The Wall Street Journal is reporting that Facebook’s parent company, Meta, is planning to lay off people after the midterm election next week. Meta has lost 70% of its stock value after announcing poor user engagement and financial support last week while investors fled to the exits.
In the big picture, those companies who were ideologically aligned with the Biden administration’s larger political efforts will all likely start announcing layoffs soon. There’s a better than reasonable likelihood some companies have deferred layoff announcements in an effort to help the employment stats for the Biden Administration.
(Via Wall Street Journal) – […] The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.
The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which hit about half of that company’s staff, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment.
The cuts expected to be announced this week follow several months of more targeted staffing reductions in which employees were managed out or saw their roles eliminated.
“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Mr. Zuckerberg told employees at a companywide meeting at the end of June. (read more)
I doubt Zuckerberg is in charge of FB, most likely an intelligence group that’s bridged with Five eyes. He does what he’s told to do. He’s a cartoon cut out.
This is an excellent piece about the links between FB (i.e., Zuckerberg) and the MIC … all sewn together by Whitney Webb, a capable and excellent researcher and reporter …
https://unlimitedhangout.com/2021/04/investigative-reports/the-military-origins-of-facebook/
Very interesting post at Zero Hedge last Friday.
Interesting how the difference between the Household Survey and the Establisment Survey seems to diverge right when the Democrats need them to “help the bothers out”.
https://www.zerohedge.com/markets/something-has-snapped-unexplained-23-million-jobs-gap-emerges-broken-payrolls-report
Read your post and immediately thought about all the cooking of the employment books that went on throughout Obama’s interregnum, then popped over to the Zero Hedge link. Sure enough, Durden took us on a tour through the BS from years ago. My default setting over the years has evolved into believing nothing MiniTrue spews out and I’d wager that in no way makes me unique.
I wouldn’t worry too much about these “highly educated” employees getting the axe at META/FakeBook. I am sure they can fall back on their coveted university degrees in ethnic studies, exercise science, adventure education, international relationships or a host of other fine arts talent. 🙄
They’ll all go into government or politics
“Learn to mine coal”
Really? Can you imagine how dangerous it would be to have these drones ‘working’ in the mines — along with the skilled folks that now work there? Personally, I wouldn’t want to be exposed to the risks that these folks would bring — plus, of course, all of their endless whining and sniveling at the slightest of slights …
No … fire about 74,000 out of the 75,000 of them — let the job market sort them out …
These companies are not “tech” companies… these people are not engineers, scientists, technicians..
These companies are “media” companies.
There are some people within those companies that manage the IT and so on, but that would be a minority, just as it would be in most non “tech” companies.
In real “tech” companies, the product is an actual technical product ( hardware, software) or perhaps a service (and Internet hosting ).
Years ago, we had a division between “tech” and “telco”. We need to bring this back since these a lot of those technical service companies are really the New Telco.
Why not layoffs being conducted “before” the midterm elections??!!
The Intel community needs all those trolls to influence the election
Well, they just want to see if their “side” wins or stays in power. If not they can see the outcome of their communist behavior getting some serious scrutiny. There’s a lot of payback coming God willing if the republicans have a set. The new classof MAGA “R”‘s are going tobe quite busy fixing what’s broke and reigning in the leftist cabals.
They see the writing on the wall, they’re more afraid now than ever for what could be coming for them.
Like the article says — they don’t want to piss on the DNC’s chances …
The last thing I heard is Elon musk was going to be sued for not giving the laid off persons proper notice. I wonder if fkkkerzuck is going to get the same treatment
That’s been debunked
As an ex union rep. Their only standing on that issue is if was in a bargaining (union) agreement. My company I worked for had one with us. 2 week limit of notification. I’m pretty sure they knew what was coming so good luck with that.
If there is no agreement through a union I don’t think they have any “standing” (the irony)
I left my union and went to work in construction, non union. Back during Obamas time. I got notice of being laid off! It amounted to calling me into the office and I was told. “things are slow and we have to lay you and some others” DONE. Took about two minutes notice.
A company is required to give 60 days’ notice if they are doing a massive downsizing or closing a large facility. In the case of Twitter, Musk gave everyone who was fired 60 days of severance in lieu of notice, which is an acceptable alternative. The snowflakes are most likely upset because they did not get notice plus six months or so of severance.
The investment broker taking care of our pensions, originally invested in Meta and other ‘establishment’ tech companies at the beginning of the year. Talk about having a pulse on social things. She actually argued with me, when I expressed how mortified I was. Perhaps now she sees that I was right. By the way, I cashed out….lol
HA!
Imagine what would happen if we all ‘cashed out’, and then ran the banks on the cash. Heh. Economic warfare 101
I did this long ago. I’ll leave it at that.
Fabulous! Swing that ax!
These tech layoffs …. can we call them the Musk Effect? I’ve read that “Alphabet” (the trendy name Google currently uses) is planning a similar reduction in its human labor force.
Now, if we could extend these firings and layoffs to the MSM and, especially, to The View [he said, dreaming out loud].
“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Mr. Zuckerberg told employees at a companywide meeting at the end of June.
So, 87,000 employees that share his ideology and helped achieve his dream are simply people who shouldn’t even be there. Wow. I have many employees and care for each and every one of them. Sucks to be a democrat
Meta, in the Holy Tongue Hebrew (מֵתָּה), means she died.
If only . . .