It’s kind of weird to see people want to work at big corporations but then act surprised or salty about layoffs.<p>It’s nothing personal. You’re a line number even if you’re some leet coder. It’s a business, and it’s a strategy game of utilizing resources. You might have 400k TC but you’re not god you’re a resource.<p>If you think these things aren’t fair or suck, then you should try to move out of the leet coder path and get on the capital owner or business operator side.<p>Sorry but it’s kind of annoying to see people making 200k plus not get this.
Spotify is a for-profit enterprise and if laying people off is the right financial choice then he's doing his job well. He can sell his shares when he feels like it.
Instead of speaking about his right to do this or not, I think this conversation should be about the rise in C-suite executive compensation and Jack Welch style business decisions.<p><a href="https://www.newyorker.com/magazine/2022/11/07/was-jack-welch-the-greatest-ceo-of-his-day-or-the-worst" rel="nofollow noreferrer">https://www.newyorker.com/magazine/2022/11/07/was-jack-welch...</a><p><a href="https://www.epi.org/publication/ceo-compensation-2018/" rel="nofollow noreferrer">https://www.epi.org/publication/ceo-compensation-2018/</a>
For comparison, that's enough to have saved almost all of the jobs that were cut...<p>1500 lives were ruined so this guy could add some zeroes to his bank account.<p>(For all those commenting on 10b5 sales: note that the layoffs were timed to match the scheduled sales so that the executives could reap the windfall from the increased stock prices resulting from the layoffs. This has been a strategy for at least a decade now and is drawing increasing scrutiny because it's basically an endrun around insider trading rules.)
Isn't this considered insider trading? You'd think there should be a blackout period around any kind of layoff, similar to how they do with earnings.
They've reached market saturation, are not profitable, continually fail to find ways to become profitable, and yet they have a nearly $40 billion market cap. Any concept of valuation is meaningless these days.
The takes in this thread are incredibly poor. They’re poorly informed, they are often contradictory, they are frequently some weird antiwork spillover or something? Bizarre.<p>Basically, if you are interested in actually understanding this, don’t look to the top comments here. Wow.
And now he's fired.<p>What a shit show.<p><a href="https://www.theverge.com/2023/12/7/23992712/spotify-cfo-paul-vogel-leaving-layoffs" rel="nofollow noreferrer">https://www.theverge.com/2023/12/7/23992712/spotify-cfo-paul...</a>
Sure, lots of people saying it's totally legal and "capitalism gonna capital", which is fair.<p>Except imagine the absolute kicking morale will take as a result of this. I'm sure it was bad enough, internally, when 17% of staff were made redundant. (I'm sure their internal channels are pretty salty and uncomfortable right now.) I'm sure there was plenty of anger internally at the C-levels. PR school would tell them to keep quiet and wait for the storm to pass; _not_ look to be publicly, personally, profiting from it to the tune of many millions of dollars.<p>Poor morale leads to greater attrition of those your company needs to hold on to, especially at an inflection point such as this. It leads to it being harder to hire in the future (and more expensive.)<p>It's up to the CFO to decide if that's worth it. It may be in the short-term; but long-term it's a much tricker equation.