Fortune stories:
The 1000’s of layoffs in Large Tech are due to an over-hiring spree to fulfill the “vainness” of bosses on the likes of Meta and Alphabet, in response to a member of the so-called PayPal Mafia. Talking remotely at an occasion hosted by banking agency Evercore, Silicon Valley VC Keith Rabois mentioned Meta and Google had employed 1000’s of individuals to do “faux work” to hit hiring metrics out of “vainness”.
Rabois, who was an govt at PayPal within the early 2000s alongside Tesla CEO Elon Musk, mentioned the axing of droves of jobs is overdue. “All these folks have been extraneous, this has been true for a very long time, the vainness metric of hiring staff was this false god in some methods,” Rabois mentioned, in response to Insider. “There’s nothing for these folks to do — it is all faux work. Now that is being uncovered, what do these folks truly do, they go to conferences.”
The DoorDash investor added Google had deliberately employed engineers and tech expertise to cease them from being snapped up by rivals.
