Last year, due to covid, we had a huge increase in our TC in the job market (for those who moved around). [this does not hold true for those who haven't moved] Amazon for instance increased its total compensation to ridiculous amounts. To the point SDE2 now pays in $3XX to $4XX at Amazon. Something that would have been unheard of just two years ago (and especially coming from Amazon). And there were mass hirings early this year due to tech stocks going through an unprecedented rise. This also has made so many people drunk in 'high TC' here. Now, it seems every mom and pop is trying to become a software engineer. And while this is happening, it seems many of the 'top tech companies' are showing cracks. Snap stock is down ~45% from this year's peak. Pinterest stock is down ~60% from this year's peak. Docusign is down ~58% from this year's peak. Twitter is down ~47% from this year's peak. Square is down ~36% from this year's peak. Palantir is down ~52% from this year's peak. Meta is down ~20% from this year's peak. Zillow is down ~72% from this year's peak. and so on. Then there's the Chinese tech giants like Alibaba and Tencent that are down over half (and seem to have no end). And as much as stock market is not reflective of the real economy, the reality is software engineers get hired favorably in a bull market. Tech companies have been trying to hire every software engineers earlier this year because tech companies evidenced the rise in stock value. For all we know, we could be in a tech bubble again with crypto, ev, and so on. And once one of these sectors start breaking, there's going to be a bigger pool of software engineers in the market. And that effect can keep amplifying. Better.com, Zillow, Redfin, etc. have already been firing software engineers in the masses. Companies like Rivian, etc. might just follow. We have posts of the very lucky bragging how 'we have too high of a TC' when it's just those lucky fools. I think a lot of software engineering hiring was due to investors around the world throwing cash at tech stocks. And that cash came from the fact that people had nothing to do at home all year with their cash and wanted to get rich quick. Now, with holidays coming and covid coming to an end (and the FED not responding as favorably along with all those issues at China), there will be people taking out money from the market. And once that happens, tech stocks especially growth stocks will be most impacted. And Alibaba stock is now a reference to other investors that even the largest tech companies are not immune to a crash. Have fun with the paycheck while it lasts. Don't throw your money away and get your rainy day fund ready. #software #tech
Zillow hasn’t fired any engineers…
I think OP is referring to Zillow offers layoffs. I thought SWEs were affected too, no?
Zillow didn’t immediately dump everyone. It’s going to be gradual and they are trying to find landing spots for most people. It was mainly from the offers department and they always need engineers
It’s over for me. I live in a box now.
Lmao
Hey 🌲, how’s it going at better?
the moment when you’re a student interning at big tech next year 🤩🤩🤩
The ones that will do fine are those with good P/E, even though I’ve been saying one cares about fundamentals for a while now. It may start mattering here again fairly soon.
So Tencent, Alibaba, and the like? 🤡
Ok, asshat - go write another novel on here while you’re at it.
So good right. TC got adjusted. I'm surprised you really thought stocks were rightly priced. Everyone who knows what they are doing in stock market have already been ready for this situation for months. Too bad if you didn't know this.
You should know that big 5 or 6 employ over a million software engineers and they are all having a normal December - at least so far 🙏
You are right. Sell everything.
Tech doesn’t have a bubble, not even the housing market. Crypto and NFTs on the other hand do … but I bought ETH at 100 so IDC
You worry too much