Meta To Cut Another 10,000 Jobs and Cancel 'Low Priority Projects' - Slashdot
source link: https://tech.slashdot.org/story/23/03/14/140232/meta-to-cut-another-10000-jobs-and-cancel-low-priority-projects
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Meta To Cut Another 10,000 Jobs and Cancel 'Low Priority Projects'binspamdupenotthebestofftopicslownewsdaystalestupid freshfunnyinsightfulinterestingmaybe offtopicflamebaittrollredundantoverrated insightfulinterestinginformativefunnyunderrated descriptive typodupeerror
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Not yet it doesn't: https://tradingeconomics.com/u... [tradingeconomics.com].
I graduated in '04 and that was not the worst economy.
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I graduated in 2000 and my first job was with MCI Worldcom.
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My sympathies. My first job was 5 years with a company that laid off 2/3 of its engineers because of the 2008 crash blowing away all of their customers.
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Whats wrong? Is the advertisement based economy not working for you?
Their entire business is based on advertising and data collection and they can afford 80,000+ employees? That right there is what is wrong with the economy.-
May be they can afford 80,000 people, but if they can replace them with 80,000 threads on their AI engine, jobs are gonna go - even if the AI output is a load of rubbish,
Anyone who is supplied with information by Google knows it is already rubbish.
Unfortunately, everything is rubbish these days.
We are doomed - we are all doomed <appologies for lack of a credible Scottish accent>.
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The whole reason the fed is hiking interest rates ( an inadvertently causing banks to be under capitalized) is because the economy is doing too well. There's not enough unemployment, companies are paying higher wages, people are finding it too easy to switch jobs. Ergo inflation which can truly suck is getting started. The fed is prescribing a medicine that tastes bitter but is good for calming an in sufficiently sucking economy.
Ironically big layoffs are what's needed. And getting laid off early in thi
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Um, 10k out of 86,400 is roughly 11%...
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Oops. You're correct.
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They laid off 11k in November so that's more like 25%
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A corporation of this size, engaging in this sort of activity telegraphs a level of sheer incompetence which is difficult to fathom.
Nobody in tech should ever be aiming to work at Facebook ever again. Their management incompetence means your job is not only not secure, it's probably meaningless to begin with.
Layoff numbers directly correlate with the CEO's incompetence. And seriously... who didn't know that Mark Zuckerberg was an incompetent, socially inept dweeb who got lucky?
Cross them off your list fol
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A bubble popped. Big tech firms were riding a easy high when everyone was forced to be a shut in during the pandemic now that people are out and about agin and injuring life away from screens the values are crashing down to reality. Now they are looking around and thinking "Geez we hired more people than we can afford" we have sadly watched this same cycle happen before in tech with the.com bubble and we will likely see it again in the future. Which is exactly why I got out of tech 10 years ago
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Another factor contributing to the popping of the bubble is the reduction in online ad spend. Now that ZIRP is over and money is tight again, companies are looking into ways of cutting costs, and ad spend is usually the first thing that gets cut in such situations. And once those companies realise that online ads are worthless, they probably will keep their online ad spending low. I mean, what was the last time online ads convinced you to buy something? Most people view online ads with their BS detectors on
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Depends on what we mean by "ad." I've actually bought a few things because of YouTube creator sponsorships and due to the fact it was something I was genuinely interested in (otherwise I skip forward). But if an "ad" gets shoved in my face when I'm not asking for it then it can actually have the affect of "un-selling" me on something just from the annoyance / piss-me-off factor. Then again, ad blockers have rendered that uncommon anyway.
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That's a special category of advertising. Expect this space to grow in the future, because YouTubers have something to lose if the product or service they are promoting proves to be a scam (reputation). Compare this with the traditional ad model where Google serves some ads without caring about the legitimacy of the ad because they will collect their cut anyway. Problem is: YouTube does not make a single red cent from YouTube creator sponsorships.
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I mean, what was the last time online ads convinced you to buy something?
A bit niche but DigiKey sends me a spamvertisement e-mail showcasing new components. Every now and then a new component gets my attention and maybe is just what I'm looking for. It's happened a few times - including a zero-crossing detector just when I was looking for one with decent isolation.
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If you have consented to it (by not clicking the "unsubscribe" button), it's not an advertisement but a newsletter.
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How is the incompetence of a kid who dropped out of college because his startup took off but now is in the position to run a $500 billion company difficult to fathom? Honestly the level of competence he has shown so far is astounding.
The level of confidence investors put into Zuckerberg to run this company well with little to no accountability to shareholders is what should be difficult to fathom.
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Most of those jobs in the tech sector were justified at one point or another. The popularity of selling hype and bullshit across social media and the MSM has waned for obvious reasons. The end result is a considerable drop in revenue, which always results in job cuts.
And it's quite ironic when The Product is bitching about incompetent management. If we don't like that business, perhaps society should stop feeding it.
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Many of my best jobs were horrible business models with shitty management. However, I got to take on a huge load of responsibility that led to me learning a lot and getting great jobs afterwards. In fact, chaos is just opportunity, especially when you're young. Most of the dot com jobs were really really pointless and had fatally stupid business models, but they hired me right out of college, paid well, and jumpstarted my career and skillset. No matter how dumb their business models were, a paycheck is
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all of which were pretty terrible. Between this and Twitter it does really show what it's like when these "tech geniuses" are actually in charge and making decisions, as opposed to blundering into a successful business.
Not sure about Facebook, but Tesla and SpaceX both have multiple sources who discuss how there's an entire team who's job is to keep the CEO occupied so he doesn't screw things up with "hardcore extreme" ideas. One of the problems with Twitter is they didn't have that team in place, so the guy had the run of the place. And every boneheaded idea he's had comes through.
This is pretty common actually, so much so it's got a name, "Great Man Theory". Ask any historian who isn't in the employ of a political think tank and they'll snort and chortle a bit when they hear it because it's been so thoroughly discredited yet it still holds onto people's imaginations. It's especially strong with nerds, who grew up reading sci-fi full of this archetype. e.g. Mary Sues.-
Most creative people have more failures than successes.
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Most smart people don't bet their entire companies on moonshot ideas like "the metaverse" either.
I can't recall any recent tech company pouring so, so much money on something no one seems to give two shits about.
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Zuck is a special case, I think he definitely believes his own BS. Elon seems full of wacky ideas and thoughts, but does appear to listen to people and invest in the better ones.
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Instead he has a team of people whose job it is to make him feel like he's being listened to all the while they're ignoring him. He's not so much a CEO as he is a mascot. Like those goofy people in suits for sports teams or Japanese cities.
But it's as if we took one of those goofy guys in a suit and actually put them in charge of Tokyo. They have no idea how to run a city any more than Musk knows how to run a company
Musk is someone who has been protected from his own idiocy his entire life. First by
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He really hasn't bet the whole company.
The metaverse loss was $13.7bn per year, so without it they would have made about $37bn net profit.
It's not like he's funding it with debt, he's just reinvesting a bit of profit.
It's similar to Amazon's spending on Alexa, which is still losing $10bn per year, or one of their many other bets like stores without checkouts. Amazon is loss making.
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I'm not talking about a creative person. What we're talking about are super geniuses who have been made captains of industry on the basis of their incredible abilities. This isn't about being creative this is about being an extraordinary person.
The expectation is that someone at that level is so extraordinary that we would expect everything they do to be successful because they would know the difference between something that is and isn't going to be successful. This is what is meant by a job creator.
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Zuckerberg is a moron leftist who sold "popularity." Musk is a real engineer and Tesla and SpaceX make real products. That's the difference.
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He doesn't really have ideas or inventions, he just made decisions to pursue some known markets.
His biggest problem is that he has no taste or concept of style. It's not in him.He has all of those people, the hardware labs, unimaginably massive server farms.
But Meta produced content for Oculus has always been coated in low-bar cheese.
Zuckerberg is simply blind to what really good looks and works like.
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"Meta" stands for "Metastasize", and yet more layoffs proves it.
Of course there's a bunch of delusional fanbois that think them shedding weight means they're in some kind of remission - they don't realize the weight loss if from the cancer taking over.
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Just confounds me, because Powerpoint in the Metaverse should be awesomer...And woolly mammoths! And 3-D diagrams!
BWHAHAHAHAHA, I hope this tanks Facebook and Insta and other useless division they own
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I don't. I hope the shareholders and board force a leadership change and set facebook in a new (ethical) direction.
Social media is not going away. Better to reign this one in or someone else will just start another even worse one...
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