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FAANG collusion; mass headcount reduction edition
by steele 3y ago
FAANG collusion; mass headcount reduction edition
- gruez 3y agoSynchronized action doesn't necessarily imply collusion. Companies reduce headcount all the time when economic conditions get worse. There's no need to invoke conspiracy when straightforward logic (ie. money gets expensive -> future profits gets valued less -> shareholders/board demand immediate profits rather than future growth -> executives oblige) explains the behavior just fine.
- sp332 3y agoIt's not a secret, investors told tech companies to reduce headcount and pay. https://www.businessinsider.com/alphabet-investor-calls-on-company-to-cut-headcount-and-pay-2022-11 https://www.businessinsider.com/alphabet-investor-calls-on-c...
- gruez 3y agoIsn't that what I said in the original comment? >shareholders/board demand immediate profits rather than future growth -> executives oblige
- steele 3y agoGood thing there is absolutely no overlap between those shareholders, board members and executive leadership!
- gruez 3y agoIf you apply that logic, it'd be impossible for any publicly traded company to react to macroeconomic factors, because they all have overlaps in shareholders through institutional investors and/or ETFs.
- steele 3y agoSlippery slope fallacy. Only thing Silicon Valley has in common with the rest of the publicly traded market is that the people at the apex are invested in other sectors that they aren't as close to and may not be able to collectively influence, and those cats got in at sweetheart deals. The Bay Area behemoths are effectively incorporated gen Z to millennials, few not even drinking age. If you think the macroeconomic factors are the driving force of compressing this highly speculated arena, I've got boat load of expensive spinning disk hard drives to sell you at exorbitant prices caused by the tsunami in Thailand.
- steele 3y agofool you twice, shame on you. https://en.wikipedia.org/wiki/High-Tech_Employee_Antitrust_Litigation https://en.wikipedia.org/wiki/High-Tech_Employee_Antitrust_L...
- bugglebeetle 3y agoIt does when all sit on each others boards and already dis the same thing before!