Why fresh layoffs inside Google this week signal that more could be on the horizon.
This week, Shailesh Prakash, the VP in charge of Google News, gathered his hundreds of employees to talk about a surprise round of layoffs that had just hit the team. A year ago, cuts like this at Google — historically the most coddling employer in all of Big Tech — would have been unthinkable. But market forces have a way of catching up with everyone. In January, the search giant conducted its first mass layoff in over a decade, cutting 6 percent of its staff, or about 12,000 people.
Many were granted this stock at $158 a share, which means they are being taxed at that price while also losing money at the $128 price that ByteDance is offering former employees in this buyback. Ouch. Communication I’ve seen from ByteDance to angry employees can be summed up as deal with it, which isn’t sitting well. It’s certainly not the company’s fault that employees are being surprised by the tax implications.
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