patrick.net

Meta to lay off more than 11,000 employees, or 13% of staff

https://www.marketwatch.com/story/meta-to-lay-off-more-than-11000-employees-or-13-of-staff-2022-11-09

https://www.bizjournals.com/sanjose/news/2022/11/09/heres-what-zuckerberg-told-meta-employees.html

Here is the full text of the letter Meta Platforms Inc. CEO Mark Zuckerberg sent to employees Wednesday:

1337irr says

Time to buy puts on Meta? Layoffs this week.

I think you meant calls...

https://www.zerohedge.com/markets/meta-cut-more-jobs-soon-week

meta product is shit.

The users are the product of Meta. My guess is users are way down.

https://slaynews.com/news/facebook-slash-thousands-more-jobs-company-continues-struggle/

Facebook to Slash ‘Thousands More Jobs’ as Company Continues to Struggle

... In recent years, Facebook has gained a reputation for being for older users and has struggled to attract younger audiences.

I'm pretty sure they've lied about their user numbers all along.

Patrick says

I'm pretty sure they've lied about their user numbers all along.

true patrick, its easier to lie about that then to lie about assets and liabilities

.

ad says

I am speaking of all the research and development investments that Meta or Facebook's Mark Zuckerberg is making such as VR headsets and Facebook Reels.

I do notice Reels has become more popular as more people are using it.

There is no way to know what is becoming popular and what isn't.

Zuckerberg is the biggest fucking liar in Silicon Valley. He lies constantly. Claims about profitability and users, and so on, should be entirely disregarded. He's a fucking liar. Take it from me, I'm here, he's a fucking liar. He lies about what his company does, he engages in illegal activity to bypass privacy on the devices people are STUPID enough to place his software on, he's a fucking criminal.

And he's fully supported by our intelligence agencies.

https://finance.yahoo.com/news/meta-hoarded-us-pokemon-cards-120104362.html

Meta ‘hoarded us like Pokemon cards’: Former staffer reveals she had to ‘fight for work’ at company

Silicon Valley VC Keith Rabois of the so-called PayPal Mafia told a banking event earlier this month that Big Tech companies like Meta and Google had hired thousands of people to do “fake work” to hit hiring metrics out of “vanity”—and to stop them working for rivals.

Speaking following layoffs at Google owner Alphabet (12,000) and Meta (11,000 in November and a further 10,000 this month), Insider reported Rabois saying, “There’s nothing for these people to do—it’s all fake work. Now that’s being exposed, what do these people actually do, they go to meetings.”

According to one former member of Meta's staff, Rabois's theory is absolutely true.

Former Meta employee Brit Levy has taken to TikTok to share her "weird" experience in Mark Zuckerberg's social media giant. In a video which has now amassed more than 1 million views, Levy explained: "I was hired in April 2022; three days after I was hired we were asked to take a diversity survey.

"Everyone else that I worked with got to work on stuff but I didn't. So I am one of those employees that was hired into a really strange position where they immediately put me into a group of individuals that was not working.

"I mean, like, we were just sitting there. We had to basically fight to find work. It was a very strange environment and it kind of seemed that Meta was hiring people so that other companies couldn't have us and they were just hoarding us like Pokémon cards."

Meta did not immediately respond to Fortune's request for comment.

'Year of efficiency'
Levy's TikTok comes after Mark Zuckerberg embarked on a "year of efficiency" at Meta, saying the company is "going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial."

Beyond a turbulent economic outlook, inflation, and Fed rate hikes, Meta has had to deal with slowing advertising revenue at the company. At the same time, investors and Meta shareholders have grown critical of Zuckerberg’s decision to steer the company into uncharted waters with his metaverse push, first announced in late 2021.

Responding to a comment from a viewer who said that getting paid to do nothing sounded "awesome," in another video Levy countered that the practice was actually "really screwing up" people's careers.

The mom of two explained: "It's not really getting paid to do nothing, you're getting paid to put your career on hold. You're getting paid a temporary salary that is going to potentially reduce your lifetime earning potential.

"A lot of people turned down other very legitimate good opportunities or they left really good jobs to go to Meta and get in these jobs. Then when they were not doing anything it's like, 'Okay, what is going to happen? I'm not learning new skills, I'm not working on projects.'"

"It puts you in the position where it's really difficult to get another job. It's a tradeoff and it sounds great, but it's going to really screw up people's careers."

Killing time in the metaverse
Levy previously told Insider she was hired on Meta's Sourcer Development Program, a 12-month program that helps workers from underrepresented groups enter the corporate technology recruiting industry. Beginning the program in April, she was laid off after just six months and claims she refused to sign a severance package.

She said people in the program were assigned to different teams, with hers happening to be one of those with a small workload. As a result, she said, she spent her time getting to know employees across the company.

"The participants of the program got placed on different teams throughout Meta," she explained. "The people on those teams were full-time employees who had been with Meta for years—and those people weren't doing anything.

"I had all the time in the world to just message random people: engineers, program managers, project managers. I messaged them and had a 15- to 20-minute conversation about what they did all day and they would tell me they weren't working on anything either.

"We also had groups of people that were doing this thing called dog-fooding which is where you just volunteer to metaquest, go into the metaverse and look and see if you can run into any bugs or glitches and then just report on it. A bunch of people were doing this because we had nothing to do."

Start your own fucking companies or find a cutting edge small company with a brilliant idea.

Booger says

https://finance.yahoo.com/news/meta-hoarded-us-pokemon-cards-120104362.html

Meta ‘hoarded us like Pokemon cards’: Former staffer reveals she had to ‘fight for work’ at company

Silicon Valley VC Keith Rabois of the so-called PayPal Mafia told a banking event earlier this month that Big Tech companies like Meta and Google had hired thousands of people to do “fake work” to hit hiring metrics out of “vanity”—and to stop them working for rivals.

Speaking following layoffs at Google owner Alphabet (12,000) and Meta (11,000 in November and a further 10,000 this month), Insider reported Rabois saying, “There’s nothing for these people to do—it’s all fake work. Now that’s being exposed, what do these people actually do, they go to meetings.”

According to one former member of Meta's staff, Rabois's theory is absolutely true.

I'll rub it in next time I see my buddy who jumped to Fuckbook a year or so ago. =))

Everyone here missed out on doubling their money over a 3 month period. Wow, how many times does an opportunity like that come along...
Be fearful when others are greedy, and greedy when others are fearful.” W. Buffet

EBGuy says

Everyone here missed out on doubling their money over a 3 month period. Wow, how many times does an opportunity like that come along...
Be fearful when others are greedy, and greedy when others are fearful.” W. Buffet

Lost out on what, Facebook stock?

EBGuy says

Everyone here missed out on doubling their money over a 3 month period. Wow, how many times does an opportunity like that come along...
Be fearful when others are greedy, and greedy when others are fearful.” W. Buffet

Warren Buffet is full of shit. He uses government at this point to guarantee his investments after the government creates the panic in the first place. He's not an investor, he's a manipulator.

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FB closed $98 since this post. It’s now $309. Over 200% gains in 9 months. The bounce is simply mesmerizing.

Eman says

FB closed $98 since this post. It’s now $309. Over 200% gains in 9 months. The bounce is simply mesmerizing.

guys here don’t realize how news are manipulated by big guys to create bargains for themselves and selling opportunities when they need.

EBGuy says

Everyone here missed out on doubling their money over a 3 month period. Wow, how many times does an opportunity like that come along...
Be fearful when others are greedy, and greedy when others are fearful.” W. Buffet

What "their money"? All their money? Or just "some of their money"? The latter is trivial*, the former in not credible. Show me somebody, anybody, one guy who put all his money into fuckbok back then.

*) Most people have exposure to fuckbook stonks via mutual funds in their 401k.

FortwayeAsFuckJoeBiden says

guys here don’t realize how news are manipulated by big guys to create bargains for themselves and selling opportunities when they need.

yes, it is all rigged rigged

https://www.wbaltv.com/article/maryland-meta-facebook-instagram-lawsuit-youth-mental-health/45631058

Maryland among dozens of states to sue Meta over 'youth mental health crisis'