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If you think this is a sign that plaid is anywhere near their last valuation of $13bn, then I have news for you. The real problem is inequality. Zach is facing

by RC_ITR 4y ago

If you think this is a sign that plaid is anywhere near their last valuation of $13bn, then I have news for you. The real problem is inequality. Zach is facing consequences, but the drop from $1bn to $100mn (a 10x decline in wealth) is so much less impactful than $250k to $25k (illustrative of what an employee is more likely facing).

nunez 4y ago
maybe for you, but if this person was living on a >$100mn lifestyle, then that 10x decline will actually hurt them!
- RC_ITR 4y ago
  You are wholly incorrect. Needs are a hierarchy and the impacts along that hierarchy are non-linear. The billionaire may complain more and often do.
- vineyardmike 4y ago
  No it won't! They may feel bad about less yachts and luxury, but they are absolutely not hurting. No one is starving, no one is losing their housing, no one is unable to pay the heating bill. Not even close to hurting. Lets not pity the $100mn-aires that just laid off 260+ people.
  - nunez 4y ago
    is anyone working at bigtech that got laid off starving though? bigtech pays a lot of money relative to US median; layoffs should suck for us but not be completely life-altering, especially given the severances/continuance of healthcare/etc. i didn't say that big money ceo will be suffering, but spending more than you have always hurts when you can't afford the debt, and going down in lifestyle always sucks
    - vineyardmike 4y ago
      Most tech layoffs are not software engineers, they’re other positions (which make far less money). All the companies that froze hiring have laid off massive chunks of their recruiting and hiring teams, for example. Sales teams have been impacted eg at Adobe, and some companies are cutting HR and support staff. But that’s not the point, even responsible “normal” workers can’t really be expected to save more than a few months of living expenses, maybe a year if they’re an older employee. I expect most full find a job before then, but that’s “months” away from a really tough time. Even if they don’t starve, it can still be pretty negatively impactful - it’s expected many will draw into retirement and savings, or will need to move to a cheaper housing situation (which is hard in SF), or will struggle to pay for children’s education costs. Some will take on credit card debt to cover expenses, or move in with their parents, or whatever. Starving vs “this billionaire lost a few hundred million” still a lot of room for normal people to suffer.

by RC_ITR 4y ago

nunez 4y ago

maybe for you, but if this person was living on a >$100mn lifestyle, then that 10x decline will actually hurt them!

RC_ITR 4y ago
You are wholly incorrect. Needs are a hierarchy and the impacts along that hierarchy are non-linear. The billionaire may complain more and often do.
vineyardmike 4y ago
No it won't! They may feel bad about less yachts and luxury, but they are absolutely not hurting. No one is starving, no one is losing their housing, no one is unable to pay the heating bill. Not even close to hurting. Lets not pity the $100mn-aires that just laid off 260+ people.
- nunez 4y ago
  is anyone working at bigtech that got laid off starving though? bigtech pays a lot of money relative to US median; layoffs should suck for us but not be completely life-altering, especially given the severances/continuance of healthcare/etc. i didn't say that big money ceo will be suffering, but spending more than you have always hurts when you can't afford the debt, and going down in lifestyle always sucks
  - vineyardmike 4y ago
    Most tech layoffs are not software engineers, they’re other positions (which make far less money). All the companies that froze hiring have laid off massive chunks of their recruiting and hiring teams, for example. Sales teams have been impacted eg at Adobe, and some companies are cutting HR and support staff. But that’s not the point, even responsible “normal” workers can’t really be expected to save more than a few months of living expenses, maybe a year if they’re an older employee. I expect most full find a job before then, but that’s “months” away from a really tough time. Even if they don’t starve, it can still be pretty negatively impactful - it’s expected many will draw into retirement and savings, or will need to move to a cheaper housing situation (which is hard in SF), or will struggle to pay for children’s education costs. Some will take on credit card debt to cover expenses, or move in with their parents, or whatever. Starving vs “this billionaire lost a few hundred million” still a lot of room for normal people to suffer.