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☆ Andreessen Horowitz investor says half of Google's white-collar staff probably do 'no real work'
▼ + stars: | 2024-05-06 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

A general partner at Andreessen Horowitz is the latest to join the debate around "fake work" in Big Tech. David Ulevitch said "half the white-collar staff at Google probably does no real work." AdvertisementAn investor at famed Silicon Valley firm Andreessen Horowitz is the latest VC to get involved in the debate around "fake work" in the tech industry. Advertisement"I don't think it's crazy to believe that half the white-collar staff at Google probably does no real work," he said. Other VCs have also entered the debate around "fake work" and overstaffing within Big Tech in recent years.

Persons: Andreessen Horowitz, David Ulevitch, —, Emily Sundberg, Ulevitch, Marc Andreessen, Keith Rabois, Thomas Siebel, they've, overhiring Organizations: Google, Meta, Service, Cisco, Big Tech, Tech, PayPal Mafia, Facebook Locations: Big Tech, Silicon, America

☆ I have no interest in buying TikTok, says Khosla Ventures' Keith Rabois
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI have no interest in buying TikTok, says Khosla Ventures' Keith RaboisKeith Rabois, Khosla Ventures Managing Director, joins 'Closing Bell Overtime' to talk the proposed TikTok ban, possible buyers for the app and more.

Persons: Keith Rabois Keith Rabois Organizations: Khosla Ventures

☆ Watch CNBC's full interview with Khosla Ventures' Keith Rabois
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Khosla Ventures' Keith RaboisKeith Rabois, Khosla Ventures Managing Director, joins 'Closing Bell Overtime' to talk the proposed TikTok ban, possible buyers for the app, AI and more.

Persons: Keith Rabois Keith Rabois Organizations: Khosla Ventures

Former Treasury Secretary Steven Mnuchin is building an investor group to acquire ByteDance's TikTok, as a bipartisan piece of legislation winding its way through Congress threatens its continued existence in the U.S. "It's a great business and I'm going to put together a group to buy TikTok." There's no way that the Chinese would ever let a U.S. company own something like this in China," Mnuchin said. Last week, Mnuchin's Liberty Strategic Capital was a lead investor in a $1 billion capital raise to stabilize New York Community Bancorp. That administration also took an antagonistic stance toward TikTok, which ultimately resulted in ByteDance striking a data partnership with Oracle .

Persons: Steven Mnuchin, ByteDance's, ByteDance, Mnuchin, CNBC's, Masa, Joe Biden, Peter Thiel, Vinod Khosla, Keith Rabois, TikTok, Shou Zi Chew, Wang Wenbin, Bobby Kotick, Donald Trump, Trump Organizations: U.S, Liberty Strategic Capital, Vision Fund, Senate, Lawmakers, China Foreign Ministry, Financial Times, Street, Activision, Community Bancorp, Oracle Locations: Liberty, ByteDance, U.S, China, TikTok, New

☆ TikTok ban: Tech VC Keith Rabois threatens Republicans with funding halt ahead of House vote
▼ + stars: | 2024-03-12 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

"Will never fund any Republican candidates or leadership PACs (or the NRSC) run by Republicans who vote against the TikTok legislation," venture capitalist Keith Rabois wrote on X. "Support for the TikTok bill is an IQ test" for members of Congress, Rabois wrote in an email to CNBC. In February, Rabois gave $500,000 to the Congressional Leadership Fund, a political action committee that backs House Republican candidates, according to a Federal Election Commission filing. A managing director at Khosla Ventures, Rabois gave just over $41,000 combined last year to the National Republican Senatorial Committee. Rabois said that whether or not he continues to support the NRCC will be partly tied to how Republican leadership handles the upcoming vote.

Persons: Keith Rabois, Will, ByteDance's, Rabois, Donald Trump, Elon Musk, Chuck Schumer, ByteDance, Mike Johnson, Steve Scalise, Tom Emmer, TikTok Organizations: Khosla Ventures, TechCrunch, San Francisco Design Center, Republicans, CNBC, Congressional, Fund, Republican, Tesla, Senate, Democrat, National Republican, Committee, National Republican Congressional Committee, CCP Locations: San Francisco , California, United States, China, American, La

☆ Founders Fund partner Sam Blond has left the firm
▼ + stars: | 2024-03-04 | by ( Melia Russell | ) www.businessinsider.com time to read: +3 min

Sam Blond has left Founders Fund after 17 months with the firm. Blond's departure from Founders Fund is the second in as many months after Keith Rabois left. AdvertisementSam Blond, the Founders Fund partner who brought sales expertise from his years at Brex and Zenefits, has left the firm, he announced on X. He's the second partner to depart Founders Fund this year after Keith Rabois made a return to Khosla Ventures in January. In 2022, Founders Fund took part in 84 rounds that totaled about $6.6 billion.

Persons: Sam Blond, he's, Keith Rabois, —, I've, Blond, Forbes, Rabois, Axios Organizations: Fund, Service, Founders Fund, Khosla Ventures, Brex, Institutional Locations: Brex

☆ It seems some tech leaders are coming back to San Francisco
▼ + stars: | 2024-02-19 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Some tech leaders are returning to San Francisco, The Wall Street Journal reported. San Francisco's commercial real estate market is also getting a boost from the AI boom. AdvertisementIt seems like San Francisco is luring some tech bosses back after a pandemic-induced exodus. Now, he plans to spend one week a month in San Francisco and is renovating a house in the city, The Journal reported. Meanwhile, San Francisco has grappled with a homelessness problem and shifts in crime patterns.

Persons: —, San, Keith Rabois, cofounders Henrique Dubugras, Pedro Franceschi, Howie Liu, Rabois, Elon Musk, Sam Altman Organizations: Street Journal, Service, The, Meta, PayPal, California Globe Locations: San Francisco, Miami

☆ A fire department clerk in Buffalo reportedly was paid more than $500K over 7 years – even though she didn't show up for work and actually had a second job
▼ + stars: | 2023-09-15 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

A Buffalo fire department clerk was reportedly paid more than half a million dollars despite not working. Jill Repman collected checks for 7.5 years while on administrative leave after being accused of tampering with payroll, Investigative Post reports. She was working another job while she remained on the city's payroll, per Investigative Post. AdvertisementAdvertisementThe City of Buffalo has paid Repman $572,067 since 2016, the Investigative Post reported, citing state payroll records compiled by government watchdog The Empire Center. The matter of so-called "fake work," referring to employees being paid to do little or no work, has also made headlines this year, primarily in the tech sector.

Persons: Jill Repman, Jill Parisi, Repman, Jill, —, Keith Rabois, Thomas Siebel, Rabois, Britney Levy Organizations: Service, Security, Empire Center . Buffalo City Hall Locations: Buffalo, Wall, Silicon, Buffalo's City, New York

☆ Tech execs are buying $150,000 red-light therapy beds and $70,000 hyperbaric chambers for their wellness quests
▼ + stars: | 2023-08-26 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Big-ticket items included $150,000 red-light therapy beds and $70,000 hyperbaric chambers. It's not just tech bros who seem to be obsessed with health, wellness, and longevity trends. AdvertisementAdvertisementThe Information, a subscription tech industry news site, recently conducted an anonymous poll of 500 subscribers' health and wellness habits. At Next Level Therapeutics, a wellness center in New York City, a 15-minute NovoThor full body red light therapy session costs about $55, according to its booking page. Among the general population, wellness trends like cold plunges and red light therapy are gaining popularity as the quest to live longer increasingly goes mainstream.

Persons: It's, Jeff Bezos, Mark Zuckerberg, Elon Musk, Bryan Johnson, Dustin Giallanza, they'd, James Carroll, Thor Photomedicine, Carroll, Keith Rabois, Miami Rabois Organizations: MLB, MLS, Mayo Clinic, Venture, Founders Fund, FDA, Miami Locations: Braintree, NovoThor, New York City, Mayo

☆ Founders Fund's Keith Rabois talks the IPO landscape
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFounders Fund's Keith Rabois talks the IPO landscapeKeith Rabois, Founders Fund general partner, joins 'Closing Bell Overtime' to talk Instacart filing for IPO, e-commerce earnings and more.

Persons: Keith Rabois Organizations: Fund

☆ A Gen Z software engineer at Google reportedly earns $150,000 working 1 hour a day and spends the rest of his time on his startup
▼ + stars: | 2023-08-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Devon, a Google software engineer, told Fortune he works one-hour days at his job. For the rest of the day, he works on his startup, he told Fortune. Devon told Fortune he couldn't justify working hard when he saw colleagues working late nights without moving up the corporate ladder. "It's not like you'd really get promoted for going above and beyond," Devon told Fortune. "If I wanted to work long hours, I'd be at a startup," Devon told Fortune.

Persons: Fortune, Devon, Google didn't, Devon isn't, Jason, sprees, Keith Rabois, Thomas Siebel, Forbes, I'd Organizations: Morning, Google, Tech, Meta Locations: Devon, Silicon, Hawaii

☆ Keith Rabois' startup OpenStore is launching a new program to boost Shopify merchants who aren't big enough to sell their stores yet
▼ + stars: | 2023-08-16 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Keith Rabois' OpenStore is launching a new accelerator program for Shopify merchants. OpenStore, Keith Rabois' Shopify aggregator startup , is launching another offering for Shopify merchants. The new program, called OpenStore Boost, is an accelerator for Shopify merchants generating between $50,000 and $500,000 in net sales annually. The company has since launched OpenStore Drive , which allows Shopify merchants to pass off the day-to-day operations of their store while retaining full ownership of the business. In June, OpenStore launched a website where shoppers can browse products from all of the brands in its portfolio.

Persons: Keith Rabois, OpenStore, he's, Rabois, Jack Abraham, Matt Lanter, Jeremy Wood, Google —, It's Organizations: Google

☆ An ex-Meta employee said he had so little to do during his first few weeks as a full-time staffer that he went surfing on a work day
▼ + stars: | 2023-07-11 | by ( Grace Kay | Hugh Langley | ) www.businessinsider.com time to read: +4 min

A former Meta worker said he went surfing on a work day because he didn't have any assignments. A former Meta worker said he had so much free time when he was hired onto the tech company that he once went surfing on a work day. The worker is one of many to point to a culture of "fake work" and "lazy management" in Silicon Valley. Earlier this year, a former Meta employee went viral on TikTok after she said she "had to fight to find work" at the company. The Meta worker said he was eliminated in the company's first round of layoffs.

Persons: Keith Rabois, that's Organizations: Meta, PayPal Mafia, Google Locations: Silicon Valley, San Francisco, Meta's

☆ Truth Behind Tech Industry's Fake Work Problem: Bad Managers, Bosses
▼ + stars: | 2023-07-10 | by ( Hugh Langley | Grace Kay | ) www.businessinsider.com time to read: +19 min

The tech employees spoke with us on the condition of anonymity to avoid professional reprisal. There's only one real culprit for the culture of "fake work," he said. The latest version of fake work emerged as part of the tech industry's pandemic-driven boom and bust. "I think COVID was an accelerator for fake work because a lot of these tech companies hired. As for Graham, he's since moved to another tech company, where he said he felt his contributions were more valued.

Persons: Graham, wouldn't, Keith Rabois, Rabois, Brit Levy, Scott Latham, University of Massachusetts Lowell, Brent Peterson, Gaylan Nielson, Rich Moran, " Moran, Melina Mara, he'd, Moran, Anna Tavis, Stewart Butterfield, Bloomberg's, LINDSEY WASSON, it's, Salesforce, What's, Mark Zuckerberg, Sundar Pichai, Zuckerberg, Brad Glasser, Meta, Greg Selker, Stanton Chase, Jessica Kennedy, Kennedy, NYU's Tavis, Hugh Langley, Grace Kay Organizations: Amazon, Alexa, Big Tech, Google, University of Massachusetts, Washington, Getty, Meta, Microsoft, overhiring, New York University's School, Professional Studies, Slack, Command, Bloomberg, Vanderbilt University, Companies Locations: New, Salesforce, he's

☆ The CEO of software giant Intuit, which has avoided mass layoffs, says tech firms axed jobs because they misread the pandemic
▼ + stars: | 2023-06-02 | by ( Shona Ghosh | ) www.businessinsider.com time to read: +4 min

Almost 300,000 staff have been laid off by tech firms since the start of 2022, per Layoffs.fyi. Those mass layoffs are down to companies misunderstanding the pandemic, says Intuit's CEO. "There's nothing for these people to do — they're really — it's all fake work," Rabois said at the time. However, Goodarzi told Insider that mass layoffs had in fact unnerved the remaining star talent at major tech firms, particularly in AI. Hiring, he said, had "actually become easier because of all the tech layoffs, because of the uncertainty the layoffs have caused."

Persons: miscalculating, Sasan Goodarzi, Goodarzi, Mark Zuckerberg, Zuckerberg, Keith Rabois, Elon Musk, Rabois Organizations: Intuit, Companies, Meta, Google, Facebook, Twitter

☆ Europe's startups overpaid and over-hired in the COVID-19 boom. Now they're feeling buyer's remorse.
▼ + stars: | 2023-05-22 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Tech workers in Europe enjoyed a golden period of inflated salaries during the pandemic. One CEO told Insider that he now feels some staffers aren't "worth" the pandemic price tag. That didn't just apply to good engineers, always gold dust, but to good HR staff, marketers, and other less technical roles. Few CEOs will say this aloud, but this attitude has clearly manifested in widespread, global layoffs across the tech industry. Pay for tech workers in Europe in general rose significantly during COVID-19 with salaries increasing by around 50% between 2018 and 2021, according to data from Advanced HR, cited by Sifted.

☆ Elon Musk's tirade about the 'laptop classes living in la la land' is the latest step in his crusade against remote working
▼ + stars: | 2023-05-17 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Elon Musk's attack on remote working is just one of many in recent years. The billionaire made clear in an interview with CNBC that he still wasn't a fan of the practice. Elon Musk has attacked the practice of remote working again, mocking those who do so as the "laptop classes" who are "living in la la land." Musk's most recent attack on remote working came in a wide-ranging interview with CNBC on Tuesday. In the CNBC interview, Musk said that people working from home was as much a "moral issue" as it was a productivity one.

☆ Billionaire says kids are 'too busy on TikTok' to work hard enough to grow their careers
▼ + stars: | 2023-05-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

John Catsimatidis says Gen Z is "too busy on TikTok" to work hard enough to start a career. Billionaire John Catsimatidis said in his youth he started out working 70 hours a week at a supermarket, but he worries Gen Z is "too busy on TikTok" to take similar steps. "That's one of the problems we are having in our country these days, the kids are busy playing TikTok," he told Daily Mail in an interview. However, Gen Z has indicated they're more concerned about work-life balance and less willing to put up with a toxic work culture. In 2022, a survey from the World Economic Forum found that about half of Gen Z workers would quit their job if it negatively impacted their work-life balance.

☆ Sam Altman is building his utopia, whether you want it or not
▼ + stars: | 2023-04-27 | by ( Melia Russell | Julia Black | ) www.businessinsider.com time to read: +41 min

Altman told Insider, "We debate our approach frequently and carefully." "I don't think anyone can lose your dad young and wish he didn't have more time with him," Altman told Insider. Altman told Insider that his thinking had evolved since those posts. (When asked about guns, Altman told Insider he'd been "happy to have one both times my home was broken into while I was there.") When asked about this, Altman told Insider in an email: "i can guess what that's about; these stories grow crazily inflated over the years of getting re-told!

☆ He's played chess with Peter Thiel, sparred with Elon Musk and once, supposedly, stopped a plane crash: Inside Sam Altman's world, where truth is stranger than fiction
▼ + stars: | 2023-04-27 | by ( Melia Russell | Julia Black | ) www.businessinsider.com time to read: +41 min

But, "you do at some point need to start having contact with reality," he told Insider. The plan was still only a rough sketch, Blania told Insider, but that didn't seem to matter to his host. "He always wanted to understand everything at a very deep level," Thrun told Insider in an email. (When asked about guns, Altman told Insider he'd been "happy to have one both times my home was broken into while I was there.") When asked about this, Altman told Insider in an email: "i can guess what that's about; these stories grow crazily inflated over the years of getting re-told!

☆ Meta is one of the most brutal tech job-choppers so far, axing about a quarter of employees
▼ + stars: | 2023-04-22 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

The major tech firms are conducting ongoing, brutal layoffs. We crunched the numbers to see which major tech firms have reduced their headcount the most. According to Insider analysis, Meta follows after announcing cuts that amount to almost a quarter of its workforce, which was around 87,000 staff in 2022. Our analysis doesn't include the third round of Meta job cuts which began this week, reportedly numbering in the thousands. A recent Insider analysis shows that revenue per employee dropped at many of the major tech firms now chopping jobs.

☆ Meta employees criticize Mark Zuckerberg's second round of layoffs in an internal forum: 'you've shattered the morale and confidence in leadership,' report says
▼ + stars: | 2023-04-20 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Meta's second round of layoffs, expected to affect 10,000 staff, began Wednesday. Employees criticized Mark Zuckerberg and other managers on internal company forums, per Reuters. Meta employees criticized Mark Zuckerberg on an internal company forum after Wednesday's layoffs, Reuters reported. "You've shattered the morale and confidence in leadership of many high performers who work with intensity," said one question seen by Reuters. But management experts told Insider's Rebecca Knight that Meta's second round of layoffs could harm employee morale.

☆ CHART: We analyzed Apple's revenue per employee to show how it's avoided tech bloat and delayed layoffs
▼ + stars: | 2023-04-06 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Data shows its revenue per employee trumps the rest of Silicon Valley, a sign of its efficiency. Apple's comparative efficiency is visible through one particular metric that is back in vogue: Revenue per employee. Insider analyzed revenue per employee at major tech firms between 2018 and 2022. Revenue per employee is a get-back-to-basics measure of efficiency and productivity, assigning a hard dollar value to individual workers. Rabois also criticized tech firms, specifically Google and Meta, for "over-hiring" — a practice Apple avoided during tech's boom years.

☆ CHART: Twitter's revenue per employee crashed 60% in the years leading up to Musk's drastic firings
▼ + stars: | 2023-04-03 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Twitter's revenue per employee crashed 60% in the years before Elon Musk's takeover. Twitter's revenue per employee cratered by almost 60% between 2018 and the period of 2022 before Musk's takeover of the embattled social media company, Insider analysis of the firm's SEC filings found. Revenue per employee is a simple measure of efficiency that was previously in vogue in the aftermath of the 2008 financial crash. A growing number of influential tech executives and investors say tech firms, bloated by over-hiring, should re-prioritize the metric. Since 2018, Twitter has seen a drastic fall in the revenue generated per employee.

☆ CHARTS: We analyzed revenue per employee to show why Amazon, Meta, and others are axing workers with brutality and speed
▼ + stars: | 2023-03-31 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

One productivity metric to watch is revenue per employee, which has fallen at some big firms. Tech companies swelled in the years up to and during the pandemic, but more manpower didn't necessarily mean more money. The chart shows Amazon, Meta, and Twitter in particular hired heavily from 2018, but also experienced declining revenue per employee. Size isn't everythingAnd how have tech companies fared against each other? The chart above shows Amazon and Salesforce are producing roughly the same revenue per employee as Twitter despite having tens of thousands more workers: each employee at Amazon generated $333,550 in revenue last year, while Salesforce employees generated $394,911.

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