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Is this what Zuck meant when he said he “takes full responsibility” for spending 80 billion in the wrong direction?
by dlev_pika 6mo ago
Is this what Zuck meant when he said he “takes full responsibility” for spending 80 billion in the wrong direction?
- deleted 6mo ago[deleted]
- wmf 6mo agoTaking responsibility doesn't mean paying people to do nothing.
- autaut 6mo agoIs he going to pay the severances out of pocket? Is he going to personally help those employees get back on their feet? Is he going to make sure their families are ok? Is he stepping down? What does it look like besides cheap talk from a cheap and clueless leader? The guy is just another mediocrity who tripped into a huge pile of money and now it’s everyone’s problem while he acts as a giant baby.
- loeg 6mo ago> Is he going to pay the severances out of pocket? More or less? The vast majority of his personal net worth is tied up in FB stock. As to the other questions -- the severance package is pretty generous.
- autaut 6mo agoHe is not putting the shares down himself. He is just subject to price fluctuations like everyone else — so how is he taking personal responsibility for it?
- _heimdall 6mo agoLayoffs don't necessarily lead to share prices dropping, in the short term or long term. It definitely wouldn't impact the loans he presumably lives off of by using said shares as collateral.
- jobgh 6mo agoThe severance that is paid out is money that could have been paid out to owners (him)
- autaut 6mo agoNo they couldn’t because the severance is paid out of the money the budget set aside for wages for the year. So out of the 12 months, they give 4 months to the laid off worker and Facebook pockets the other 8 months.
- loeg 6mo agoFacebook could give zero severance, "pocket the full year budget" to use your phrasing, and distribute it to owners as a dividend. The severance comes directly from cash that could have been distributed to owners, as GP originally said.
- autaut 6mo agoThey don’t give severance to be nice, severance is hush money. To get the severance employees have to agree to forgo any legal claim they could have with the company. They have calculated that it’s cheaper to offer this money than to have to pay lawyers to defend the company from pissed former employees seeking to drag the company to court.
- loeg 6mo agoThis is an entirely new claim from the one you made earlier and somewhat divorced from your original line of questioning around severance (https://news.ycombinator.com/item?id=47885133 https://news.ycombinator.com/item?id=47885133). Ultimately, regardless of whether the severance is generous or just a calculated ploy to keep former employees quiet, it comes out of shareholders' pockets.
- autaut 6mo ago
- mh2266 6mo agoI think you're more upset about this than the typical Meta employee. Judging by... vibes, the main reason they aren't taking volunteers for these layoffs is that they might get more than 10% champing at the bit to take the severance. The 2022 RSUs at Meta have more than doubled since the grant price, and are mostly vested out now, ending Feb 2027, after which there will be a steep TC decline for people employed since 2022, especially those on an initial grant or with very good performance for that refresher. There are a good portion of people sitting on either FIRE or at least extended funemployment amounts of money that the severance is looking mighty tempting to.
- autaut 6mo ago>provide severance packages for those in the United States that include “16 weeks of base pay plus two weeks for every year of employment” That is a standard package and no way a FIRE or at least extended funemployment if they have children or a mortgage. But crazy level of sycophancy on your part
- mh2266 6mo agoThe money comes from the past few years of the stock going from 180 to 500-700, not from the severance. E5s making $900k, $E6s making 1.5m… quite common.
- IncreasePosts 6mo agoThat might happen for a year or two but it's not like they're getting refreshers priced at 180. After paying all the taxes, and factoring in the HCoL area they probably live in, I doubt many people are retiring early on that. Very few high earning people would quit their high paying job so they could live a "normal" life and worry about bills and expenditures.
- LambdaComplex 6mo agoSo what does it mean, concretely? What repercussions will he personally suffer?
- yifanl 6mo agoPeople will snark him 30% harder for a week. I dunno what you expect, everyone wants to avoid the negative consequences of their actions, should we be surprised that the rich and powerful can actually do it?
- jastuk 6mo agoNo one is surprised, but why shouldn't it be called out and ridiculed as fake accountability and moral theater.
- ergocoder 6mo agoIf you hire a house cleaner, and the house cleaner doesn't do a good job, would you fire yourself from the house? What repercussions will you personally suffer?
- jastuk 6mo agoAre you implying the 10% being fired are all bad workers? What if the house cleaner was not the problem here?
- alexjplant 6mo agoI have no idea whether he said that but it reminds me of something. I'm rewatching (by which I mean "playing in the background while I do other stuff") the HBO show "Silicon Valley" and it literally has this in it. > Goodbyes are always hard, especially when I am the one saying goodbye. Today, effective immediately, I, Gavin Belson, founder and CEO of Hooli, am forced to officially say goodbye...to the entire Nucleus division. > But make no mistake, though they are the ones leaving, it is I who must remain and bear the heavy burden of their failure. It is my fault, I trusted them to get the job done, but that is the price of leadership. Mike Judge is a masterful satirist.
- nervousvarun 6mo agoAll true...been a huge fan since it originally aired. I was about the same age as the characters and doing the same work and got all the references and loved every minute of that show but looking back now overall I only feel regret for not buying BC when I saw this scene: https://www.youtube.com/watch?v=uS1KcjkWdoU https://www.youtube.com/watch?v=uS1KcjkWdoU