Thousands of employees at Meta and Google do 'fake work', or in other words, do nothing and get paid for nothing by their respective companies, says Keith Rabois, investor, technology specialist and chief executive of merchant finance company OpenStore. that sell on Shopify, general partner at venture capital firm Founders Fund, which is also known as one of the "PayPal Mafia" after working at the payments firm in the early 2000s. Rabois said the big tech
companies are responsible for overemployment and now, a massive reduction in jobs will be needed to reduce costs in this sector. However, Rabois says it is a delayed process.
He stated that the CEOs of Google and Meta have employees in their companies who do nothing and that their work is fake and practically, they just go to meetings and meetings.
According to him, Google has deliberately hired talented engineers to prevent them from going to competing companies, and this strategy is quite "coherent" in the market. "That means the engineers were happy to sit at their desks and do nothing," Keith said.
His comments come as a result of rising interest rates and inflation and in recent months, these factors have made it possible for industries to cut staff to cope with high costs. In 2022, more than 1,000 companies laid off about 160,000 employees.
These job losses in the technology sector mark the first contraction after a decade of growth in the industry.
On the other hand, Rabois praised the initiative of Elon Musk, who cut almost half of the employees after taking over the leadership of Twitter. "He's setting a clear example," Rabois said, though not everyone agrees with Musk's decision.
