Facebook has been in a death spiral for the last several years.
They have stifled free speech to the point that the platform is not even fun anymore.
Everything is deemed to be “a violation against their community standards” which no one even understands since there is no clear set of rules to follow.
Then the algorithm does not detect sarcasm or jokes and bans people for having an opinion that differs from the mainstream pundits.
It is ridiculous.
Those sorts of rules can become rather infuriating and eventually kill the fun of a site that was meant to express yourself and connect, which is exactly what has happened.
Not too long ago, there was news that Facebook and Instagram 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.
The New York Post reported:
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.”
“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.
Now, 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.
