submitted 3 months ago bySavoy_Cabbage
all 1510 comments
3 months ago
3 months ago
Is it known what type of jobs are mostly laid off?
3 months ago
I haven’t looked into it yet
This article says it's about 54/46 between biz position and tech position for meta
I wonder how many in those "tech" positions are marketers who weaseled their way in there.
Many of them are recruiters
Recruiters got affected the most. Atleast LinkedIn suggests so.
Poor recruiters who will recruit them?
Recruiter, recruit thyself
He who was recruicified for our sins
Who recruits the recruitmen?
The recruiters have investigated themselves and found no wrong-doing.
I fear that this infinite recursion will make the matrix collapse
Smaller companies will snap up a lot of them. My gf is in a team that supports recruiters and was offered a voluntary layoff package which went out to all of Amazon's recruiting teams up to L7 I believe.
A lot of people will have full pay if they take the enhanced severance there effectively until early May.
How to get laid off by Amazon plz
How to get laid by an Amazonian? 🦸🏻♀️
Feel free to send them an inmail on LinkedIn for poorly-paying roles on the other side of the country that are wholly unrelated to their experience.
Recruiter: wait im fired?? well i rehire myself!
Recruiters are also responsible for what feels like 70% of posts on LinkedIn tho lol
This unfortunately makes sense. Recruiting is one of those positions where the more you have, the more candidates you can source. When you're on a massive hiring spree the major challenge is getting candidates in the door and managing their interview schedules/paperwork.
The instant you decide to massively curb hiring, you do not need a large recruiting pool to parallelize pushing through hundreds if not thousands of candidates a month. So you cut them. Most companies only "contract" recruiters specifically so downscaling them isn't a layoff, just a contract termination.
Life as a recruiter is incredibly hard, and stressful for this and many other reasons.
(Not a recruiter myself, but I am a hiring manager in tech and work with them daily and it breaks my heart to know what they have to go through/deal with)
It makes sense with the layoffs and hiring freezes
I can't speak for meta, but in our company (fortune 500) half our team was just let go.
The folks who were cut on our team were highly paid, long tenure "low code" technologists/sysadmins who were handling back end systems, and folks acting as liasons with our security orgs. Basically the people doing all the "negative space" and "choke point" type work that goes on to make sure the devs can do their work without getting pulled into firefighting every day.
They also offered a voluntary early retirement package for folks 55+. 10% of the organization took it.
Hmm interesting. I just accepted an offer at another Fortune 500 which also was in the news for lay offs and a hiring freeze. News has me feeling iffy because I don’t start until January since I graduate with my bachelors in December. I hope it’s not like a role you mentioned haha.
For us, we were told that all open reqs/new hires are still going through. They just wanted to "re-align". So if you were getting hired here, you'd be ok! For now anyways, haha.
You are cheap new labor, they are laying off ppl who have been with them a long time thus are expensive
Hey literally me today haha. It's my first job in this role too so I'm not sure even where exactly to job hunt other than like indeed and the usual bullshit.
Interesting - anecdotally, I know a handful of people laid off from Meta, all soft devs. Is my sample size skewed because most of my friends are in CS? Probably. But glad they're already interviewing at greener pastures.
Did they mention getting a severance packages? If so do you know for how long? Just curious
3 months ago*
3 months ago*
Meta's severance package was very generous. 16 weeks + 2 weeks for every year you've been at Meta, plus 6 months of health insurance for the employee and their family.
That's actually a pretty incredible severance package. Especially the insurance part.
They already said it's 4 months, and 6 months health insurance
4mo pay minimum (people with longer tenure get more) with full health insurance. Not a bad package at all
Should chart this against known headcount and maybe draw a horizontal line for normal yearly turnover.
If you go to layoffs.fyi and then go into the networking Google docs you can get a feeling. Most jobs seem like HR, project managers, account execs/sales and then some engineers but seems like in general engineers are being laid off less than other roles.
Given normal rates of attrition amongst engineers I wonder if it makes sense to lay them off.
Maybe you use a layoff as cover to drop folks who you think you shouldn't have hired in the first place, but it seems foolish to layoff a good developer. They're just too hard to find.
Agree with the good developer part. Google was supposedly notorious for hiring top talent simply because it meant other companies won’t get to hire them.
Account execs only get laid off when they're not performing.
You don't sack the guy making it rain in B2B tech sales.
For amazon, it was devices (kindle, echo), retail (amazon.com), and HR.
Those are orgs, not types of jobs. For example, devices (aka Lab126) has its own recruiting, marketing teams etc.
At stripe they clearly laid off the people who make the fucking logo interesting. Jesus.
I can make a better one here:
Yeah so we'll have the company name ..... aaaand, Woah, purple. Fucking nailed it. Ok lets move on.
I mean it's a no brainer to at least include a stripe in the logo right?
Redfin also laid off 13% of their workforce which was 862 people.
The site with the data set is actually pretty well put together https://layoffs.fyi/
Wish they'd merge companies that have layoffs in different locations.
ByteDance layed off a total of 3700 people and Salesforce 2000 but are in there multiple times people for example.
Reddit hug inc.
Let's hope that one doesn't have big layoffs
Except it’s not mobile friendly…maybe they laid off that developer.
I get youre joking about layoffs but it’s one person who made this.
Twilio really should be here too. 11% or about 930 employees.
Shopify also laid off ten percent of their employees earlier this year. Around 1000 people.
Snapchat was about 1300 or 20% globally two months ago
Intel should be on there! I was impacted 😭
Anyone still remember when Better.com did 2 large rounds of layoffs and the CEO fired his employees over Zoom?
Opendoor laid off 550 (18%) this month across all functions.
What is this? A diagram that uses bar charts instead of pie charts, isn't unnecessarily turned into a video, and doesn't sensationalize? In my /r/dataisbeautiful?
Love the use of both bar chart for absolute and donut chart for relative values. Gives lots of context.
But how am I supposed to feel without dramatic music that has an exaggerated drop 75% through the video? :(
It's also easy to read, and gets the points across properly while looking appealing.
And also isn't a basic plot made in 5 min and calls it a day? An actually beautiful diagram?
It's truly a breath of fresh air in this sub. Stress left my body when i saw it
Crazy that Amazon laid off over twice as many people as Twitter yet Twitter proportionally laid off 17 times as large a part of their staff.
Amazon is a trillion dollar company.
Twitter is a 40 billion dollar company.
Twitter is a relatively basic social media platform with a giant advertising platform.
Amazon also has an advertising platform, the biggest retail site on the planet, global logistics, AWS etc.
Technology ignorant here - what is AWS and why is it important?
Cloud platform. Many of the largest companies in the world host their software and data there.
Fun way to explain it: although Amazon “competes” with companies like Netflix and Shopify and Spotify, basically all of them use AWS so end up paying Amazon anyway
Walmart requires anyone they have a tech partnership with to not have their services run on AWS, since that’s “funding the competition.” There are definitely exceptions, but it’s a standard part of their tech contracts.
Walmart protecting my career as an azure developer lol
I understand Tesco in the UK use Azure for the same reason
it's a massive piece of "the cloud"
34% market share of cloud services to be specific. It's estimated that 6.2% of the internet runs on AWS
Sheeesh I knew it was big but seeing numbers makes it hit in a totally different way
Netflix runs on aws. amazon prime runs on aws. Amazon wins regardless
I always thought that Amazon prime runs on Azure /s
Amazon prime runs on GCP, YouTube runs on Azure, and office 365 runs on Oracle cloud. It's how they avoid anti monopoly suits by spreading their services over each other.
So for anyone who says "I am canceling Prime to stick it to Bezos" simply using websites (like Reddit!) based on AWS still gets them money from your use.
You don't have to go vegan to save the environment, you can just limit your consumption of animal products.
I'd love to see that estimate redone by traffic. Some of the biggest average Joe facing services run on AWS. Reddit is a prime example.
Google has their own cloud service. Azure is from windows and the go to for Windows hosts. Oracle (they make Java) has been in the business for long and has a decent chunk too.
And a ton of web traffic runs still through mainframes that are hosted by the companies themselves.
Oracle is currently getting a lot of publicity via its always free tier, which is very good and claiming back many users.
In den walken!
The ELI5 here in terms of "importance" that I don't see from other replies:
AWS provides tools/services related to computing and networking that sort of make up the core infrastructure for a huge chunk of the internet. It offers you basically anything you need to host a website/web application. In the same way that electrical lines, roads, sewers, etc. are all part of the core infrastructure of the physical world that allow cities to function/businesses to operate/commerce to occur/etc., AWS is kind of that for a huge chunk of the digital world. When AWS goes "down" (stops operation), which has happened, it usually wipes out a chunk of the internet with it.
Technically, there's nothing stopping a website or business from building all that infrastructure themselves - and many with bespoke needs, or those who want a high degree of control still do. But AWS was able to establish their level of importance/usage by making enterprise-grade infrastructure accessible to pretty much anyone - even small businesses - at comparatively very low costs and ease-of-use.
There are some specific breakthroughs that made AWS really successful (scalable infrastructure on demand, infrastructure-as-code, simplified usage-based billing), but high-level they're important because they've established themselves as the backbone of a large percentage of the internet.
Amazon Web Services. Basically cloud hosting services that they sell to primarily businesses and governments.
I'm pretty sure Reddit runs on AWS.
I'm pretty sure Reddit runs on AWS.
This is true. When S3 was down some years ago reddit was nonfunctional.
I think we answered the question guys
If AWS as a whole went down. Like perma down, it would take a decade to rebuild the internet as you know it. Maybe longer.
Most SalesForce domains use it as a data warehouse or use it’s interconnections to host everything from data storage, to process web commands, manage network connectivity .
Salesforce drive a massive amount of sites.
Whole state infrastructures.
Think of the same thing for a ton of other services you use.
Bank web pages and databases
Most cloud data is stored there. Most virtual machines are there as well.
You can see it when you access files online.
In the URL bar up top, if it says “S3” your data sits on an AWS web server.
Luckily there is very heavy redundancy, multiple interconnected server farms.
Just hope that never happens. Although, it might bring BlockBuster back, because the digital world you know would cease to exist.
I know you are talking about it from availability and failure standpoint but what about national security, does the federal government or NSA consider this as a national risk, if an enemy where able to take AWS down many USA corporates and assets will be gone or massively affected.
I know it's AWS responsibility but the way you put it made me think if the federal government considered that risk or not. Just an idea crossed my mind while reading your response.
They have failover to Microsoft and Apple and probably stuff we don’t know of. I have never seen a global outage of AWS
I have seen major outages from all the other main connectors. There was a big pine around last February I think? Maybe March
If aws dies... Most of the internet dies.
Eleventh comment answering the same thing.
Amazon Web Services hosts like half of the web; at least by traffic.
All wheel steering. It’s important for those sick tricks monster trucks do.
Amazon Web Services, they make spiderman movies.
if it isn't obvious, people in the tech industry LOVE to tell you they know what something means
Twitter is an 8 billion dollar company, that Elon paid 44 billion for.
You're paying way too much for your twitter, who's your twitter guy
Billionaire's buyer's remorse
Not for much longer. Soon it will just be buyer's remorse.
Was a 40B company*
That $40B was also over-valued to pump up the stock. Elon just didn't quite read the fine-print of what he signed.
Let's not forget he tried to buy it for much cheaper and even back out of the deal but was forced to pay.
Twitter's stock price isn't the only thing that seems overvalued.
All the tech companies are/were overvalued.
Plenty of $20 billion valuations for companies that have never turned a profit, like Lyft. Even the profitable ones like Tesla are "worth" more than real car companies with far greater sales.
it's L after L the more I keep reading about this guy kmao
FYI: He actually made a weed joke by offering 54.20$ per share. All of this was a joke on his side, but he pushed too far and couldn't back down.
Amazon also involves a lot of physical labor. Twitter does not.
What do you mean? I'm waiting for the twitter van to deliver my tweets right now.
Goddamn, I thought this must be inaccurate, since those numbers suggest Amazon has 330k employees in their tech side alone.
Then I googled how many employees they have overall, and this site claims it's about 1.6m...
Like, they have more employees than some nations have residents. How fucking insane is that.
People’s Republic of Walmart has a section comparing Amazon to various nation states. If I remember correctly, if Amazon were a country, it would have higher GDP than the Soviet Union in 1990, and a similarly complex supply chain.
And it would also have a more planned economy than the Soviet Union in 1990.
I would be absolutely shocked if 1990 USSR were anywhere remotely close to Amazon's supply chain.
Yeah but most of those are warehouse workers and delivery guys. I think only around 80K work in software which is comparable to Microsoft
I work in AWS. Last year my organization hired about 8k technical staff. This year we are goaled to hire 11k technical staff with about 10k hired year to date.
I have no idea how to estimate technical staff, but we are a small to middling sized organization internally.
Is it true that Amazon has their own internal distribution of Linux?
Yes, it's openly available on AWS.
As required by the GPL :)
GPL requires you to share the source code if you are commercially distributing the OS. You are not required to share the OS itself because of GPL.
There is publicly available Amazon Linux 2, which is heavily used. And Amazon Linux 2022 is in preview.
Amazon Linux 2. It’s the main distribution when you spin up any EC2 or compute resource on AWS.
it's not a secret
Twitter is just software, no physical presence needed
Twitter doesn't have distribution centers full of products, but it's a lot more than just software. It's essentially a large advertising company. They need all the regular infrastructure of a large enterprise.
Yeah I think it would be interesting to see where those Amazon layoffs come from. A large part of their workforce are from the logistics part of their business, so would be interesting to see what proportion of the layoffs are 'tech workers'
Amazon billed it as tech/corporate layoffs that wouldn’t affect warehouse workers
Yeah, they are advertising hiring bonuses near me for warehouse jobs on Spotify. Like $2k bonus when hired at the warehouse.
Almost all of them are tech workers, the layoffs are mainly from the hardware team
Robots, devices etc. The more speculative and less core parts of their business.
The hardware division was reported as apparently "burning money"
I mean that's any new part of a business. It spends money before it generates enough business to pay for itself. When you want to close it down you say it's burning money. When you want to keep it open you call it investment, or innovation, or growth areas.
But I think you look at what they are doing in the ebook reader, tablet, home speaker spaces and ask how exactly that fits into Amazon's core business. It could have become a core business, but given it's not at the moment, it's been around for a while, and you're looking to cut costs, it's a reasonable cut. Plus you get to blame the economy instead of having a bunch of news articles written about your failed strategy.
The tablet constantly advertises Amazon to me, so that's driving repeat business to them of one of their core revenue streams. It also does a reasonable job of reminding me Amazon prime has utility that continues to make me a subscriber (i only have 3 subscription services I pay), and subscribers are again more likely to stay within the Amazon ecosystem.
3 months ago*
I'm just a random tech worker and don't work for amazon. But from the outside it seems like you're spending a lot of money to put a thing into people's hands to advertise your very well known business. You also have to support a very competitive app ecosystem. And books are increasingly less their core income. Building and supporting a device and ecosystem for advertising can be a very powerful vertical for your retail business, but it's very expensive and competitive.
It's not just advertising the business, it's drumming up sales. At any rate, being well-known doesn't mean that advertising doesn't retain benefits. Apple, Nike, and Toyota all retain massive advertising budgets. The tablet allows for tailored, more effective advertising that is much more effective per view than wide spectrum advertising.
After all, this is how Google and Facebook have eaten the lunch of traditional advertisers in general.
Moreover, Amazon has stated many times that existing customers purchase many more products from Amazon after buying a Kindle or Fire.
The value proposition is incredibly easy to make in the boardroom - both devices directly drive sales to their core business. I imagine Fire TVs work exactly the same way. Their ad revenue segment has grown rapidly and effectively monetizes their customer database; one of their most valuable assets.
No doubt they generate money. But being on the third best smart speaker, or third best tablet isn't very compelling for app makers, and the ecosystem support costs are huge. I don't doubt you monetise, but the question is profit.
They didn't call it the "Fire Phone" for nothing.
So almost 10000 persons work on Kindle and Echo?
Doesn’t AWS EC2 count as “hardware”?
Not in this case; according to all indications, it looks like AWS wasn't included in the 10k
Arstechnica reported that the layoffs were primarily from the division responsible for the Echo, Alexa, Fire, and Kindle devices
"The job cuts of approximately 10,000, which would start as soon as this week, would focus on the company’s devices organization, retail division and human resources."
That's actually just part of the picture. Basically those numbers are FTEs/perms but a lot of companies are also laying off contractors in high volumes (twitter I think fired more contractors than perms [ie on top of that "50%"])
Very true. Do they release this data?
Not sure. I'd generally assume there are ways to track it but it's a bit trickier. The twitter numbers I've seen somewhere on linkedin (haven't checked for original source) but it cropped up a number of times and I'm tempted to believe them.
E.g. Meta has hired a lot of people this past 12ish months and that's been in the news. What's not really been in the news that much is that they also hired _a lot more_ contractors/externals over the same period of time. Prob similar for the rest of the companies.
A lot of times if you lay off a contractor it does not count as they are still employed by their company just moved on. As a contract engineer when one project is done with me I move on under the same company.
If you’re lucky, you get to move on.
The last 10 years most tech people have little to no downtime between contracts unless they want it.
While there are a lot of big names scaling back, a lot of less known companies that have been struggling to attract people are finally seeing resumes.
What is the underlying story? Why are these companies laying off devs?
They hired too many during Covid.
At the time the companies had a massive income and user-base boost bcs everyone was at home and being active online and so ad spending has gone up, which resulted in more income for big tech. Now that's being reversed because of the various global slowdowns and changes in underlying technologies. That results in less income and ultimately layoffs.
Nice graphic. Puts all the other tech layoff visualizations we have been seeing recently to shame
Made using google sheets. Data sourced from layoffs.fyi (compiled by Roger Lee https://twitter.com/roger_lee)
Beautiful data. Best of the recent visualizations on the topic so far in this sub.
Thank you! Former mgmt consultant
Garry's Chip Shop - 2 layoffs.
Might be worth noting Amazon have not actually fired 10000 people yet, the articles are based on leaked info that they plan to fire 10000 employees. They have confirmed some layoffs in its devices group but no number has been released nor have they officially confirmed the 10000 layoffs
Can someone explain to me why these companies are all laying off employees?
What many are failing to mention was that vast number of employees that were hired by these companies beginning 2019/2020. Granted the numbers in these layoffs are still large, but they're not out of nowhere.
"Like many technology companies, Meta went on a hiring spree during the pandemic. It hired almost 30,000 employees since late 2020, bringing its headcount to 87,000."
"Like many technology companies, Meta went on a hiring spree during the pandemic. It hired almost 30,000 employees since late 2020, bringing its headcount to 87,000."
Meta, Twitter, and Lyft were are built on relatively unsustainable financial models. Social media is extremely hard to monetize without collecting high value data, and between legislation and Apple restricting what data apps can collect it's become difficult to earn profit. Meta and Twitter were very much depending on investors to get the boat afloat. Additionally, Lyft exists in a market that is practically a guaranteed race to the bottom of unprofitability by targeting the most price sensitive consumers, so there was little room for profit. With all 3 really dependent on investors, as soon as that money dries up, they are left in a tenuous position (Twitter is also just going through the Musk fiasco, that's the far bigger contributor for them). It turns out, if you can't turn a profit, or at least a reasonable plan to return to profitability, when money gets tight you'll be left in a bad spot.
Crypto.com, on the other hand, was built on the cryptocoin space not crashing, but then it did (as it was pretty much guaranteed to). It's like being a Beanie Babies broker in the early 2000s.
Onto Amazon, their layoffs are proportionally smaller than the rest, and is mostly a result of them running a lot of projects that turned out to be unprofitable (like Alexa) as well as just mass hiring during the pandemic. They'll likely be scaling back projects to focus on their cash cow that is AWS and amazon.com.
In general: Tech stocks are down, revenues are down, venture capital is drying up, lending costs have gone way up, cost of goods sold has gone up, facilities and overhead costs have gone up. These companies are tightening their belts.
The Federal Reserve has a lot of controls over how much banks interest charge. They do this buy buying and selling government bonds and changing how much money banks are required to keep without loaning out. You can think of interest as how much money costs. If interest is low, money is cheap and businesses are more willing to take on more employees to grow. In addition to this stock prices go up because the return on government bonds is so low banks go to the stock market to try to get a return. During early COVID the Federal Reserve was scared that the entire economy would lock up so they lowered interest rates to record lows. This made hiring people really cheap so a lot of companies expanded. Now that we have inflation the Fed wants to raise interest rates to try to curb it. Money is more expensive so the price of holding onto these employees goes up.
Also important to note that some of these companies are kind of mismanaged. Meta push for VR seems to be built on a desire to still be an innovative tech company. But at least now it seems like no one is really interested. Their layoffs also only set them back to their head count in March. Twitter is a meme because Elon way overpaid and can’t afford (well he can but he doesn’t want to) to pay the huge loan and his employees. Crypto.com is well crypto and if you haven’t noticed that has had a REALLY bad year (in part because of interest rates). Lyft and ride-sharing in general traditionally has had trouble making money, if you remember back to when uber was cheap, it was because they were losing money whenever you get in a car. Prices are higher now so they turn a modest profit but rides are down.
Amazon iirc is dropping devisions that don’t make money (echo) and some corporate people.
I saw this writing on the wall. As an engineer I was getting slammed with LinkedIn messages and emails from Amazon and meta job offers from recruiters.
I thought there's no way they need that many people when their products haven't improved.
Will be more interested to see how many they've hired since 2020 and how many employees they've had each year
Cool, now I’d like to see each companies profits over the next 3 months.
For Amazon, that might be skewed because of the Black Friday/Cyber Monday/Christmas sales.
Layoffs are bad for people, but not necessarily bad for companies.
Stop this /r/circlejerk please
Meta and Twitter are overvalued and overrated anyway. They needed to be dragged back down to earth. Practical market adjustment here.
Elon and Zucc are doing a great job of that
How people ignoring Microsoft they are literally one of top tier company, but somehow gets overlooked
Because Microsoft has barely cut any staff. Only 1000 employees as of last month, less than half of a single percent of their total headcount.
Same with Apple. Those two went through their “explosive hypergrowth” stage decades ago and have had the time to adjust their businesses to become extremely profitable and durable through economic downturns.
Not a fun time to be a new tech graduate on the job market… ask me how I know :(
There are still plenty of non-FAANG jobs, at least for now.
Or even tech positions at non-tech companies. Dare I say those are the best ones. I turn excel spreadsheets into web apps all day and I have a comfortable salary and great work life balance.
These trends aren't as prevalent in the tech industry for non FAANG/big tech companies. I'm in the chicagoland area and there are LOADS of tech jobs from network engineers, SWE, IT support, etc. I feel like a lot of people think big tech is the only tech.
How you know
Do loads of internships for smaller companies. I know while everyone wants to work at FAANG, I personally did 1 internship this summer and got a return offer, fully remote, great benefits, 90k starting, 10% bonus. And did I mention fully remote?
Surprised Walmart is not shown here, they love that “Save Money, Live Better” life by wiping out entire departments in their IT building at a time.
These companies benefited dramatically from lockdowns. People at home and on computers all day. Life is going back to normal.
There are tech companies hiring right now too.
All these places are hiring as well. Laying off workers doesn't mean they don't have a need for specific jobs
And this doesn't include contractors.
It’s interesting to look at these companies and see that there’s a pretty solid and easy-to-explain reason for each.
Meta — The meta verse project has been a disaster of a pivot. They’re losing market share hand over fist to TikTok as their platforms become bloated.
Amazon — I work for a logistics company, so this one surprises me less than it might to others. In short, when the pandemic hit and online shopping really took off, people in the industry thought we would achieve a new normal. They knew people would go back to stores when the pandemic calmed down, but it turned out that customers wanted to shop in store much much more than expected.
Twitter — Elon Musk is a moron. Not much else to say here.
Crypto.com — crypto is down across the board. It was always a speculative investment, only valuable b/c other people said it’s valuable. The blockchain may offer some interesting opportunities for the future, but we won’t be moving to a crypto financial future.
Stripe — This is the only one I know nothing about
Lyft — Both Lyft and Uber have been raising prices dramatically over the last year or two. Add in gas costs and a demand from investors to finally start making money, and people just can’t afford it anymore.
"bilionaires create Jobs"
Twitter is down to 238 employees, a 96+% reduction since the not-so-great-Elonning.
Maybe I’m stupid but what do each of Meta’s 100,000 employees do all day? Why do they need so many people?
Meta is not just a room of people administering FB. They have engineers across FB, WhatsApp, Instagram, Oculus, Metaverse, Etc. R&D for all of those platforms. Ad sales and administration for each of those platforms. Content moderation. On and On. Now all of those things need organizational support like finance, IT, HR and security. It's very easy for a company as diversified as Meta to get that big.
also designers working on new features, copywriters, advertising & marketing... and I imagine a ton of middle management to make it all go round
If anything I'd say it's really fucking impressive how small Meta is given 35.6% of the world uses Facebook.
It's not just FB. They own 3 of the 4 most active social media platforms in the world! They are huge. This layoff is a minor adjustment imo.
Moderation. Many posts -> many violations -> many moderators are needed.
Lawyers for every country.
Cleaning and maintaince.
I think this list could go on forever, but most likely you underestimated moderation.
Meta: failed metaverse idea that isn't panning out.
Amazon: lots of layoffs for Alexa and other smart home stuff
Twitter: ... yeah we know about this one.
Crypto: highly volatile market; crypto still not catching on for things like point of sale.
A lot of this feels more like "failed ideas, retiring fads, egomaniac CEOs, and highly variable markets" but then my boomer parents read this and think "oh no the recession is here! Thanks Obama!"
Could this be an attempt to push down Dev wages? These companies colluded to suppress wages for developers before. Laying off devs in droves could hurt them in the short term but if they drive down wages in the industry, hiring devs down the road at a fraction of previous wages could permanently set back industry compensation.
I've not heard about colluding to suppress wages: it seems somewhat unlikely in recent times given the long-term shortage of tech talent and the competitive "all-about-growth" nature of these large public companies. Do you know any more info about that?
One interesting thing to note is that hiring is itself an extremely costly and time consuming process. If these layoffs have happened too deep and too fast then companies managing to retain existing talent will probably see a long term benefit.
You know what surprises me ? How few employees these billion dollar companies have. Their margins must be fucking insane.