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Maybe this time investors will realize how incompetent these leaders are? How do you go from 250mil contracts to freezes in under a month?
by roxolotl 1y ago
Maybe this time investors will realize how incompetent these leaders are? How do you go from 250mil contracts to freezes in under a month?
- baq 1y agoBy signing too many 250mil contracts.
- roxolotl 1y agoWell that’s the incompetent piece. Setting out to write giant historical employment contracts without a plan is not something competent people do. And seemingly it’s not that they over extended a bit either since reports claimed the time availability of the contracts was extremely limited; under 30min in some cases.
- FrustratedMonky 1y agoYes. Perhaps it was this: Lets hit the market fast, scoop up all the talent we can before anybody can react, then stop. I don't think there is anybody that would expect they would 'continue' offering 250million packages. They would need to stop eventually. They just did it fast, all at once, and now stopped.
- vasco 1y agoOr enough of them! >=
- deleted 1y ago[deleted]
- bluelightning2k 1y agoSome people actually accepted the contracts before the uno reverse llamabot could activate and block them
- deadbabe 1y agoCould they get their money back?
- onlyrealcuzzo 1y agoI really don't understand this massive flip flopping. Do I have this timeline correct? * January, announce massive $65B AI spend * June, buy Scale AI for ~$15B, massive AI hiring spree, reportedly paying millions per year for low-level AI devs * July, announce some of the biggest data centers ever that will cost billions and use all of Ohio's water (hyperbolic) * Aug, freeze, it's a bubble! Someone please tell me I've got it all wrong. This looks like the Metaverse all over again!
- boxed 1y agoThe most amusing has to be then Zuckerburg publishes his "thoughts" about how he's betting 100% on AI... written underneath the logo "Meta".
- abxyz 1y agoThe bubble narrative is coming from the outside. More likely is that the /acquisition/ of Scale has led to an abundance of talent that is being underutilised. If you give managers the option to hire, they will. Freezing hiring while reorganising is a sane strategy regardless of how well you are or are not doing.
- prasadjoglekar 1y agoThis. TFA says this explicitly. Alexander Wang, the former Scale CEO is to approve any new hires. They're taking stock of internal staff + new acquisitions and how to rationalize before further steps. Now, I think AI investments are still a bubble, but that's not why FB is freezing hiring.
- dist-epoch 1y ago> How do you go from 250mil contracts to freezes in under a month? Easy, you finished building up a team. You can only have so many cooks.
- apwell23 1y agohow tf do you know when you are "finished"
- rco8786 1y agoThat's not really how that works in the corporate/big tech world. It's not as though Meta set out and said "Ok we're going to hire exactly 150 AI engineers and that will be our team and then we'll immediately freeze our recruiting efforts".
- blibble 1y agodon't forget the 115th Rule of Acquisition greed IS eternal
- BobbyTables2 1y agoSo he be also read the recent article on Sam Altman saying it was a bubble?
- zpeti 1y agoMaybe this time the top posters on HN should stop criticizing one of the top performing founder CEOs of the last 20 years who built an insane business, made many calls that were called stupid at the time (WhatsApp), and many that were actually stupid decisions. Like do people here really think making some bad decisions is incompetence? If you do, your perfectionism is probably something you need to think about. Or please reply to me with your exact perfect predictions of how AI will play out in the next 5, 10, 20 years and then tell us how you would run a trillion dollar company. Oh and please revisit your comment in these timeframes
- brokencode 1y agoI think many people just really dislike Zuckerberg as a human being and Meta as a company. Social media has seriously damaged society in many ways. It’s not perfectionism, it’s a desire to dunk on what you don’t like whenever the opportunity arises.
- butlike 1y agoIt's an entertainment tool. Like a television or playstation. Only a fool would think social media is anything more.
- brokencode 1y agoSure, but society is full of fools. Plenty of people say social media is the primary way they get news. Social media platforms are super spreaders of lies and propaganda.
- rgavuliak 1y agoI don't think it's about perfect predictions. It's more about going all in on Metaverse and then on AI and backtracking on both. As a manager you need to use your resources wisely, even if they're as big as what Meta has at its disposal. The other thing - Peter's principle is that people rise until they hit a level where they can't perform anymore. Zuck is up there as high as you can go, maybe no one is really ready to operate at that level? It seems both him and Elon made a lot of bad decisions lately. It doesn't erase their previous good decisions, but possibly some self-reflection is warranted?
- steve1977 1y agoIMHO Mark Zuckerberg is a textbook case of someone who got lucky once by basically being in the right place at the right time, but who attributes his success to his skill. There’s probably a proper term for this.
- breitling 1y agoTo be fair, buying Instagram so early + WhatsApp were great moves too.
- beagle3 1y agoBut they were less “skill” and more “surveillance”. He had very good usage statistics (which he shouldn’t have had) of these apps through Onavo - a popular VPN app Facebook bought for the purpose of spying on what users are doing outside Facebook.
- disgruntledphd2 1y agoInstagram was acquired before Onavo.
- beagle3 1y agoThat’s true, but I remember rumors at the time that Onavo already supplied analytics to FB at the time of instagram purchase. Google gave me a paywalled link to FTCWatch that supposedly has the details, but I can’t check.
- disgruntledphd2 1y agoYes, they did supply data to FB (under the same contracts as everyone else). However, it was only supplied to the sales org, not the product org. FB acquired IG because it was blowing up in SF and MZ (other leaders too) were looking at how quickly it appeared to be growing and how good it was.
- 1y ago
- Lalabadie 1y agoThis is Meta, named after the fact that the Metaverse is undoubtedly what comes next.
- deleted 1y ago[deleted]
- andrepd 1y agoYes, people who struck it rich are not miraculously more intelligent or capable. Seems obvious, but many people believe they are.
- ludicrousdispla 1y agoBecause you want the ability to low-ball prospective candidates sooner rather than later.
- iLoveOncall 1y agoI'm still waiting for a single proof that there was any contract in the hundreds of millions that was signed.
- JKCalhoun 1y agoThe damage is already done though. If I worked for Meta and did not get millions, I think I would be pretty irate.
- iLoveOncall 1y agoWhich is definitely why Sam Altman started this rumor.
- mlinhares 1y agoWhy are you assuming the investors are competent?