Tesla is kind of the exception to this but aren't there always layoffs there? seems par for the course.
Didn't Elon just say how Tesla's software needs more work? How is he going to do that without software engineers? Is Tesla even laying off software people or other employees? As a model 3 owner, the mobile app sucks, the in-car UI/UX which was cutting edge is now falling behind, let's not talk about auto-pilot/self-driving. They should be desperate for better software people.
The one common thing about "overvalued" companies is that they either need to show strong growth or their stock is going to be decimated. Management often looks at headcount as proxy of growth (I'd argue that's not always correct but that's a different question). It's extremely dangerous for the stock price of these "overvalued" companies to do massive layoffs both in term of further hurting the short term and a big impact on the long term. If they have plenty of cash they can and should be looking forward. That said this can be a reasonable excuse to offload some lower performing employees or adjust some priorities.
I know the people who were laid off were passionate about what they were working on - and this was a big disruption to their life.
But when I see some of these layoffs, my immediate thought is:
1.) Who is this company and how did they have so many people?
2.) OK, that industry experienced a COVID boon (edtech, mortgages)
3.) Taking advantage of others laying off people to get rid of poor performers
Netflix laying off employees; I'm sorry, but Netflix is mostly a catalog of garbage at an ever increasing cost, with legitimate competitors at this point.
What is a real industry to you? Farming done by migrant, mostly illegal workers, or machines? Manufacturing of goods that mostly happens in China?
An NFT marketplace is a similar to gambling or derivatives. The value is potential income for people.
Another definition of "value" is something which increased the economic output, a positive-sum game. Thus gambling (which is zero-sum) does not create value.
Derivatives do create value in the second sense, in that they can be used to protect against risk, thus creating value (or allowing the creation of value). Yes, they can also be used for the equivalent of gambling, but they have additional uses.
Derivatives have real utility.
Other than organizing the information of the internet (lately it is debatable as to how well they have been doing this lately) via google, what value addition would you say facebook or google is providing?
Same thing with Uber, now that VCs are no longer subsidizing Car rides for the entire world, it's just a more expensive cab.
What are the tech ventures that have been adding value addition to society. Based on the experience i've had with family members becomes complete Q psychos i'd say net negative on facebook's part and they dont even build anything.
[1] Not your personal favorite, of course. That one's the pony in there somewhere. https://quoteinvestigator.com/2013/12/13/pony-somewhere/
Just because something is not physical, doesn't mean it's not valuable.
Please ignore the man behind the curtain.
riplol
All of this being done on internet forums and social media produced and managed by those same people.
Reality is, yes, it's a new industry, but no, it's not special.
Every other industry I've been exposed to has all the same bullshit office politics. The same supposed "in jokes" that only "their industry" would understand.
Around 75% of what I encountered touched real products, workers, and production directly.
It seems like there is plenty of that kind of tech out there and in development right now.
The other 4 or 5 companies were strictly internet related, selling digital products to people doing things on computers.
I’m not sure if I encountered that because that’s a reasonable representation of what’s out there right now. I do know I prefer work where I get to support real people doing real things, so to speak. In any case, there are definitely roles like this out there and plenty of companies hiring.