[it_does_follow]

My guess is this is ultimately about money.

Facebook/Meta stock lost 30% of it's value a few months back and may not recover any time soon.

Many of these people are high level, so I'm guessing (based on a quick skim of levels.fyi) about 50% or more of their TC comes from stock.

This amounts to an effective 15% pay cut in a year with record inflation.

I think most of us would leave our job over a 15% pay cut, especially if we were well established in the field. On top of this it loosens those golden handcuffs quite a bit for anyone who was on the fence about being employed by facebook, but couldn't say no to the comp.

[gumby]

A lot of folks get into a zone where the money no longer matters, as long as it’s in a range where you don’t have to think about it. Still they might leave simply because they’ve been there a while, or want a change, or want to work with some particular people who are at a different organization.

Not to say that some might be motivated by money, but at that level I would be surprised if it motivated many.

[time_to_smile]

I find this is true for me, but I ultimately don't work for a FAANG because the money isn't that important to me and there are many things about FAANG companies I don't like. However I don't think this generalizes well for people who do aggressively pursue careers at FAANG companies.

My experience has been that most of the people I know that work for FAANG are extremely TC conscious, that's a large part of why they work at a FAANG in the first place and the source of a non-trivial amount of their self worth. If you look around the comments on Blind (a biased source for sure, but certainly a non-zero part of the community) you'll find plenty of people where TC is all that matters.

I interviewed at FB a few years ago and one thing that surprised me when I asked "what's your favorite thing about working here?" I got the same answer from everyone I talked to: the compensation/benefits. I thought for sure the answers would involve working on hard problems at scale, having incredible amounts of data etc. However without fail every interviewer immediately pointed out their comp and other perks as their primary motivator for working there.

In general I would say that people that make a lot of money, make a lot of money because making a lot of money is important to them.

[015a]

This idea that "eventually you make enough where money doesn't matter anymore" is a meme that couldn't be more wrong. Its the kind of thing said by someone who has never made that much money, but who is extrapolating their current relationship with money to a compensation multiples higher; then saying "well if I can live on $X right now, then the Y in $X+Y wouldn't matter, so money must not matter (past some level) (and, coincidentally, that level is always somewhere around what I make) (weird how it always works out like that, right?)".

You can say that it shouldn't matter; that a $200k salary decrease to someone making seven figures shouldn't matter, because they're rich and they can take it. Maybe that's a correct assertion; that it shouldn't matter. But: it does.

Money always matters. Money always matters. Money always matters.

[thebean11]

I'm not sure, I can't imagine feeling that way. The jump from $500k to $650k, or 1mil to 1.2mil, would still feel pretty significant, in terms of cash hitting your bank account.

[caymanjim]

Once your basic needs are taken care of, inflation at current levels is irrelevant. I'm by no means rich. By HN standards I have an average income. If not for the daily news stories about it, I wouldn't even know there was any inflation bubble right now. The top AI people at Meta make a substantial multiple of what I make. They might be leaving for more money, but it has absolutely nothing to do with inflation.

People at that salary level usually leave for other reasons, like not wanting to work for such a morally bankrupt company whose sole purpose is selling ads.

[throwawayboise]

Genuine question, when you shop for groceries do you not look at prices at all and just buy what you want and tap your phone at the checkout?

Because to me, it seems impossible to not notice the inflation in food prices over the past year. It hasn't really changed my life, but it's very noticable that prices are going up.

[glenstein]

>Facebook/Meta stock lost 30% of it's value a few months back and may not recover any time soon.

I think a significant driver of that was the tightening screws re: criticism and pending federal investigation.

The brand reinvention was in the context of changing perceptions that could culminate in existential threats to the company. There is no good way out of it, but changing the conversation from "Break up facebook" to "gee that Meta sure is weird", is a mixed success, and exchanging catastrophe for mixed success made quite a bit of sense as a strategy.