Mark Zuckerberg explains why so many tech companies are doing layoffs right now::Meta’s CEO said tech execs realized doing tough layoffs didn’t end their companies — and there can be benefits to being leaner.
This is the best summary I could come up with:
Mark Zuckerberg has a theory for why tech layoffs aren’t slowing down: Companies are realizing that, while painful, there are benefits to being “leaner.”
In an interview with Morning Brew Daily’s podcast published Friday, the Meta CEO said companies are still adjusting to the post-pandemic era.
But as people returned to stores and the economy adjusted, sales growth ebbed and ad rates came back to earth.
While a lot of tech companies were reluctant to make cuts at first, they realized it didn’t spell the end, Zuckerberg said.
“It was obviously really tough, we parted with a lot of talented people we cared about,” Zuckerberg said in the interview, speaking specifically about Meta’s past layoffs.
Since Meta cut tens of thousands of its staff starting with Zuckerberg’s “year of efficiency,” the company has been making a comeback, with its stock at an all-time high.
The original article contains 583 words, the summary contains 144 words. Saved 75%. I’m a bot and I’m open source!
Why have 2 people do 2 jobs, when you can have 1 frightened employee do 2 jobs or maybe more.
These companies took the benefits and cheap loans to make record profits during the pandemic, and now that the party is over are dumping it on us and the system. They should never have been allowed in the first place and I hope they end up in court over this clear abuse of the system
I have an even more cynical take, in that the layoffs are the one lever that they have to try and get the interest rates to go back down so they can get free money again.
Flood the economy with people who can’t afford stuff to get consumer spending down and then rates can lower again.
Crocodile tears. Fuck billionaires telling us why layoffs happen. Don’t believe anything they say.
“It was obviously really tough, we parted with a lot of talented people we cared about" - Mark Zuckerberg
“Mark Zuckerberg made more than $28 billion this morning after Meta stock makes record surge” https://www.cnn.com/2024/02/02/business/meta-stock-surge-mark-zuckerberg/index.html
