Well, looks like the free-speech assassins and woke tyrants over at Facebook, or “Meta” as they’re now known, are hitting the skids big time.
We heard a while back that Facebook and Instagrams stocks were cratering, and apparently, that’s still the case.
Only, now, it’s so bad that employees are bailing, and some are even predicting this is the beginning of the end for Facebook.
Nobody is too big to fall… even if that fall takes a long time to happen…
The New York Post reported that shares of Facebook and Instagram parent Meta have plummeted more than 40% over the past six months — and some employees saddled with underwater stock options are eyeing the exits.
“Joined Meta near [all-time stock high], now feeling like s—t,” one Meta employee said this week in a popular thread on Blind, a corporate message board with verified members. “What should I do?”
“Leave this crap place,” another “Metamate” responded.
“Same boat,” a third said, adding that they’re “already interviewing” at other companies.
“Duh, you’re supposed to think Meta, Metamates, and me. Ask yourself if this train of thought is good for the company,” a fourth joked. “Just kidding… it super sucks.”
Meta is facing a worker stampede as its stock price has fallen from an all-time high of more than $380 in September to $216.49 on Friday. The slide started last fall as a damning series of leaks put massive political pressure on the company and kicked into overdrive as Meta started to feel the multibillion-dollar sting of privacy changes from Apple and Google that are pummeling its advertising business.
“People are definitely paying attention and are concerned about the stock price,” Michael Solomon, who manages software engineers through his talent firm 10x Management, told The Post. “I think a lot of people have questions about if Meta is going to get out of this — if this could be the beginning of the end for them.”
According to data from tech salary tracker levels, when software engineers join companies like Meta, Google, or Amazon, their compensation typically consists of a roughly 50/50 mix of cash and stock options, with entry-level employees receiving more cash and more experienced workers receiving more stock.
New hires at Meta are usually awarded a set number of restricted stock units based on the company’s average stock price at the time of hire. That means there can be huge upsides for employees who join before a company’s stock rockets — but it also leaves them vulnerable to downturns.
For example, a Meta employee who was given $100,000 worth of restricted stock units around the company’s September stock peak would now be left with roughly $57,000.
And if you think that news is good, what I am about to tell you next will really make you happy.
While companies like Facebook (Meta) and Amazon have been hit hard in 2022, some smaller tech companies that soared during the pandemic have been hit much harder as the Federal Reserve hikes interest rates and investors flee digital equities.
Netflix’s stock has dropped 33.9 percent this year after a run-up during the lockdowns. Zoom’s stock has fallen from an all-time high of $310 in September to barely $116.28. And Robinhood, the stock trading app that profited from the “meme stock” craze in 2020 and 2021, peaked at $70 shortly after going public last summer but has since fallen to just $13.50.
Employees from PayPal, e-commerce startup Shopify, troubled fitness company Peloton, and electric carmaker Rivian are among those on the list.
I say burn, baby, burn.
I hope this is a trend that keeps on going because nobody deserves to hit rock bottom more than these insufferably woke, tyrannical tech companies.
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