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The cloud provider in question - GCP - who also deleted a 125 billion dollar company's entire account on accident?

• linkregister 5mo ago
  What company?
  • shwetanshu21 5mo ago
    In May 2024, Google Cloud Platform (GCP) accidentally deleted the private cloud account and all backups belonging to UniSuper, an Australian pension fund managing over $125 billion.
    • bagels 5mo ago
      I think that stretches what it means for a company to "be" a 125b company, but that is still awful.
      • kjs3 5mo ago
        They are a pension fund; they literally had/have US$125 billion dollars under management. What exactly is being stretched here? I can't for the life of me think of something that qualifies more for being a 125b company than actually having 125b in assets.
        • ianburrell 5mo ago
          Companies are described by revenue. UniSuper made $110 million recently. It deceptive to use the assets managed as the size since it makes it look like a much larger company. NVIDIA has revenue of $130 billion. $125 billion revenue would make it the largest company in Australia by a good amount.
          • kjs3 4mo ago
            That's fair, but if I'm a fund that can literally write a check the size of my endowment, why is that not a demonstration of my value? That's not finance 101, but you get to it later on.
        • bmandale 5mo ago
          Having assets under management doesn't mean you have that money. You don't own it, you are just taking care of it for somebody. When describing a company as an $X billion company, conventionally this is referring to the market cap. You could use it to describe other things they possess if you wanted to, but assets they manage will never be something they possess.
          • kjs3 4mo ago
            Ok, so we're engaging in sophistry. Got it.
            • bmandale 4mo ago
              Language is a communication tool. If you misuse language you will be badly understood. The solution is to use the correct word for what you mean, not to accuse others of sophistry.
              • kjs3 4mo ago
                How about 'pedantry'. I'd go with 'condescending', but that was clearly your intent.
                • bmandale 4mo ago
                  People misunderstood your original reply. Correcting you is not pedantry.
        • lmm 5mo ago
          > I can't for the life of me think of something that qualifies more for being a 125b company than actually having 125b in assets. Which this company didn't. They managed 125b of assets belonging to other people, they didn't have 125b of their own.
          • kjs3 4mo ago
            Another solid C in finance. Congrats. They have 125b they can literally write a check against and allocate any way they want as long as it delivers an adequate return and doesn't piss off the shareholders. Other than sophistry, what's the difference?
            • lmm 4mo ago
              > They have 125b they can literally write a check against and allocate any way they want as long as it delivers an adequate return and doesn't piss off the shareholders. No they don't. The pension regulator sets very restrictive controls on what they can do with that 125b, because it's neither the company's nor the shareholders' money.
  • deleted 5mo ago
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