PayPal is a notoriously terrible place to work in Bay Area. It's considered extremely political and you'll notice a lot of two years stints there on resumes. I have never heard anyone say anything nice about working there.
I knew them quite well when they were part of eBay. This was definitely true then. I would be surprised if it hasn't become much worse. Just look at their User Agreement.
When i read Raven's post, i immediately recalled the lines "Greed is good" from Gordon Gekko in the 1987 film "Wall Street".
I grew-up in Pittsburgh and watched the city of steel in it's final death throws. My father (Legal Counsel) worked for one of the Robber Barons of his time, Thomas Mellon Evans. Evans inherited wealth from the Mellon family, and used that wealth to strip mine asset rich Steel business. I watched that carnage from the inside, and it was exactly what Gekko was doing in that movie. Highly recommend watching, it was very well done.
So while you are right, industries come and go and this is the natural flow, i have always made a point of trying to focus on ethical investing which to me probably means something different from the next guy. I understand why short investors are important, I understand why tort lawyers are important, I just try to avoid putting myself in a position where my gain leads to pain for someone else.
No judgement to anyone that disagrees. It just allows me to sleep better.
For the sake of argument, a business that is worth more in pieces than as a whole should perhaps be broken up.
An employee can quit a business with little more than a two week notice. Does the business owe the employee greater loyalty than that?
Still, I get your point. In the past, people relied on the business they worked for to carry them thru their entire career. Things develop too quickly now. I've had a long life and seen things change. Many years ago, I decided that I would not be just a cog in a machine and that I would not be so dependent on any entity such that they could control me. I have lived by that and made it work, except that I have seen the federal government grow to the point that it is all but inescapable.
The closest you can get to freedom is to be so independent that the actions of a business or of government can touch you only slightly.
I get it, but kind of an off putting post from QTR. makes me wonder how much he’s got tied up in PayPal lol.
From a personal perspective, when a company I own switches to AI, it’s good. But when a company or product I use switches to AI it has usually not been very good. That disconnect will need to be resolved.
Im a senior engineer with over a decade hands-on experience + another five in various leadership positions. I have recently joined a company to help them add ai.
My big takeaway, the ability to replace current systems with agentic workflows depends greatly on how strong the engineering was before ai came along.
Block has a fantastic engineering culture. That requires a consistent prioritization on engineering, even when business benefits aren't so clear. In this case it paid huge dividends for Block, enabling them to fire 40% of their staff.
Most companies I have worked for do not invest in engineering to the same degree as Block, and it will take time to reap the same rewards from ai.
TLDR - if PayPal announces firing 40% of engineering tomorrow I will sell my shares.
These globalists have screwed Americans by moving jobs out of the country.
How did tiny Ireland become our 4th largest trade deficit? Answer- big Pharma moved manufacturing over there to escape taxes. It was all about stock price and big year end bonuses for the MBA zombies.
Block had tremendous redundancy across Square/Cash App/Afterpay etc.
This was made worse with pandemic era overhiring of people that are not actually useful
His AI framing appears "Offensive" in nature as if they are leaning into growth mode in an efficient manner utilizing AI, whereas in reality Dorsey had a staff where 40% of people were useless and lacked any true talent where he felt they could offer a pipeline of growth and let them go
Dorsey not known to run efficient businesses, cant forget Elon's ability to lay off 80% of Twitter employees and become more efficient even before "AI"
Smart idea. I'm very close to the Block news from today, internally shocking I'm told. How it was framed smart. Stock price has been in a free fall for a few months.
PayPal is a notoriously terrible place to work in Bay Area. It's considered extremely political and you'll notice a lot of two years stints there on resumes. I have never heard anyone say anything nice about working there.
They're not too slick as a product as well. I avoid them.
I knew them quite well when they were part of eBay. This was definitely true then. I would be surprised if it hasn't become much worse. Just look at their User Agreement.
Wow Raven, you've started talking like a bloody asset stripping robber Baron.
When it reaches the point where you argue thousands should lose their jobs to make a few bucks that sounds a lot like Ebenezer Scrooge territory.
Not a good look, and if you have any faith in a higher power, not something you want on your resume for the after life.
Welcome to a competitive economy, which has been around for centuries.
Think of all the jobs we could have saved, if computers had never advanced beyond the initial Apple McIntosh.
Hell, let's do away with the internet, and go back to sending correspondence thru the mail. The USPS might actually turn a profit!
You are not wrong.
When i read Raven's post, i immediately recalled the lines "Greed is good" from Gordon Gekko in the 1987 film "Wall Street".
I grew-up in Pittsburgh and watched the city of steel in it's final death throws. My father (Legal Counsel) worked for one of the Robber Barons of his time, Thomas Mellon Evans. Evans inherited wealth from the Mellon family, and used that wealth to strip mine asset rich Steel business. I watched that carnage from the inside, and it was exactly what Gekko was doing in that movie. Highly recommend watching, it was very well done.
So while you are right, industries come and go and this is the natural flow, i have always made a point of trying to focus on ethical investing which to me probably means something different from the next guy. I understand why short investors are important, I understand why tort lawyers are important, I just try to avoid putting myself in a position where my gain leads to pain for someone else.
No judgement to anyone that disagrees. It just allows me to sleep better.
For the sake of argument, a business that is worth more in pieces than as a whole should perhaps be broken up.
An employee can quit a business with little more than a two week notice. Does the business owe the employee greater loyalty than that?
Still, I get your point. In the past, people relied on the business they worked for to carry them thru their entire career. Things develop too quickly now. I've had a long life and seen things change. Many years ago, I decided that I would not be just a cog in a machine and that I would not be so dependent on any entity such that they could control me. I have lived by that and made it work, except that I have seen the federal government grow to the point that it is all but inescapable.
The closest you can get to freedom is to be so independent that the actions of a business or of government can touch you only slightly.
Should government turn a profit? Does your car? ;)
I get it, but kind of an off putting post from QTR. makes me wonder how much he’s got tied up in PayPal lol.
From a personal perspective, when a company I own switches to AI, it’s good. But when a company or product I use switches to AI it has usually not been very good. That disconnect will need to be resolved.
Im a senior engineer with over a decade hands-on experience + another five in various leadership positions. I have recently joined a company to help them add ai.
My big takeaway, the ability to replace current systems with agentic workflows depends greatly on how strong the engineering was before ai came along.
Block has a fantastic engineering culture. That requires a consistent prioritization on engineering, even when business benefits aren't so clear. In this case it paid huge dividends for Block, enabling them to fire 40% of their staff.
Most companies I have worked for do not invest in engineering to the same degree as Block, and it will take time to reap the same rewards from ai.
TLDR - if PayPal announces firing 40% of engineering tomorrow I will sell my shares.
Good insight and nuance
Please don't advocate for ideas like this. Its the worst thing about the stock/stakeholder economy we're in.
Actual people need actual work to do. There is mote to life than stock price.
Exactly.
These globalists have screwed Americans by moving jobs out of the country.
How did tiny Ireland become our 4th largest trade deficit? Answer- big Pharma moved manufacturing over there to escape taxes. It was all about stock price and big year end bonuses for the MBA zombies.
Block had tremendous redundancy across Square/Cash App/Afterpay etc.
This was made worse with pandemic era overhiring of people that are not actually useful
His AI framing appears "Offensive" in nature as if they are leaning into growth mode in an efficient manner utilizing AI, whereas in reality Dorsey had a staff where 40% of people were useless and lacked any true talent where he felt they could offer a pipeline of growth and let them go
Nice Work Tiger!
Go Paypal!!!!
🤞💪👊
Hmmm....Block lowering their prices?
WS always rewards sacrificing people for money. Nothing new..
Dorsey not known to run efficient businesses, cant forget Elon's ability to lay off 80% of Twitter employees and become more efficient even before "AI"
ToysRus was a cash machine. Its real estate was worth more.
Smart idea. I'm very close to the Block news from today, internally shocking I'm told. How it was framed smart. Stock price has been in a free fall for a few months.