?
Next 2 years many startups will do layoffs and that will end Great Resignation.
Nah. People will still shuffle more readily.now because of remote
Coinbase sofi stripe and all the bs Fintechs. Uber doordash and Instacart.
I don’t know where layoffs will happen next, but I agree that layoffs are coming. I don’t think this is going to be specific to just tech, although tech has definitely seen the craziest increase in jobs and TC over the last 2 years. In this hot economy, companies have been hiring left and right. I think they’ve over-hired and will need to offload the additional expenses as the economy cools down and consumer spending decreases. I think we’re in for an economic correction, if not a recession. Note that I didn’t say “crash” because I’m not convinced that will happen. But what goes up must eventually come down.
4 different Amazon recruiters have emailed me today, so I guess at least they aren’t concerned
Amazon is not slowing hiring.
Meta
Sauce?
Already happened