Meta announced layoffs of 11,000 employees today, just one week after Twitter implemented a massive layoff. How will this news affect FAANG hiring and tech jobs for programmers in the future?

#tech #meta #TheCodeReport

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🔗 Resources

How to get a Tech Job https://youtu.be/Xg9ihH15Uto
Meta Layoffs https://www.nytimes.com/2022/11/09/technology/meta-layoffs-facebook.html
Hiring freezes https://www.foxbusiness.com/economy/big-tech-braces-recession-litany-hiring-freezes-layoffs

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🔖 Topics Covered

- Meta layoffs
- Tech hiring trends in 2023
- How to get hired by FAANG
- Which companies have hiring freezes?
- Which tech companies have layoffs?
- How to get a programming job in 2023?
2024-02-04T13:30:11.565Z
nova-2
2-general-nova
2024-01-09.29447
30089e05-99d1-4376-b32e-c263170674af
2e706ea1-b63d-4567-b4e9-7e9e2272351a
513ca6877988ea3b88225f5d2f5a9f8040bd564974908dcb7c427b11fc7878ef
67875a7f-c9c4-48a0-aa55-5bdb8a91c34a
deprecated
It is November 9, 2022, and you're watching the Code Report.
Since the dawn of man, the high priests of civilization have prophesized chaos, destruction, and change following a blood moon or lunar eclipse like the one we saw yesterday.
Today, it's becoming clear that those prophecies are 100 that correct.
Now, this is a learn to code channel and I like to be positive and optimistic, but I think it's also important to be honest about the short term headwinds facing tech right now.
Becoming a programmer has never been easy, but I think it'll be even harder for the next year or 2.
Today, Meta announced layoffs of over 11,000 employees.
And that's pretty huge when you compare it to Twitter's layoffs of 37 100 employees last week.
That's mostly due to Zuckerberg's bad bets on the metaverse and had spending to go along with it.
Meta the company is going to be fine.
They're still very profitable and have tons of cash, but if you're looking for a FAANG job in 2022, you might want to take the f out of the equation.
You can also remove the a because Apple and Amazon have implemented hiring freezes.
Google and Netflix are still viable options as of today, and then the missing FAANG member Microsoft also recently implemented layoffs, so they might be out of the question for a while too.
But most people don't work at FAANG.
There's a lot of other tech companies consider.
Unfortunately, they're also getting hammered, and we're seeing layoffs there as well.
Robinhood cut 23%, Intel cut 20%, Snapchat 20%, Coinbase 18%, Lyft 13%, and even Stripe just laid off 14% of its workforce.
And there are many others that you can check out on layoffs dot f y a website that keeps track of all this stuff.
As you can see in 2021, there were almost no layoffs and now we've seen huge increases throughout the entirety of 2022.
In addition, many of the companies that public are down anywhere from 50 to 95%.
Like Upstart, an AI lending platform, has gone from over $300 a share to just $15 a share.
Or affirm, the buy now pay later company has also collapsed more than 90%.
It's all starting to look like the dotcombubble2.0.
Everything went to hell when fed started raising interest rates to fight inflation, but inflation is still almost just as bad as it was before, which means these high interest rates are gonna be around for a while.
And that's bad for tech companies that operate at a loss because they need access to the easy money to finance things like new hires.
Nobody wants to do layoffs.
They're a last resort.
But things may get worse before to get better.
And then there's Tom Sinkowski.
He's useless.
Go on.
In fact, I just got news that Salesforce is planning a a layoff.
Nat Friedman, the CEO of GitHub recently said that many tech companies are 2 to 10 times overstaffed and everyone who's paying attention already knows has your startup has access to easy money, it's easier to just hire more people than to fire the low performers.
The typical mantra is grow or die.
If your user base and workforce is growing, it really doesn't matter how much money you're losing.
If you play your cards right, eventually, you'll get acquired or IPO to let someone else hold the bag.
In many cases, it's not much unlike a Ponzi scheme.
You have the founders and early investors like venture capitalists sitting at the top of the pyramid.
They try to make the company grow really fast while not making money, to attract more investors to pour more money into it.
Finally, when you go public, you can unload your shares like the founders of Coinbase did before the plummets nearly 90% a year later.
The losers at the bottom of the pyramid are institutional and retail investors who bought into the hype.
Now this isn't always the case and sometimes you do have really great companies that go on to make money and change the world.
But what we're gonna do is get rid of all these buttons And just make a giant screen.
But it's important to understand how the game is played.
If you're a programmer, you're just a pawn in this game.
However, pawns can be very important.
Have none of these companies are going to be firing their top engineers.
Software engineering is at the very core of what most of them do.
Those jobs are only going away when the company goes bankrupt.
So I think the key to doing well in this job market is to be hardworking and or be really good at what you do.
And remember, this is only a phase caused by the recent lunar eclipse.
Luckily, on April 8, 2024, a solar eclipse will happen at which point the Fed will pivot to usher in the next cycle of irrational abhorrents.
This has been the Code Report.
Thanks for watching, and I will see you in the next one.

Speaker 0: It is November 9, 2022, and you're watching the Code Report. Since the dawn of man, the high priests of civilization have prophesized chaos, destruction, and change following a blood moon or lunar eclipse like the one we saw yesterday. Today, it's becoming clear that those prophecies are 100 that correct. Now, this is a learn to code channel and I like to be positive and optimistic, but I think it's also important to be honest about the short term headwinds facing tech right now. Becoming a programmer has never been easy, but I think it'll be even harder for the next year or 2.

Today, Meta announced layoffs of over 11,000 employees. And that's pretty huge when you compare it to Twitter's layoffs of 37 100 employees last week. That's mostly due to Zuckerberg's bad bets on the metaverse and had spending to go along with it. Meta the company is going to be fine. They're still very profitable and have tons of cash, but if you're looking for a FAANG job in 2022, you might want to take the f out of the equation.

You can also remove the a because Apple and Amazon have implemented hiring freezes. Google and Netflix are still viable options as of today, and then the missing FAANG member Microsoft also recently implemented layoffs, so they might be out of the question for a while too. But most people don't work at FAANG. There's a lot of other tech companies consider. Unfortunately, they're also getting hammered, and we're seeing layoffs there as well.

Robinhood cut 23%, Intel cut 20%, Snapchat 20%, Coinbase 18%, Lyft 13%, and even Stripe just laid off 14% of its workforce. And there are many others that you can check out on layoffs dot f y a website that keeps track of all this stuff. As you can see in 2021, there were almost no layoffs and now we've seen huge increases throughout the entirety of 2022. In addition, many of the companies that public are down anywhere from 50 to 95%. Like Upstart, an AI lending platform, has gone from over $300 a share to just $15 a share.

Or affirm, the buy now pay later company has also collapsed more than 90%. It's all starting to look like the dotcombubble2.0. Everything went to hell when fed started raising interest rates to fight inflation, but inflation is still almost just as bad as it was before, which means these high interest rates are gonna be around for a while. And that's bad for tech companies that operate at a loss because they need access to the easy money to finance things like new hires. Nobody wants to do layoffs.

They're a last resort. But things may get worse before to get better. And then there's Tom Sinkowski. He's useless. Go on.

In fact, I just got news that Salesforce is planning a a layoff. Nat Friedman, the CEO of GitHub recently said that many tech companies are 2 to 10 times overstaffed and everyone who's paying attention already knows has your startup has access to easy money, it's easier to just hire more people than to fire the low performers. The typical mantra is grow or die. If your user base and workforce is growing, it really doesn't matter how much money you're losing. If you play your cards right, eventually, you'll get acquired or IPO to let someone else hold the bag.

In many cases, it's not much unlike a Ponzi scheme. You have the founders and early investors like venture capitalists sitting at the top of the pyramid. They try to make the company grow really fast while not making money, to attract more investors to pour more money into it. Finally, when you go public, you can unload your shares like the founders of Coinbase did before the plummets nearly 90% a year later. The losers at the bottom of the pyramid are institutional and retail investors who bought into the hype.

Now this isn't always the case and sometimes you do have really great companies that go on to make money and change the world. But what we're gonna do is get rid of all these buttons And just make a giant screen. But it's important to understand how the game is played. If you're a programmer, you're just a pawn in this game. However, pawns can be very important.

Have none of these companies are going to be firing their top engineers. Software engineering is at the very core of what most of them do. Those jobs are only going away when the company goes bankrupt. So I think the key to doing well in this job market is to be hardworking and or be really good at what you do. And remember, this is only a phase caused by the recent lunar eclipse.

Luckily, on April 8, 2024, a solar eclipse will happen at which point the Fed will pivot to usher in the next cycle of irrational abhorrents. This has been the Code Report. Thanks for watching, and I will see you in the next one.
It is November 9, 2022, and you're watching the Code Report. Since the dawn of man, the high priests of civilization have prophesized chaos, destruction, and change following a blood moon or lunar eclipse like the one we saw yesterday. Today, it's becoming clear that those prophecies are 100 that correct.
astrology
gods
cosmology
astronomy
Now, this is a learn to code channel and I like to be positive and optimistic, but I think it's also important to be honest about the short term headwinds facing tech right now. Becoming a programmer has never been easy, but I think it'll be even harder for the next year or 2. Today, Meta announced layoffs of over 11,000 employees. And that's pretty huge when you compare it to Twitter's layoffs of 37 100 employees last week. That's mostly due to Zuckerberg's bad bets on the metaverse and had spending to go along with it.
Meta the company is going to be fine. They're still very profitable and have tons of cash, but if you're looking for a FAANG job in 2022, you might want to take the f out of the equation. You can also remove the a because Apple and Amazon have implemented hiring freezes. Google and Netflix are still viable options as of today, and then the missing FAANG member Microsoft also recently implemented layoffs, so they might be out of the question for a while too. But most people don't work at FAANG.
amazon
industry
There's a lot of other tech companies consider. Unfortunately, they're also getting hammered, and we're seeing layoffs there as well. Robinhood cut 23%, Intel cut 20%, Snapchat 20%, Coinbase 18%, Lyft 13%, and even Stripe just laid off 14% of its workforce. And there are many others that you can check out on layoffs dot f y a website that keeps track of all this stuff.
As you can see in 2021, there were almost no layoffs and now we've seen huge increases throughout the entirety of 2022. In addition, many of the companies that public are down anywhere from 50 to 95%. Like Upstart, an AI lending platform, has gone from over $300 a share to just $15 a share. Or affirm, the buy now pay later company has also collapsed more than 90%. It's all starting to look like the dotcombubble2.0. Everything went to hell when fed started raising interest rates to fight inflation, but inflation is still almost just as bad as it was before, which means these high interest rates are gonna be around for a while. And that's bad for tech companies that operate at a loss because they need access to the easy money to finance things like new hires.
inflation
stock market
finance
revenue
earnings
Nobody wants to do layoffs. They're a last resort. But things may get worse before to get better. And then there's Tom Sinkowski. He's useless. Go on. In fact, I just got news that Salesforce is planning a a layoff. Nat Friedman, the CEO of GitHub recently said that many tech companies are 2 to 10 times overstaffed and everyone who's paying attention already knows has your startup has access to easy money, it's easier to just hire more people than to fire the low performers. The typical mantra is grow or die. If your user base and workforce is growing, it really doesn't matter how much money you're losing. If you play your cards right, eventually, you'll get acquired or IPO to let someone else hold the bag. In many cases, it's not much unlike a Ponzi scheme. You have the founders and early investors like venture capitalists sitting at the top of the pyramid.
They try to make the company grow really fast while not making money, to attract more investors to pour more money into it. Finally, when you go public, you can unload your shares like the founders of Coinbase did before the plummets nearly 90% a year later. The losers at the bottom of the pyramid are institutional and retail investors who bought into the hype. Now this isn't always the case and sometimes you do have really great companies that go on to make money and change the world. But what we're gonna do is get rid of all these buttons And just make a giant screen. But it's important to understand how the game is played. If you're a programmer, you're just a pawn in this game. However, pawns can be very important. Have none of these companies are going to be firing their top engineers.
games
stock market
gambling
capitalism
video gaming
Software engineering is at the very core of what most of them do. Those jobs are only going away when the company goes bankrupt. So I think the key to doing well in this job market is to be hardworking and or be really good at what you do. And remember, this is only a phase caused by the recent lunar eclipse. Luckily, on April 8, 2024, a solar eclipse will happen at which point the Fed will pivot to usher in the next cycle of irrational abhorrents. This has been the Code Report. Thanks for watching, and I will see you in the next one.
software development
software
engineering
astronomy
astrology
It is November 9, 2022, and you're watching the Code Report. Since the dawn of man, the high priests of civilization have prophesized chaos, destruction, and change following a blood moon or lunar eclipse like the one we saw yesterday. Today, it's becoming clear that those prophecies are 100 that correct. Now, this is a learn to code channel and I like to be positive and optimistic, but I think it's also important to be honest about the short term headwinds facing tech right now. Becoming a programmer has never been easy, but I think it'll be even harder for the next year or 2. Today, Meta announced layoffs of over 11,000 employees. And that's pretty huge when you compare it to Twitter's layoffs of 37 100 employees last week. That's mostly due to Zuckerberg's bad bets on the metaverse and had spending to go along with it. Meta the company is going to be fine. They're still very profitable and have tons of cash, but if you're looking for a FAANG job in 2022, you might want to take the f out of the equation. You can also remove the a because Apple and Amazon have implemented hiring freezes. Google and Netflix are still viable options as of today, and then the missing FAANG member Microsoft also recently implemented layoffs, so they might be out of the question for a while too. But most people don't work at FAANG. There's a lot of other tech companies consider. Unfortunately, they're also getting hammered, and we're seeing layoffs there as well. Robinhood cut 23%, Intel cut 20%, Snapchat 20%, Coinbase 18%, Lyft 13%, and even Stripe just laid off 14% of its workforce. And there are many others that you can check out on layoffs dot f y a website that keeps track of all this stuff. As you can see in 2021, there were almost no layoffs and now we've seen huge increases throughout the entirety of 2022. In addition, many of the companies that public are down anywhere from 50 to 95%. Like Upstart, an AI lending platform, has gone from over $300 a share to just $15 a share. Or affirm, the buy now pay later company has also collapsed more than 90%. It's all starting to look like the dotcombubble2.0. Everything went to hell when fed started raising interest rates to fight inflation, but inflation is still almost just as bad as it was before, which means these high interest rates are gonna be around for a while. And that's bad for tech companies that operate at a loss because they need access to the easy money to finance things like new hires. Nobody wants to do layoffs. They're a last resort. But things may get worse before to get better. And then there's Tom Sinkowski. He's useless. Go on. In fact, I just got news that Salesforce is planning a a layoff. Nat Friedman, the CEO of GitHub recently said that many tech companies are 2 to 10 times overstaffed and everyone who's paying attention already knows has your startup has access to easy money, it's easier to just hire more people than to fire the low performers. The typical mantra is grow or die. If your user base and workforce is growing, it really doesn't matter how much money you're losing. If you play your cards right, eventually, you'll get acquired or IPO to let someone else hold the bag. In many cases, it's not much unlike a Ponzi scheme. You have the founders and early investors like venture capitalists sitting at the top of the pyramid. They try to make the company grow really fast while not making money, to attract more investors to pour more money into it. Finally, when you go public, you can unload your shares like the founders of Coinbase did before the plummets nearly 90% a year later. The losers at the bottom of the pyramid are institutional and retail investors who bought into the hype. Now this isn't always the case and sometimes you do have really great companies that go on to make money and change the world. But what we're gonna do is get rid of all these buttons And just make a giant screen. But it's important to understand how the game is played. If you're a programmer, you're just a pawn in this game. However, pawns can be very important. Have none of these companies are going to be firing their top engineers. Software engineering is at the very core of what most of them do. Those jobs are only going away when the company goes bankrupt. So I think the key to doing well in this job market is to be hardworking and or be really good at what you do. And remember, this is only a phase caused by the recent lunar eclipse. Luckily, on April 8, 2024, a solar eclipse will happen at which point the Fed will pivot to usher in the next cycle of irrational abhorrents. This has been the Code Report. Thanks for watching, and I will see you in the next one.
It
it
is
is
November
november
9,
9
2022,
2022
and
and
you're
you're
watching
watching
the
the
Code
code
Report.
report
Since
since
the
the
dawn
dawn
of
of
man,
man
the
the
high
high
priests
priests
of
of
civilization
civilization
have
have
prophesized
prophesized
chaos,
chaos
destruction,
destruction
and
and
change
change
following
following
a
a
blood
blood
moon
moon
or
or
lunar
lunar
eclipse
eclipse
like
like
the
the
one
one
we
we
saw
saw
yesterday.
yesterday
Today,
today
it's
it's
becoming
becoming
clear
clear
that
that
those
those
prophecies
prophecies
are
are
100
100
that
that
correct.
correct
Now,
now
this
this
is
is
a
a
learn
learn
to
to
code
code
channel
channel
and
and
I
i
like
like
to
to
be
be
positive
positive
and
and
optimistic,
optimistic
but
but
I
i
think
think
it's
it's
also
also
important
important
to
to
be
be
honest
honest
about
about
the
the
short
short
term
term
headwinds
headwinds
facing
facing
tech
tech
right
right
now.
now
Becoming
becoming
a
a
programmer
programmer
has
has
never
never
been
been
easy,
easy
but
but
I
i
think
think
it'll
it'll
be
be
even
even
harder
harder
for
for
the
the
next
next
year
year
or
or
2.
2
Today,
today
Meta
meta
announced
announced
layoffs
layoffs
of
of
over
over
11,000
11,000
employees.
employees
And
and
that's
that's
pretty
pretty
huge
huge
when
when
you
you
compare
compare
it
it
to
to
Twitter's
twitter's
layoffs
layoffs
of
of
37
37
100
100
employees
employees
last
last
week.
week
That's
that's
mostly
mostly
due
due
to
to
Zuckerberg's
zuckerberg's
bad
bad
bets
bets
on
on
the
the
metaverse
metaverse
and
and
had
had
spending
spending
to
to
go
go
along
along
with
with
it.
it
Meta
meta
the
the
company
company
is
is
going
going
to
to
be
be
fine.
fine
They're
they're
still
still
very
very
profitable
profitable
and
and
have
have
tons
tons
of
of
cash,
cash
but
but
if
if
you're
you're
looking
looking
for
for
a
a
FAANG
faang
job
job
in
in
2022,
2022
you
you
might
might
want
want
to
to
take
take
the
the
f
f
out
out
of
of
the
the
equation.
equation
You
you
can
can
also
also
remove
remove
the
the
a
a
because
because
Apple
apple
and
and
Amazon
amazon
have
have
implemented
implemented
hiring
hiring
freezes.
freezes
Google
google
and
and
Netflix
netflix
are
are
still
still
viable
viable
options
options
as
as
of
of
today,
today
and
and
then
then
the
the
missing
missing
FAANG
faang
member
member
Microsoft
microsoft
also
also
recently
recently
implemented
implemented
layoffs,
layoffs
so
so
they
they
might
might
be
be
out
out
of
of
the
the
question
question
for
for
a
a
while
while
too.
too
But
but
most
most
people
people
don't
don't
work
work
at
at
FAANG.
faang
There's
there's
a
a
lot
lot
of
of
other
other
tech
tech
companies
companies
consider.
consider
Unfortunately,
unfortunately
they're
they're
also
also
getting
getting
hammered,
hammered
and
and
we're
we're
seeing
seeing
layoffs
layoffs
there
there
as
as
well.
well
Robinhood
robinhood
cut
cut
23%,
23%
Intel
intel
cut
cut
20%,
20%
Snapchat
snapchat
20%,
20%
Coinbase
coinbase
18%,
18%
Lyft
lyft
13%,
13%
and
and
even
even
Stripe
stripe
just
just
laid
laid
off
off
14%
14%
of
of
its
its
workforce.
workforce
And
and
there
there
are
are
many
many
others
others
that
that
you
you
can
can
check
check
out
out
on
on
layoffs
layoffs
dot
dot
f
f
y
y
a
a
website
website
that
that
keeps
keeps
track
track
of
of
all
all
this
this
stuff.
stuff
As
as
you
you
can
can
see
see
in
in
2021,
2021
there
there
were
were
almost
almost
no
no
layoffs
layoffs
and
and
now
now
we've
we've
seen
seen
huge
huge
increases
increases
throughout
throughout
the
the
entirety
entirety
of
of
2022.
2022
In
in
addition,
addition
many
many
of
of
the
the
companies
companies
that
that
public
public
are
are
down
down
anywhere
anywhere
from
from
50
50
to
to
95%.
95%
Like
like
Upstart,
upstart
an
an
AI
ai
lending
lending
platform,
platform
has
has
gone
gone
from
from
over
over
$300
$300
a
a
share
share
to
to
just
just
$15
$15
a
a
share.
share
Or
or
affirm,
affirm
the
the
buy
buy
now
now
pay
pay
later
later
company
company
has
has
also
also
collapsed
collapsed
more
more
than
than
90%.
90%
It's
it's
all
all
starting
starting
to
to
look
look
like
like
the
the
dotcombubble2.0.
dotcombubble2.0
Everything
everything
went
went
to
to
hell
hell
when
when
fed
fed
started
started
raising
raising
interest
interest
rates
rates
to
to
fight
fight
inflation,
inflation
but
but
inflation
inflation
is
is
still
still
almost
almost
just
just
as
as
bad
bad
as
as
it
it
was
was
before,
before
which
which
means
means
these
these
high
high
interest
interest
rates
rates
are
are
gonna
gonna
be
be
around
around
for
for
a
a
while.
while
And
and
that's
that's
bad
bad
for
for
tech
tech
companies
companies
that
that
operate
operate
at
at
a
a
loss
loss
because
because
they
they
need
need
access
access
to
to
the
the
easy
easy
money
money
to
to
finance
finance
things
things
like
like
new
new
hires.
hires
Nobody
nobody
wants
wants
to
to
do
do
layoffs.
layoffs
They're
they're
a
a
last
last
resort.
resort
But
but
things
things
may
may
get
get
worse
worse
before
before
to
to
get
get
better.
better
And
and
then
then
there's
there's
Tom
tom
Sinkowski.
sinkowski
He's
he's
useless.
useless
Go
go
on.
on
In
in
fact,
fact
I
i
just
just
got
got
news
news
that
that
Salesforce
salesforce
is
is
planning
planning
a
a
a
a
layoff.
layoff
Nat
nat
Friedman,
friedman
the
the
CEO
ceo
of
of
GitHub
github
recently
recently
said
said
that
that
many
many
tech
tech
companies
companies
are
are
2
2
to
to
10
10
times
times
overstaffed
overstaffed
and
and
everyone
everyone
who's
who's
paying
paying
attention
attention
already
already
knows
knows
has
has
your
your
startup
startup
has
has
access
access
to
to
easy
easy
money,
money
it's
it's
easier
easier
to
to
just
just
hire
hire
more
more
people
people
than
than
to
to
fire
fire
the
the
low
low
performers.
performers
The
the
typical
typical
mantra
mantra
is
is
grow
grow
or
or
die.
die
If
if
your
your
user
user
base
base
and
and
workforce
workforce
is
is
growing,
growing
it
it
really
really
doesn't
doesn't
matter
matter
how
how
much
much
money
money
you're
you're
losing.
losing
If
if
you
you
play
play
your
your
cards
cards
right,
right
eventually,
eventually
you'll
you'll
get
get
acquired
acquired
or
or
IPO
ipo
to
to
let
let
someone
someone
else
else
hold
hold
the
the
bag.
bag
In
in
many
many
cases,
cases
it's
it's
not
not
much
much
unlike
unlike
a
a
Ponzi
ponzi
scheme.
scheme
You
you
have
have
the
the
founders
founders
and
and
early
early
investors
investors
like
like
venture
venture
capitalists
capitalists
sitting
sitting
at
at
the
the
top
top
of
of
the
the
pyramid.
pyramid
They
they
try
try
to
to
make
make
the
the
company
company
grow
grow
really
really
fast
fast
while
while
not
not
making
making
money,
money
to
to
attract
attract
more
more
investors
investors
to
to
pour
pour
more
more
money
money
into
into
it.
it
Finally,
finally
when
when
you
you
go
go
public,
public
you
you
can
can
unload
unload
your
your
shares
shares
like
like
the
the
founders
founders
of
of
Coinbase
coinbase
did
did
before
before
the
the
plummets
plummets
nearly
nearly
90%
90%
a
a
year
year
later.
later
The
the
losers
losers
at
at
the
the
bottom
bottom
of
of
the
the
pyramid
pyramid
are
are
institutional
institutional
and
and
retail
retail
investors
investors
who
who
bought
bought
into
into
the
the
hype.
hype
Now
now
this
this
isn't
isn't
always
always
the
the
case
case
and
and
sometimes
sometimes
you
you
do
do
have
have
really
really
great
great
companies
companies
that
that
go
go
on
on
to
to
make
make
money
money
and
and
change
change
the
the
world.
world
But
but
what
what
we're
we're
gonna
gonna
do
do
is
is
get
get
rid
rid
of
of
all
all
these
these
buttons
buttons
And
and
just
just
make
make
a
a
giant
giant
screen.
screen
But
but
it's
it's
important
important
to
to
understand
understand
how
how
the
the
game
game
is
is
played.
played
If
if
you're
you're
a
a
programmer,
programmer
you're
you're
just
just
a
a
pawn
pawn
in
in
this
this
game.
game
However,
however
pawns
pawns
can
can
be
be
very
very
important.
important
Have
have
none
none
of
of
these
these
companies
companies
are
are
going
going
to
to
be
be
firing
firing
their
their
top
top
engineers.
engineers
Software
software
engineering
engineering
is
is
at
at
the
the
very
very
core
core
of
of
what
what
most
most
of
of
them
them
do.
do
Those
those
jobs
jobs
are
are
only
only
going
going
away
away
when
when
the
the
company
company
goes
goes
bankrupt.
bankrupt
So
so
I
i
think
think
the
the
key
key
to
to
doing
doing
well
well
in
in
this
this
job
job
market
market
is
is
to
to
be
be
hardworking
hardworking
and
and
or
or
be
be
really
really
good
good
at
at
what
what
you
you
do.
do
And
and
remember,
remember
this
this
is
is
only
only
a
a
phase
phase
caused
caused
by
by
the
the
recent
recent
lunar
lunar
eclipse.
eclipse
Luckily,
luckily
on
on
April
april
8,
8
2024,
2024
a
a
solar
solar
eclipse
eclipse
will
will
happen
happen
at
at
which
which
point
point
the
the
Fed
fed
will
will
pivot
pivot
to
to
usher
usher
in
in
the
the
next
next
cycle
cycle
of
of
irrational
irrational
abhorrents.
abhorrents
This
this
has
has
been
been
the
the
Code
code
Report.
report
Thanks
thanks
for
for
watching,
watching
and
and
I
i
will
will
see
see
you
you
in
in
the
the
next
next
one.
one
success
In a conversation between a host and a developer, the developer discusses the potential for chaos following a blood moon or lunar eclipse and the upcoming layoffs of tech companies. The developer also mentions the upcoming retirement of technology companies and the importance of being a programmer to avoid getting fired. The conversation also touches on the topic of the firing of employees and the potential for a new cycle of irrational abhorrents.
Is FAANG f**ked?
It is November 9, 2022, and you're watching the Code Report. Since the dawn of man, the high priests of civilization have prophesized chaos, destruction, and change following a blood moon or lunar eclipse like the one we saw yesterday. Today, it's becoming clear that those prophecies are 100 that correct. Now, this is a learn to code channel and I like to be positive and optimistic, but I think it's also important to be honest about the short term headwinds facing tech right now. Becoming a programmer has never been easy, but I think it'll be even harder for the next year or 2. Today, Meta announced layoffs of over 11,000 employees. And that's pretty huge when you compare it to Twitter's layoffs of 37 100 employees last week. That's mostly due to Zuckerberg's bad bets on the metaverse and had spending to go along with it. Meta the company is going to be fine. They're still very profitable and have tons of cash, but if you're looking for a FAANG job in 2022, you might want to take the f out of the equation. You can also remove the a because Apple and Amazon have implemented hiring freezes. Google and Netflix are still viable options as of today, and then the missing FAANG member Microsoft also recently implemented layoffs, so they might be out of the question for a while too. But most people don't work at FAANG. There's a lot of other tech companies consider. Unfortunately, they're also getting hammered, and we're seeing layoffs there as well. Robinhood cut 23%, Intel cut 20%, Snapchat 20%, Coinbase 18%, Lyft 13%, and even Stripe just laid off 14% of its workforce. And there are many others that you can check out on layoffs dot f y a website that keeps track of all this stuff. As you can see in 2021, there were almost no layoffs and now we've seen huge increases throughout the entirety of 2022. In addition, many of the companies that public are down anywhere from 50 to 95%. Like Upstart, an AI lending platform, has gone from over $300 a share to just $15 a share. Or affirm, the buy now pay later company has also collapsed more than 90%. It's all starting to look like the dotcombubble2.0. Everything went to hell when fed started raising interest rates to fight inflation, but inflation is still almost just as bad as it was before, which means these high interest rates are gonna be around for a while. And that's bad for tech companies that operate at a loss because they need access to the easy money to finance things like new hires. Nobody wants to do layoffs. They're a last resort. But things may get worse before to get better. And then there's Tom Sinkowski. He's useless. Go on. In fact, I just got news that Salesforce is planning a a layoff. Nat Friedman, the CEO of GitHub recently said that many tech companies are 2 to 10 times overstaffed and everyone who's paying attention already knows has your startup has access to easy money, it's easier to just hire more people than to fire the low performers. The typical mantra is grow or die. If your user base and workforce is growing, it really doesn't matter how much money you're losing. If you play your cards right, eventually, you'll get acquired or IPO to let someone else hold the bag. In many cases, it's not much unlike a Ponzi scheme. You have the founders and early investors like venture capitalists sitting at the top of the pyramid. They try to make the company grow really fast while not making money, to attract more investors to pour more money into it. Finally, when you go public, you can unload your shares like the founders of Coinbase did before the plummets nearly 90% a year later. The losers at the bottom of the pyramid are institutional and retail investors who bought into the hype. Now this isn't always the case and sometimes you do have really great companies that go on to make money and change the world. But what we're gonna do is get rid of all these buttons And just make a giant screen. But it's important to understand how the game is played. If you're a programmer, you're just a pawn in this game. However, pawns can be very important. Have none of these companies are going to be firing their top engineers. Software engineering is at the very core of what most of them do. Those jobs are only going away when the company goes bankrupt. So I think the key to doing well in this job market is to be hardworking and or be really good at what you do. And remember, this is only a phase caused by the recent lunar eclipse. Luckily, on April 8, 2024, a solar eclipse will happen at which point the Fed will pivot to usher in the next cycle of irrational abhorrents. This has been the Code Report. Thanks for watching, and I will see you in the next one.
In a conversation between a host and a developer, the developer discusses the potential for chaos following a blood moon or lunar eclipse and the upcoming layoffs of tech companies. The developer also mentions the upcoming retirement of technology companies and the importance of being a programmer to avoid getting fired. The conversation also touches on the topic of the firing of employees and the potential for a new cycle of irrational abhorrents.