Here’s what we have for you today:
• Elon Musk under investigation
• Downward spiral
• Mark Zuckerberg cuts more
Even top performers and diligent employees get laid off in a downturn
Situation: As a potential recession looms, nearly 40% of US workers are “are nervous about being laid off,” according to a LinkedIn survey of more than 2,000 US employees conducted in December 2022. And the fact is, sometimes even good, hard-working employees get the ax.
The cut: Reports suggest that some of the 12,000 staff cut at Google included both high performers and people in managerial positions making seven figures. And it’s highly likely that many of the employees recently laid off from other big firms, including Amazon and Meta, were also dedicated and loyal to their companies.
What matters: Having boundaries at work to protect yourself, by defining what’s important to you in your personal life and setting aside time for that. If that time cuts into your work, then speak to your manager to come to a compromise.
Elon Musk is being investigated by the SEC
The claim: Tesla CEO Elon Musk is facing scrutiny by the U.S. Securities and Exchange Commission regarding his specific comments and efforts to promote the automaker’s claims regarding its “self-driving” capabilities.
Reason: The SEC’s domain isn’t safety claims, but it does take issue with public companies or company executive officers making forward-looking claims that are false or misleading. That’s apparently what they’re concerned about- Musk has often suggested FSD would attain essentially driver-free navigation capabilities in timelines that have not ended up proving accurate.
Possibility: Based on what the SEC determines following its investigation, we could see lawsuits or other consequences for Musk, including limitations on his future activity as an officer of a public company if they choose.
Mark Zuckerberg reportedly said he does not like seeing “managers managing managers”
The statement: “I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work,” Zuckerberg reportedly said during an internal Q&A session in late January 2023.
What else? Earlier in January 2023, Meta’s chief product officer Chris Cox has discussed the need to “flatten” the management structure.
The masses: Meta is among the slew of tech giants that have been drastically downsizing their workforces over the past several months, like Twitter, Amazon, Microsoft, and Google.