3 ms·
More shadow layoffs. I think it's pretty damning that all of the bigcos are so entrenched in their inertia that they can just bleed talent like this and it jus
by atomicnumber3 2y ago
More shadow layoffs.
I think it's pretty damning that all of the bigcos are so entrenched in their inertia that they can just bleed talent like this and it just. doesn't. matter.
- doctorpangloss 2y agoTime will tell, no?
- dartos 2y agoDidn’t seem to matter for Twitter, sadly
- markeroon 2y ago“The social media platform formerly known as Twitter is worth almost 80% less than two years ago when Elon Musk bought it, according to estimates from investment giant Fidelity.” https://www.cnn.com/2024/10/02/business/elon-musk-twitter-x-fidelity/index.html https://www.cnn.com/2024/10/02/business/elon-musk-twitter-x-...
- dartos 2y agoId like to believe this is bad news for X, but selling $3B out of $40B isn’t a massive sell off. They’re probably just recouping losses from the last few days of market nosedive
- markeroon 2y agoI edited my link to better capture how much twitter is bleeding in terms of valuation, but you had replied in the interim. My bad! Fair point re: selling the debt.
- greenchair 2y ago"fidelity believes"
- miltonlost 2y agothe opposite is "musk says". do you believe Musk over a bank?
- xcv123 2y agoThe value is purely speculative no matter which source. It’s only worth what a buyer is willing to pay for it. The company is now private and has no stock price. It’s not for sale. It mostly has the same user base today so the value to an interested buyer is probably not much different to what it was before the sale.
- devnullbrain 2y agoYou seem to have mistakenly put quotation marks around something that the linked article doesn't contain. Please allow me to fill in the correct quotation: "Fidelity discloses what it believes is the value of its shares of X"
- 93po 2y ago"company that hates elon and has vendetta against him says bad things about elon companies" fidelity has been shitting all over elon companies forever, and losing tons of money in the process: https://seekingalpha.com/article/4200471-institutional-investors-are-fleeing-tesla-and-you-should-too https://seekingalpha.com/article/4200471-institutional-inves...
- winrid 2y agoIt just wasn't worth that much to begin with.
- gtirloni 2y ago> Didn’t seem to matter for Twitter, sadly Mostly b cause the goalposts got moved and they don't care anymore about a bunch of things. But yes, it bled users to other platforms but seem still stable-ish.
- dartos 2y agoTwitter seems as strong as it did in 2016. Granted the reasons why are different. Musk has a cult of personality around him that turns anything he touches into gold. But laying off tons of talented people from Twitter didn’t kill it… that’s just what it is.
- SoftTalker 2y agoYep I still see people posting links to X every day, I never see Bluesky or any other "alternative" microblog platform.
- ghaff 2y ago>Twitter seems as strong as it did in 2016. It's a ton less interesting for me. A fraction of the people I follow post any longer and there's even less interaction. Maybe something I check into once or twice a week these days.
- ghaff 2y agoAnd as someone who has accounts on both Bluesky and Mastodon, I see very little activity there--as well as much less on Twitter/X. Musk basically succeeded in killing much of the micro-blogging (or whatever you call it) ecosystem. A lot of people have just largely walked away from the whole thing. And maybe that's OK on net although something ended up lost.
- Sharlin 2y agoI think many people have been super tired of the entire format and all the terrible interaction that it breeds, but didn't have a good enough reason to quit (because after all, there still was and is a community there, plus the dopamine fix of course) until now.
- xcv123 2y agoTwitter had no choice. It was either that or shut down the company within a few weeks. Bankruptcy. Jack Dorsey apologized for over hiring and accepted responsibility. Before the sale to Elon Musk, he had doubled the number of employees since 2017. Employees were posting on TikTok about their typical work day. Most of them were doing nothing. Dead weight.
- doctorpangloss 2y agoTime will tell!
- Tiktaalik 2y agoI think it speaks to the lack of competition in the space that the enormous companies have realized they can shed a lot of jobs and coast and they're still unassailable.
- DanielHB 2y agoBut they aren't, they are unassailable only until your CEO pay package comes through though.
- Workaccount2 2y agoTwitter not collapsing after Elons staff culling was probably one of the most pivotal bad moments for tech workers.
- madeofpalk 2y agoDefinitely for various definitions of "not collapsing".
- p_l 2y agoNot collapsing "bad enough", and overshadowed with advertising losses caused purely by Elon being a dick
- cle 2y agoKinda? We all have bills to pay sure, but I also don’t want to spend my time working on something that doesn’t really need me.
- notyourwork 2y agoI have bad news, your company doesn’t need you. Accepting this is a start to a healthy work relationship.
- cle 2y agoMy company is my company so it kinda does need me :).
- lavezzi 2y agoAside from literally collapsing it has in all other definitions.
- jfengel 2y agoI don't get why they'd do shadow layoffs this way. The ones who can get jobs elsewhere will, so you bleed talent. I understand why they're doing it at the federal level; they believe they have a mandate to eliminate federal employees entirely. But a corporation is supposed to focus on the bottom line.