Re:Coinbase lays off around 1,100 employees
by freyr on Tuesday June 14, 2022 @03:32PM
(#31744842)
Reminds of a CEO’s tweet yesterday that software engineers making $400k+ are the real problem, and it got lots of likes. Today we day a billion is too much. Where do you draw the line (obviously, start with the billionaires and not with the workers), and who gets to decide?
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Re:Coinbase lays off around 1,100 employees
by Johnny555 on Tuesday June 14, 2022 @03:36PM
(#31744882)
I don't think reaction to a twitter post is a good judge of how it would be received here -- many of the software engineers here are probably already earning over $400K in total comp. Well, at least before the recent market drop.
Re:Coinbase lays off around 1,100 employees
by pgodzin on Tuesday June 14, 2022 @04:40PM
(#31745761)
I don't think engineering salaries are "the real problem" but, they certainly are "a" problem for many companies whose business models don't print cash the same way FAANG companies do but try to compete on comp, and that's what the tweet was getting at.
You mean MAGMA (Microsoft, Apple, Google, Meta, Amazon) companies?
It seems Netflix doesn't have a sustainable business model as they have too many direct competitors in the field, price increases in their own plans and little to no diversification in other sectors. Unlink the others MAGMA companies, Netflix is not in multiple sectors to get in more cash and are stuck in a single niche.
Hence, why out of the FAANG companies, stock compensation at Netflix crashed and they had no choice but to announce layoffs.
Link to tweet please?