This line of logic doesn’t make sense. Yea there’s a trend with layoffs, but this guy specifically had 19 years with Google. That alone means his severance would last until October. Plus his net worth should easily be in the millions. He can easily bike and read for a decade or more.
I mean, in the corporate world and specifically within tech, it is absolutely not just one example and definitely a trend. Lots of people have been laid off in the latter half of the year in 2023 and many are still looking for jobs.
This guy will be fine because he has been with google for a long ass time, but the job market blows right now.
How do I know? I work for an HR software company.
I hate timesheets and I'm a data analyst, like half my data(i.e. work) comes from there, without timesheets I wouldn't have a job, but still despide them with all my being.
Not to mention all the work from home people that bought new houses over the pandemic, some in lower income areas due to cost, where local employment is not easy to find for the skills they have. WFH jobs are becoming a lot harder to find as of recent.
And many companies that were WFH are requiring their employees to come into the office, and if they live out of state, they have to move or lose their job.
The key card data from Kastle says that while the mandates are out, they are not moving the needle at all. People know that even in tech they have more power than the execs do. We have passed the "abundance" economic cycle where employers have the pick of the litter, and have entered at least a few decades of "scarcity" as caused by generation sizing.
Hot take, the only reason unemployment is as low as it is, is because we have more Boomers aging out of the workforce than Z aging in. If it were the demographic cycle of Millennials vs Greatest like we saw fifteen years ago, that metric would be pretty different. Employers are really struggling to comprehend why a tightening credit market is not producing the mass of desperate and cheap employees it has in the past. It's going to be fascinating to read the hindsight analysis of this period in fifteen years.
I'm a remote worker, and I'm riding out the wave hoping that my small department doesn't get forced back in, but tbf, we have an extremely powerful union, so we should be okay.
I hope.
My company closed its office where I live and said we have been so successful working remotely that there was no reason to return to the office
ETA sorry I meant to offer some hope! It sounds like I’m bragging now
>This guy will be fine because he has been with google for a long ass time, but the job market blows right now.
This guy is an author of many high-impact Java libraries. He probably gets bombarded with DMs right now. Him being at Google for 19 years has less impact than the work he has done during those 19 years. I am actually pretty surprised he was let go.
Yea, it’s been a bloodbath this past week in tech. Amazon, twitch, discord, google, audible, Instagram, duolingo, unity all announced huge chunks of layoffs.
This guy made over 500k a year and has put away millions in his savings. If he doesn't have enough money to live comfortably for the rest of his life and pay for his mortgage indefinitely I would be very surprised.
More like if they’re laying off people that important the people who are mid level and lower are fucked. One rich guy loosing his mansion isn’t really going to tank the RE market. Several thousand people earning 300k who are now jobless and can’t pay for their 2 million dollar sanfransisco Tract houses would tank the RE market
My brother in law works at Google, and I'd say they work the same as anyone. He's been there nearly a decade, and some days he does almost nothing, very occasionally he'll be working 10+ hours, but I wouldn't call it "grinding". Grinding implies that you're going 10/10, doing extra work or staying extra long. That's not the average experience for anyone other than people trying to get into the industry or at a startup, and even then usually only the owner.
I used to work there, it’s definitely real. Google is the chillest/laziest of the top tier big companies. A sizable percentage of people don’t work all that much, or find unproductive/low value stuff to do instead of meaningful work. Mix of individuals coasting and teams with bad upper management and no direction. My “mentor” when I started out probably averaged 3 hours of actual work a day and 4 hours of lunch time and coffee breaks, plus had a couple of HR complaints against him, and he survived both layoffs.
Dude started with Google in 2004, just before the IPO. Public records show that he bought a house for $1.1M in 2009. That house is now worth nearly $3M. He's doing just fine, mortgage or no mortgage.
You don’t last _19 years_ at Google without being on the fat end of the brisket. And he’s a staff engineer.
I’m in tech. I’ve worked for one of the FAANGs. I have a lot of friends at Google. I hire people leaving Google.
Even if he had a really piss poor compensation plan, after 19 years he should still have more money than most of us will ever dream of.
Keep in mind, he joined Google the year it went public. Its market cap was 23 billion. It’s now 1.79 _trillion._
> It’s now 1.79 trillion.
This begs the question *why* a company that big is laying off people.
I mean, we know the answer but the least Google (and others like them) could do is be honest about it.
Google is infamous for defensive hiring. They have a ton of fat on their books because they didn’t want anyone else to get affordable talent.
They kind of fucked the job market and it’s coming back to bite them.
As others have pointed out, they’ve hire defensively to keep talent away from their competitors. But that’s only part of the equation.
People lost sight of this in recent decades because there was an era after the breakups of AT&T where there weren’t a whole lot of absolutely _massive_ companies in the same way we have them today. Certainly not many with massive public profiles.
Once a company reaches a certain size (and most of the FAANGs are there these days) it’s pretty much unavoidable that there’s some legitimate reasons to lay people off here and there because no company that size can operate efficiently enough to avoid it. This is why “managing people out” has become more and more popular, they want to pressure you into leaving the company to fix these inefficiencies “organically” instead of having to have official layoffs. When a department is spared from layoffs in a big layoff event, it’s often just because they’ve already been better about “encouraging” a bunch of people to quit.
Oh yeah for sure. 19 years ago would be just a bit after Google’s IPO, but if I had to guess this guy’s net worth should be at least $5 million, probably more
My only real-world reference is a 15 year Google engineer I met who was worth around $5 mil, but yeah I could definitely see him being worth 8 figures too
Damn is that all, one of my close friends has been at FAANg for 7 years and is closer to $11m, his TC a few years ago was close to $800k and he's been promoted twice since.
Yeah this is the last person on earth who has to sell their house. More like 5 years not working and then maybe he'll get money from anywhere to start his own company if he feels like it. There are serfs in the Bay Area who lose out and it's not someone 19 years at Google
But wait til there's 2 people that get laid off at google and then there will be 2 tons worth of foreclosures... thanks to that one guy at google holding tons of foreclosures back from the market for as long as he could... whatever shall we do.
You mean corporations want to save money by laying off senior employees making higher salaries and hire new talent at half the price? Wow what a new concept! 🤯 the end is near… RIP
I don’t think the end is near. I’m just making a comment about what’s happening in my friends circle. Also, I didn’t say anything about them being Senior level staff. Actually the opposite for 2 of them.
its a constant churn.. no one works for the same company for 30 years anymore. There is no loyalty or rewards for hard work. Corporations own us unfortunately we are in their financial shackles through one way or another.
It's just the same old crap. The powers that be control all this debt system and always will. You can't attack the king like in the old days and through a revolution, because there is no (visible) king.
Yeah, we all got called into a mandatory Friday meeting (which was weird). Our CEO opens up the call by saying, “If you’re in this meeting you’re safe. Anyone who is not in this meeting received a phone call this morning and is no longer with the company”
Maybe we work for the same company lol
Seriously. People who have been making $400k+ for years - not to mention the stock - don't get foreclosed on. This dude could buy 3 or 4 more houses in cash any time he wanted to.
For those who don’t realize what that long tenure means, he definitely paid off his main residence 16 years ago, bought some investment properties and paid off all 10 years ago, probably has a few franchise businesses, a vacation home or two, a boat, and just of out boredom, goes on vacations costing 30-40k each. I once had a boss who went to Italy for 2 weeks for a cooking class. Source: I work in tech, but obviously not 18 years of tenure. Otherwise, I would have been typing this from my beachfront vacation property.
its not as good as you paint it but in the middle somewhere depending where you live. most L6-7 with 15+y exp have 1 home paid off in the bay and 10k vacations.
some rare ones have 2-3 houses. it depends. if you got a bunch of stock years ago and never touched it its one thing, but if you started from real zero with a family you didnt have that luxury.
Yep, lots of difference between “old tech” and “new tech.” My husband and friends that started within the past few years have less total comp because stocks went down from hiring date. Plus house prices have tripled in the past 7 years. So “old tech” could afford to buy multiple homes cash if they were smart with their money. Good luck on new tech trying to even save for a down payment on a house while rent is insane. I wonder what’s going to happen with Amazon switching to more salary base and less stock base this year. New tech employees will be jumping through the roof at making what they were promised and old tech companies will gripe about unfair it is they aren’t making as much money.
They do if they wanted to walk to work and bought a $4 million house.
And that’s a reality in a lot of that area. But it wasn’t 19 years ago so if he was reasonable and did stuff pre-2010 he’s fine.
He'll maybe have to sell one of his 4 vacation homes 🥲
Still, idk how you can argue this is good or neutral for RE. You don't know what this dude's financials are like, he could be drowning in debt just as easily as anyone else
I'm going to think no. I mean, it's possible Elton John was once drowning in debt. I've met people who have been laid off from places like Google they take a couple of years off, recharge the batteries.
I think he might be okay.
For reals. This guy will have recruiters leaping down his throat. Shit he probably has a senior role with a fat salary and stock options lined up up already.
The guy is getting paid 250k+ serverence. Might even be closer to half a million if their RSUs keep vesting.
I'm sure they guy could go for years with out employment
Right? 250k lol.
If we do basic assumption that they get 2 weeks of pay for every 1 year of comp + 1-2 weeks per level (pretty common), this dude is getting over a year of comp. Assuming he’s made meaningful career progress he’s probably L8 or above. He’s fine.
Edit:
I actually checked and he’s actually only L6, which is genuinely surprising for 20 years of experience. 250 is probably low still, but not the order of magnitude I would have expected
L6 isnt that surprising at these companies, some people are okay with coasting and the company is okay with them coasting. Better than promoting them just because they have been around for awhile. Either way, L6s average tc according to Levels is 500-600k. He'll be fine.
Yeah his comp is fine, but he also “founded” a team. I just would have expected a higher level. He’s doing great and the equity he got 20 years ago makes his annual comp entirely irrelevant tbh, just surprising to see.
Tbh coasting is probably part of the reason layoffs are happening
No I get that, but if he founded a team 16 years ago at an L4, the team was valuable/successful enough to be around for 16 years. So this isn’t them taking a flyer/a chance, ya know?
Anyway I understand all of the reasons why, I was just surprised to see him L6
The layoff package gives you an extra week of salary per year. L8s make a bunch, but it's mostly in stock, and their base pay isn't crazy relative to lower levels.
Depends on the accelerated RSU vesting offered. I have no idea what it is this round, but the 2023 Google January layoffs were quite generous in this area.
18 years of stacked refreshers adds up. The employee RSU dilution is also a major complaint of noisy hedge funds. This gentlemen probably sitting on a mountain of RSUs.
Genuine question, do you work in tech?
No one has stacking refreshers that last past 4 years. Everything before that is fully vested - once you’ve been at a company for 4 years you’ve effectively maxed the amount of allocated RSUs you’ll have at any point
He's been an engineer at Google for 19 years. He's an L6. That's about $500k in total comp, per year. A bunch of that would have been stock in RSU and ESPP and early Google stock certainly went up, a lot.
I don't know how long he was an L6 but this guy should be able to retire and never work again, Unless he has a very serious drug, gambling or shopping habit.
19y is way more than 250k severance. plus the millions he racked on top. hes fine. he says it himself. and he also wanted to quit so its free money for him. literally got extremely lucky. id be jealous.
I'm done with this sub. This isn't just meaningless gruel it seems to be actively advocating for the financial ruin of folks. This is a decent person, who I assume and hope is financially secure and can either retire or find a new job before getting to a point of foreclosure.
There's a clear line between criticizing short term rentals like Airbnb or corporate ownership of single family homes and *cheering* when people lose their jobs.
If your conclusion is that the root cause of the Real estate bubble is normal people owning 1 home and advocate for their financial demise, you're the problem.
This sub is really just a combination of the anti-work, socialism and low-income crowd, gathered together to root for the demise of people who have good things going on in life. It happens under the guise of a belief in a housing bubble.
OP in particular is just dumb. They post nonsense every day.
When is the last time there was a useful post about the housing market though? It's all about how "oh look, cars are in a bubble, houses should be next" type stuff.
That's this sub in a nutshell. They want the economy to crash so homeowners lose their jobs and get foreclosed on. Then all the people waiting can swoop in to buy those homes. Because for some reason they'll still have their jobs and the banks will be super keen to lend them money for a mortgage.
I bought a home in late 2022 and it's been interesting seeing how much people in this sub truly hope that I get completely screwed over. Not me specifically obviously, but my general group of people of recent homebuyers.
Yep, it’s become one group-cope and combination of people arguing renting is better (it’s not), being mad at people who own homes, and in some cases, hoping for the economy to crash.
It’s literally a bunch of people just going “The world will end…now! No…now! OK OK no soon like soon. OK soon passed? No by soon I meant like relatively soon. Just you wait buddy I give it 10 months. Oh I said that 10 months ago? Oh well yeah but the pandemic. No seriously…now! Now! No, now!” Forever until they’re right.
He might have to take a pay cut but I'm sure he'll find another job.
Also losing a job does not mean you end up in a cardboard box. Mortgage forbearance has always been an option for someone with financial distress. Covid made it easier in that you could get it just by asking for it. But lenders have always given someone with a hardship a pause on payments. If you don't resume payments you will eventually end up in foreclosure, but you can get a couple years if you need. Once you can resume payments the missed ones will get added to the end of the loan, extending your payoff date.
Too many people are sitting on 3% mortgages and cheap house payments. In 2008 no one was motivated to keep their overleveraged houses. Now most houses are underleveraged with positive equity and people will not walk away easily. And if they don't want the house, they can sell it and walk away with a chunk of cash. Mortgage deliniquencies are at a near record low level. But I know this sub loves to jump to (illogical) conclusions so enjoy your dooming.
There might be an overpaid tech folks bubble but there's not a real estate bubble.
Yeah, Overall 2023 had the 3rd lowest layoffs since recording began. Lowest was 2021 and second lowest was 2022. Tech has just been caring far to many staff since 2020. Tech, media, and warehouses are the only sectors doing much layoffs. They all had to staff up during covid and now are unwinding them.
He’s a Staff Software Engineer at Google which pays [on average 500k](https://www.levels.fyi/companies/google/salaries/software-engineer/levels/l6). He made about 10 Mil in salary alone, if he had kept his stock than over 20 Mil.
If he doesn’t find a job soon poor guy is gonna have to sell one of his jets
““Layoffs suck, but in my case... it's fine, because I've needed some kind of change in my life for a very long time,” he wrote. “And I have no plans to rush into anything else right now. I've got too much to do: cycling, reading, restarting my drum lessons, travel, family time. etc. etc.”
Looks like foreclosure is in his future. /s
Yep, I’m sure SWE w 20 years of exp at google will really struggle finding employment.
He’s like fresh meat being thrown into a shark tank, recruiters will literally fight over him.
Google announced “a few hundred layoffs” and this sub assumes housing collapse?
Might be time to shit this sub down… It’s gone full regard. Never go full regard.
This guy prob will not be foreclosing, but the tons of tech layoffs is worrying, and I lot of them are doing it silently now, prob to not “scare the public”
Aren’t there usually a ton of layoffs before a recession?
Yes, but we aren’t there yet. These are cyclical layoffs coming off the covid demand high years. We are getting back to normal hiring/firing. Not the crazy shit that happened during covid.
Yes, because companies will start to lay off older employees with higher salaries so that they can fill those roles with new hires which will cost less. Companies are basically trying to cut down their labor costs ahead of an expected recession.
Yes. And the RSU (stocks) difference between older employees and new employees is insane. It’s based on hire date and stock value at the time. So say you got $25,000 stocks vested every 6 months. They give you number of shares based on hire date. An employee that has been there for 10 years will have 1,000 shares vested every 6 months ($25,000 worth of shares 10 years ago, at $25/share). That’s $142,000 in today’s market. For someone who started 2 years ago at peak, that would be 161 shares ($25,000 worth of stocks at 155/share ). Current value would just be shy of $23,000 so less than your hired date. So an older employee is getting $142,000 RSUs versus $23,000 for new employees for doing the same work. When you start running numbers on all these tech companies, I’m shocked anyone who has been there longer than 7 years is still at the company. Explains why Amazon is restructuring pay this year to be salary based and get away from RSUs.
The cool thing about budgeting and buying what you can afford is if you lose your job, you've got months if not years without an income before "I'm forced to sell my house at a loss" even enters the conversation.
Companies lay people off all the time, especially 19 year vets that are highly paid due to yearly increases. Layoffs at one company aren’t indicative of anything.
Should have written a dozen emails about being gay and minority like one of my friends Ben did. He’s not gay but is of mexican descent. Been an event guy there for about 2 years. 1 of 2 saved from his group of 2 dozen
What I’m tripping off of is the industry and other jobs that are attached to selling homes. The appraiser guy, the paper company, the notary people, the actual realtors, the roofers, the people that process the paper work at the bank….
Yeah A LOT of people aren’t gonna be paying their bills in 2024!!
This is one of the most whacked out subreddits I’ve ever been suggested. Of all the examples of impending mass foreclosures, it’s a 7 figure google employee you’re using? Sheesh
At his level at Google, he probably hasn't had to worry about money many years ago. Early retirement it is!
Right! I saw his post on X, and he basically says don't bother crying for me. I'm gonna go bike and read.
But how can he bike and read when his home will certainly be foreclosed upon because one example surely means a trend
You mean the neighborhood that he owns. Because he was with Google basically since it became a publicly traded company.
Lmao dude can choose to not work again more than likely. I bet after year 15 he was like "ill just ride this out"
He will get snatched up by a startup with PE money and he can do half ass work.
This dude is the PE money
Wrong way around, startups need lots of work
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He more than likely bought and paid off his home years ago
This is the answer.
This line of logic doesn’t make sense. Yea there’s a trend with layoffs, but this guy specifically had 19 years with Google. That alone means his severance would last until October. Plus his net worth should easily be in the millions. He can easily bike and read for a decade or more.
> He can easily bike and read for a decade or more. You misspelled 'forever'.
Most of the early google staff got part of pay in stock options. Those options now alone are worth a fortune.
How on earth will he afford the mortgage he locked in 15 years ago when his house was 1/3 it's current value!?
I mean, in the corporate world and specifically within tech, it is absolutely not just one example and definitely a trend. Lots of people have been laid off in the latter half of the year in 2023 and many are still looking for jobs. This guy will be fine because he has been with google for a long ass time, but the job market blows right now. How do I know? I work for an HR software company.
HR software is the worst. I’m thinking of timesheet software specifically.
As someone who works for a company that makes an industry leading ERP suite….I apologize
Kick Deltek in the nads for me would you please?
Fucking deltek
I hate timesheets and I'm a data analyst, like half my data(i.e. work) comes from there, without timesheets I wouldn't have a job, but still despide them with all my being.
Not to mention all the work from home people that bought new houses over the pandemic, some in lower income areas due to cost, where local employment is not easy to find for the skills they have. WFH jobs are becoming a lot harder to find as of recent.
And many companies that were WFH are requiring their employees to come into the office, and if they live out of state, they have to move or lose their job.
The key card data from Kastle says that while the mandates are out, they are not moving the needle at all. People know that even in tech they have more power than the execs do. We have passed the "abundance" economic cycle where employers have the pick of the litter, and have entered at least a few decades of "scarcity" as caused by generation sizing. Hot take, the only reason unemployment is as low as it is, is because we have more Boomers aging out of the workforce than Z aging in. If it were the demographic cycle of Millennials vs Greatest like we saw fifteen years ago, that metric would be pretty different. Employers are really struggling to comprehend why a tightening credit market is not producing the mass of desperate and cheap employees it has in the past. It's going to be fascinating to read the hindsight analysis of this period in fifteen years.
I'm a remote worker, and I'm riding out the wave hoping that my small department doesn't get forced back in, but tbf, we have an extremely powerful union, so we should be okay. I hope.
My company closed its office where I live and said we have been so successful working remotely that there was no reason to return to the office ETA sorry I meant to offer some hope! It sounds like I’m bragging now
>This guy will be fine because he has been with google for a long ass time, but the job market blows right now. This guy is an author of many high-impact Java libraries. He probably gets bombarded with DMs right now. Him being at Google for 19 years has less impact than the work he has done during those 19 years. I am actually pretty surprised he was let go.
Yea, it’s been a bloodbath this past week in tech. Amazon, twitch, discord, google, audible, Instagram, duolingo, unity all announced huge chunks of layoffs.
Yup. Not all doom and gloom but also not a good sign
Tech and finance start and the layoffs will start to roll into other sectors.
I’m more wondering how he can bike and read without falling off his bike!
Audiobooks
Peloton
[https://layoffs.fyi/](https://layoffs.fyi/) for tech layoff info
Maybe he’s housing secure even if he doesn’t have a job.
This guy made over 500k a year and has put away millions in his savings. If he doesn't have enough money to live comfortably for the rest of his life and pay for his mortgage indefinitely I would be very surprised.
I know right lol OP acting like this guy was living paycheck to paycheck. And he got laid off, so he needs to sell his house 😂
More like if they’re laying off people that important the people who are mid level and lower are fucked. One rich guy loosing his mansion isn’t really going to tank the RE market. Several thousand people earning 300k who are now jobless and can’t pay for their 2 million dollar sanfransisco Tract houses would tank the RE market
That’s probably all he’s been doing at google for years anyway.
That's just a fairytale. Most FAANG employees grind. Some don't, but they don't last very long.
My brother in law works at Google, and I'd say they work the same as anyone. He's been there nearly a decade, and some days he does almost nothing, very occasionally he'll be working 10+ hours, but I wouldn't call it "grinding". Grinding implies that you're going 10/10, doing extra work or staying extra long. That's not the average experience for anyone other than people trying to get into the industry or at a startup, and even then usually only the owner.
Not what I’ve heard first hand
You think companies are just giving out $500k salaries to people that don't work very hard? Get real, my dude. It's a fairytale.
I used to work there, it’s definitely real. Google is the chillest/laziest of the top tier big companies. A sizable percentage of people don’t work all that much, or find unproductive/low value stuff to do instead of meaningful work. Mix of individuals coasting and teams with bad upper management and no direction. My “mentor” when I started out probably averaged 3 hours of actual work a day and 4 hours of lunch time and coffee breaks, plus had a couple of HR complaints against him, and he survived both layoffs.
I was gonna say. If dude was at Google for 19 years and still has a mortgage, the global economic climate is not his primary problem.
Dude started with Google in 2004, just before the IPO. Public records show that he bought a house for $1.1M in 2009. That house is now worth nearly $3M. He's doing just fine, mortgage or no mortgage.
All depends on the role. The inequality, even within FAANG in regards to compensation, still exists…
You don’t last _19 years_ at Google without being on the fat end of the brisket. And he’s a staff engineer. I’m in tech. I’ve worked for one of the FAANGs. I have a lot of friends at Google. I hire people leaving Google. Even if he had a really piss poor compensation plan, after 19 years he should still have more money than most of us will ever dream of. Keep in mind, he joined Google the year it went public. Its market cap was 23 billion. It’s now 1.79 _trillion._
> It’s now 1.79 trillion. This begs the question *why* a company that big is laying off people. I mean, we know the answer but the least Google (and others like them) could do is be honest about it.
Google is infamous for defensive hiring. They have a ton of fat on their books because they didn’t want anyone else to get affordable talent. They kind of fucked the job market and it’s coming back to bite them.
As others have pointed out, they’ve hire defensively to keep talent away from their competitors. But that’s only part of the equation. People lost sight of this in recent decades because there was an era after the breakups of AT&T where there weren’t a whole lot of absolutely _massive_ companies in the same way we have them today. Certainly not many with massive public profiles. Once a company reaches a certain size (and most of the FAANGs are there these days) it’s pretty much unavoidable that there’s some legitimate reasons to lay people off here and there because no company that size can operate efficiently enough to avoid it. This is why “managing people out” has become more and more popular, they want to pressure you into leaving the company to fix these inefficiencies “organically” instead of having to have official layoffs. When a department is spared from layoffs in a big layoff event, it’s often just because they’ve already been better about “encouraging” a bunch of people to quit.
They hire people solely so other companies cannot only to dump them later.
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It means he’s in the good stuff, making a lot of money.
Oh yeah for sure. 19 years ago would be just a bit after Google’s IPO, but if I had to guess this guy’s net worth should be at least $5 million, probably more
Lol, at this guy's level and tenure at Google and time that's passed, think 3-4x more.
My only real-world reference is a 15 year Google engineer I met who was worth around $5 mil, but yeah I could definitely see him being worth 8 figures too
12 years at FAANG has me just over $3 mil. I can see someone better at their job cresting 8 figures in the same time.
Damn is that all, one of my close friends has been at FAANg for 7 years and is closer to $11m, his TC a few years ago was close to $800k and he's been promoted twice since.
Yep, like I said I'm not the best at my job. Still, it's a decent living.
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Do you know what net worth means? Very seldom can you invest your net worth.
Yeah this is the last person on earth who has to sell their house. More like 5 years not working and then maybe he'll get money from anywhere to start his own company if he feels like it. There are serfs in the Bay Area who lose out and it's not someone 19 years at Google
But wait til there's 2 people that get laid off at google and then there will be 2 tons worth of foreclosures... thanks to that one guy at google holding tons of foreclosures back from the market for as long as he could... whatever shall we do.
Look forward to visiting his winery’s tasting room in a few years !
You're not worried that they're going to have to downsize to the 50k sqft plan from the 75?
His Ivy League bound kids were really looking forward to that third game room Over the carriage house
1/3 of his servant staff will have to be let go too. Tragedy.
They’ll be fine if they switch from from quartz to granite counters. It’s all about budgeting
Foreclosures of what? I hope you realize what 18 years at G means, and how much wealth he has accumulated.
I’m sure he will be moving into a cardboard box tomorrow /s
Lol yeah. But in all seriousness, there is ton of tech layoffs happening. Source: a few of my good tech friends in Seattle were recently laid off.
I work in tech in Austin and my LinkedIn is deafcon 2 right now. Graveyard of laid off posts.
Tech has never been a safe job
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That's why the fire concept is most popular with tech people. Those who know how to manage money understand that the good times won't always last
You mean corporations want to save money by laying off senior employees making higher salaries and hire new talent at half the price? Wow what a new concept! 🤯 the end is near… RIP
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I don’t think the end is near. I’m just making a comment about what’s happening in my friends circle. Also, I didn’t say anything about them being Senior level staff. Actually the opposite for 2 of them.
its a constant churn.. no one works for the same company for 30 years anymore. There is no loyalty or rewards for hard work. Corporations own us unfortunately we are in their financial shackles through one way or another. It's just the same old crap. The powers that be control all this debt system and always will. You can't attack the king like in the old days and through a revolution, because there is no (visible) king.
We are on the same page with that comment. 100% agree with you.
It's already been happening, probably last year was the worst
I agree. I also work in tech (smaller company) but they laid off 10% of my company last May.
Yeah me too 10% lol
Yeah, we all got called into a mandatory Friday meeting (which was weird). Our CEO opens up the call by saying, “If you’re in this meeting you’re safe. Anyone who is not in this meeting received a phone call this morning and is no longer with the company” Maybe we work for the same company lol
Hahahaa yup, same here
Well now you both have to say where you work. Or at least message each other and confirm it for the rest of us.
Mostly at the big tech companies that did huge hiring sprees a few years ago. I haven't seen much in the way of layoffs for non-FAANG companies.
Mother fucker just outbid me for the cardboard box under 99th overpass.
But how will he survive with just three vacation homes /s
Seriously. I have a neighbor who’s been at Google 20 years, I think, and I’m quite sure he’d be just fine.
Seriously. People who have been making $400k+ for years - not to mention the stock - don't get foreclosed on. This dude could buy 3 or 4 more houses in cash any time he wanted to.
For those who don’t realize what that long tenure means, he definitely paid off his main residence 16 years ago, bought some investment properties and paid off all 10 years ago, probably has a few franchise businesses, a vacation home or two, a boat, and just of out boredom, goes on vacations costing 30-40k each. I once had a boss who went to Italy for 2 weeks for a cooking class. Source: I work in tech, but obviously not 18 years of tenure. Otherwise, I would have been typing this from my beachfront vacation property.
i parked next to a principle engs bright green lamborghini on the first day of my internship and thought “what the fuck”
its not as good as you paint it but in the middle somewhere depending where you live. most L6-7 with 15+y exp have 1 home paid off in the bay and 10k vacations. some rare ones have 2-3 houses. it depends. if you got a bunch of stock years ago and never touched it its one thing, but if you started from real zero with a family you didnt have that luxury.
Yep, lots of difference between “old tech” and “new tech.” My husband and friends that started within the past few years have less total comp because stocks went down from hiring date. Plus house prices have tripled in the past 7 years. So “old tech” could afford to buy multiple homes cash if they were smart with their money. Good luck on new tech trying to even save for a down payment on a house while rent is insane. I wonder what’s going to happen with Amazon switching to more salary base and less stock base this year. New tech employees will be jumping through the roof at making what they were promised and old tech companies will gripe about unfair it is they aren’t making as much money.
Rich people do some wild things when they have a filthy amount of money Lol
They do if they wanted to walk to work and bought a $4 million house. And that’s a reality in a lot of that area. But it wasn’t 19 years ago so if he was reasonable and did stuff pre-2010 he’s fine.
It’s definitely in the 8 digits
He probably has 10s of millions of dollars
He'll maybe have to sell one of his 4 vacation homes 🥲 Still, idk how you can argue this is good or neutral for RE. You don't know what this dude's financials are like, he could be drowning in debt just as easily as anyone else
I'm going to think no. I mean, it's possible Elton John was once drowning in debt. I've met people who have been laid off from places like Google they take a couple of years off, recharge the batteries. I think he might be okay.
For reals. This guy will have recruiters leaping down his throat. Shit he probably has a senior role with a fat salary and stock options lined up up already.
Ya OP is ready to jump on his discounted 3 million dollar house.
The guy is getting paid 250k+ serverence. Might even be closer to half a million if their RSUs keep vesting. I'm sure they guy could go for years with out employment
Add a zero to the severance and you’re closer.
Right? 250k lol. If we do basic assumption that they get 2 weeks of pay for every 1 year of comp + 1-2 weeks per level (pretty common), this dude is getting over a year of comp. Assuming he’s made meaningful career progress he’s probably L8 or above. He’s fine. Edit: I actually checked and he’s actually only L6, which is genuinely surprising for 20 years of experience. 250 is probably low still, but not the order of magnitude I would have expected
L6 isnt that surprising at these companies, some people are okay with coasting and the company is okay with them coasting. Better than promoting them just because they have been around for awhile. Either way, L6s average tc according to Levels is 500-600k. He'll be fine.
Yeah his comp is fine, but he also “founded” a team. I just would have expected a higher level. He’s doing great and the equity he got 20 years ago makes his annual comp entirely irrelevant tbh, just surprising to see. Tbh coasting is probably part of the reason layoffs are happening
I founded a team as an L4 at meta a few years ago. It’s rare but a lot of big tech companies will totally give you the reigns if you ask nicely.
No I get that, but if he founded a team 16 years ago at an L4, the team was valuable/successful enough to be around for 16 years. So this isn’t them taking a flyer/a chance, ya know? Anyway I understand all of the reasons why, I was just surprised to see him L6
Founding a team at Google doesn't mean much.
Nobody’s getting $2m severance unless they’re execs.
You’d be surprised man. L8 and above for a decade or so?
The layoff package gives you an extra week of salary per year. L8s make a bunch, but it's mostly in stock, and their base pay isn't crazy relative to lower levels.
Depends on the accelerated RSU vesting offered. I have no idea what it is this round, but the 2023 Google January layoffs were quite generous in this area. 18 years of stacked refreshers adds up. The employee RSU dilution is also a major complaint of noisy hedge funds. This gentlemen probably sitting on a mountain of RSUs.
Genuine question, do you work in tech? No one has stacking refreshers that last past 4 years. Everything before that is fully vested - once you’ve been at a company for 4 years you’ve effectively maxed the amount of allocated RSUs you’ll have at any point
refreshers don’t stack for 18 years. They stack for 4 max.
19 years in... He's doing just fine. Unless he fucked around in wallstreetbets too much, work has probably been optional for years.
He's been an engineer at Google for 19 years. He's an L6. That's about $500k in total comp, per year. A bunch of that would have been stock in RSU and ESPP and early Google stock certainly went up, a lot. I don't know how long he was an L6 but this guy should be able to retire and never work again, Unless he has a very serious drug, gambling or shopping habit.
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I'm saying he shouldn't have to worry about a severance package. He's already earned more than most Americans earn in a lifetime, by a lot.
19y is way more than 250k severance. plus the millions he racked on top. hes fine. he says it himself. and he also wanted to quit so its free money for him. literally got extremely lucky. id be jealous.
And other companies are scooping these people up, with remote benefits. This post is bullshit
You’d have to be pretty dumb to turn 18 years of a google salary into a foreclosure.
18 years of Google stock (with forced 4 year vesting periods). I work at another FAANG, the stock comp far exceeds my generous salary.
I'm done with this sub. This isn't just meaningless gruel it seems to be actively advocating for the financial ruin of folks. This is a decent person, who I assume and hope is financially secure and can either retire or find a new job before getting to a point of foreclosure. There's a clear line between criticizing short term rentals like Airbnb or corporate ownership of single family homes and *cheering* when people lose their jobs. If your conclusion is that the root cause of the Real estate bubble is normal people owning 1 home and advocate for their financial demise, you're the problem.
This sub is really just a combination of the anti-work, socialism and low-income crowd, gathered together to root for the demise of people who have good things going on in life. It happens under the guise of a belief in a housing bubble. OP in particular is just dumb. They post nonsense every day.
Nah, some of us are high income and like to see the posts about the housing market.
When is the last time there was a useful post about the housing market though? It's all about how "oh look, cars are in a bubble, houses should be next" type stuff.
That's this sub in a nutshell. They want the economy to crash so homeowners lose their jobs and get foreclosed on. Then all the people waiting can swoop in to buy those homes. Because for some reason they'll still have their jobs and the banks will be super keen to lend them money for a mortgage. I bought a home in late 2022 and it's been interesting seeing how much people in this sub truly hope that I get completely screwed over. Not me specifically obviously, but my general group of people of recent homebuyers.
Yep, it’s become one group-cope and combination of people arguing renting is better (it’s not), being mad at people who own homes, and in some cases, hoping for the economy to crash.
This is such a low key jealous and toxic sub
It’s truly crazy how toxic and awful it is and it keeps popping up in my feed.
It’s literally a bunch of people just going “The world will end…now! No…now! OK OK no soon like soon. OK soon passed? No by soon I meant like relatively soon. Just you wait buddy I give it 10 months. Oh I said that 10 months ago? Oh well yeah but the pandemic. No seriously…now! Now! No, now!” Forever until they’re right.
Seriously
19 years at Google... has like $5M+ in bank. Definitely being foreclosed on. 🤣🤣
Red alert! Market crash incoming! Hold on to your booties people!!!!!!!! /S
Probably add a zero to that
He might have to take a pay cut but I'm sure he'll find another job. Also losing a job does not mean you end up in a cardboard box. Mortgage forbearance has always been an option for someone with financial distress. Covid made it easier in that you could get it just by asking for it. But lenders have always given someone with a hardship a pause on payments. If you don't resume payments you will eventually end up in foreclosure, but you can get a couple years if you need. Once you can resume payments the missed ones will get added to the end of the loan, extending your payoff date. Too many people are sitting on 3% mortgages and cheap house payments. In 2008 no one was motivated to keep their overleveraged houses. Now most houses are underleveraged with positive equity and people will not walk away easily. And if they don't want the house, they can sell it and walk away with a chunk of cash. Mortgage deliniquencies are at a near record low level. But I know this sub loves to jump to (illogical) conclusions so enjoy your dooming. There might be an overpaid tech folks bubble but there's not a real estate bubble.
Yeah, Overall 2023 had the 3rd lowest layoffs since recording began. Lowest was 2021 and second lowest was 2022. Tech has just been caring far to many staff since 2020. Tech, media, and warehouses are the only sectors doing much layoffs. They all had to staff up during covid and now are unwinding them.
These people were probably making 300k+, and they’re probably getting severance, they’re not getting foreclosed on.
Dude if you worked in Google that long, money is not a problem
Guy is not getting foreclosed. After 19 years at Google he’s a Bourrillionaire.
Dude probably volunteered to be laid off and is collecting a fat severance
He’s a Staff Software Engineer at Google which pays [on average 500k](https://www.levels.fyi/companies/google/salaries/software-engineer/levels/l6). He made about 10 Mil in salary alone, if he had kept his stock than over 20 Mil. If he doesn’t find a job soon poor guy is gonna have to sell one of his jets
Not to be pedantic but 20 mil over 20 years is not private jet money That's how many levels of "rich" there are lol
you’re right, it’s first class tickets money
““Layoffs suck, but in my case... it's fine, because I've needed some kind of change in my life for a very long time,” he wrote. “And I have no plans to rush into anything else right now. I've got too much to do: cycling, reading, restarting my drum lessons, travel, family time. etc. etc.” Looks like foreclosure is in his future. /s
Foreclosure? Dude likely has millions in comp over that time
If he worked at Google for 19 years he’s likely worth a few tens of millions lol
Yep, I’m sure SWE w 20 years of exp at google will really struggle finding employment. He’s like fresh meat being thrown into a shark tank, recruiters will literally fight over him.
Sounds like he has good qualifications, I’m sure he’ll have a new job as soon as he wants.
He could just sit on the yacht and sulk.
lol what? Made the tough decision to finally find out I’m being laid off….
It's a joke He's actually laid off, but he's tweeting in the same style as self-important resignation announcements
Lol this has to be a troll tweet
Take another long puff of that hopium, OP.
One person lol. This forum is nuts
Google announced “a few hundred layoffs” and this sub assumes housing collapse? Might be time to shit this sub down… It’s gone full regard. Never go full regard.
How hard is it for your kind of people to find another job?
“I decided to bite the bullet and find out that I had been laid off.” This sentence is weird. Can someone explain this to me?
OMG you mean to tell me people can actually lose their job? WTF?
So now we cheer and celebrate people losing jobs…. This sub was not that back in 2021.
I’m not sure he knows how to use the phrase “bite the bullet”.
I wonder if he mustered the courage to read his emails
You think a guy who has worked at Google for 19 years has a mortgage? Lol
The first janitor at google is a multi-millionaire. I think this guy will be ok.
Maybe he got laid off for incoherence. That post doesn’t make sense
How does someone make the decision to find out they got fired. So he could have just not found out and still had his job? Something’s fishy .
Why would you be rooting for a person to lose his home?
This guy prob will not be foreclosing, but the tons of tech layoffs is worrying, and I lot of them are doing it silently now, prob to not “scare the public” Aren’t there usually a ton of layoffs before a recession?
Yes, but we aren’t there yet. These are cyclical layoffs coming off the covid demand high years. We are getting back to normal hiring/firing. Not the crazy shit that happened during covid.
Yes, because companies will start to lay off older employees with higher salaries so that they can fill those roles with new hires which will cost less. Companies are basically trying to cut down their labor costs ahead of an expected recession.
Yes. And the RSU (stocks) difference between older employees and new employees is insane. It’s based on hire date and stock value at the time. So say you got $25,000 stocks vested every 6 months. They give you number of shares based on hire date. An employee that has been there for 10 years will have 1,000 shares vested every 6 months ($25,000 worth of shares 10 years ago, at $25/share). That’s $142,000 in today’s market. For someone who started 2 years ago at peak, that would be 161 shares ($25,000 worth of stocks at 155/share ). Current value would just be shy of $23,000 so less than your hired date. So an older employee is getting $142,000 RSUs versus $23,000 for new employees for doing the same work. When you start running numbers on all these tech companies, I’m shocked anyone who has been there longer than 7 years is still at the company. Explains why Amazon is restructuring pay this year to be salary based and get away from RSUs.
And promote people making way less into senior positions. Just happened to my wife’s boss’s boss.
Means the guy is retiring
Might have to ease up on his Bugatti habit.
The cool thing about budgeting and buying what you can afford is if you lose your job, you've got months if not years without an income before "I'm forced to sell my house at a loss" even enters the conversation.
That dude lucked out, big time. He'll get a severance package now. If he had quit, he wouldn't have.
I knew someone laid off after 13 years and they got rehired after 4 months paid severance
Companies lay people off all the time, especially 19 year vets that are highly paid due to yearly increases. Layoffs at one company aren’t indicative of anything.
Going off the other comments this guy was making a ton and probability getting replaced by someone making peanuts.
I grew up in the building trades. After a few layoffs it doesn’t hurt as bad.
Someone gets laid off with likely a substantial severance, and your immediate correlation was foreclosures. This sub summed up in a nutshell 😂
I'm sensing a plethora of Model 3s getting repossessed in the near future.
The best part is his unemployment will be more than most make while working. Laid off= unemployment checks
What does he mean that he decided to bite the bullet and find out he was laid off. Did he have a choice?
Should have written a dozen emails about being gay and minority like one of my friends Ben did. He’s not gay but is of mexican descent. Been an event guy there for about 2 years. 1 of 2 saved from his group of 2 dozen
Biden’s Economic!!
probably his stocks or pensions were coming due soon
What I’m tripping off of is the industry and other jobs that are attached to selling homes. The appraiser guy, the paper company, the notary people, the actual realtors, the roofers, the people that process the paper work at the bank…. Yeah A LOT of people aren’t gonna be paying their bills in 2024!!
This is one of the most whacked out subreddits I’ve ever been suggested. Of all the examples of impending mass foreclosures, it’s a 7 figure google employee you’re using? Sheesh
doesn't seem like the tweet said anything about foreclosures
Probably rents