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Search resuls for: "Keith Rabois"


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☆ 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.
☆ Watch CNBC's full interview with Founders Fund's Keith Rabois
  + stars: | 2023-03-29 | 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 Founders Fund's Keith RaboisKeith Rabois, Founders Fund general partner, joins 'Closing Bell: Overtime' to discuss a potential pause on A.I. development, the risks involved in banning TikTok, and more.
☆ A need for confidence in the banking system is not unique to tech: Founders Fund's Keith Rabois
  + stars: | 2023-03-29 | 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 EmailA need for confidence in the banking system is not unique to tech: Founders Fund's Keith RaboisKeith Rabois, Founders Fund general partner, joins 'Closing Bell: Overtime' to discuss a potential pause on A.I. development, the risks involved in banning TikTok, and more.
☆ The notion of 'fake work' or coasting in the tech industry has a long history, but experts say it's just an 'excuse for bad management'
  + stars: | 2023-03-26 | by ( Grace Kay | ) www.businessinsider.com   time to read: +6 min
Tech workers have been accused of "coasting," as well as "resting and vesting" in the past. Experts said the notion of fake work is part of a larger issue in the industry and often an excuse. People have long accused tech workers of failing to pull their weight — they've just had different names for it over the years. These claims are shedding light on larger management issues and internal problems within major tech companies, experts told Insider. And while some experts say a certain level of "fake work" is a natural part of the boom-and-bust cycle in tech, not all agree.
☆ Tech workers are taking to TikTok to debate 'fake work'
  + stars: | 2023-03-25 | by ( Grace Kay | Samantha Delouya | ) www.businessinsider.com   time to read: +6 min
Former tech staffers have taken to TikTok to discuss and debate "fake work." Earlier this month, Kendall Smith, known by her TikTok name @roilysm, shared a story from Insider about PayPal Mafia member Keith Rabois saying workers at Meta and Google were doing "fake work." Aube told Insider in a comment that he never saw anyone at the company "not doing any work or doing fake work." One TikTok creator, Arianna Tong, says she couldn't disagree more with the idea of fake work at Meta. "I've seen so many videos chiming in and saying they did fake work at Meta," @ariannatong said in a TikTok video.
☆ Keith Rabois says Shopify brands have 'a lot of room' to grow, and his startup, OpenStore, just launched a new product to help with that
  + stars: | 2023-03-22 | by ( Madeline Stone | ) www.businessinsider.com   time to read: +4 min
Keith Rabois' startup, OpenStore, is launching a new service for Shopify merchants. Keith Rabois founded OpenStore in 2021 with the idea of scooping up Shopify stores and using economies of scale to supercharge their sales. OpenStore has acquired more than 40 Shopify stores so far, says Rabois, a venture capitalist who placed early bets on DoorDash, Affirm, Stripe, and Faire. That makes OpenStore the largest owner and operator of Shopify brands in the world, he told Insider in a recent interview. However, there's "a lot of room" to grow Shopify brands, he added.
☆ Amazon and Meta's 48,000 job cuts usher in Big Tech's new mantra: Revenue per employee
  + stars: | 2023-03-21 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +5 min
Amazon and Meta say their combined 48,000 job losses are about getting leaner. All told, the two firms have cut 48,000 jobs across two waves of layoffs in less than six months. Discussing Twitter's remaking under new owner Elon Musk, Rabois noted that Musk is "steering hard" in terms of revenue per employee. A 2009 analysis of Big Tech's performance found Google's revenue per employee was over $1 million, the highest of all tech firms. Management experts say that cuts make workers jittery, weakening their productivity and firms' ability to bring in new talent.
☆ A popular post on Blind says all tech workers who got jobs during the pandemic were 'charity cases,' but getting hired now at a big tech company will actually mean something
  + stars: | 2023-03-20 | by ( Sarah Jackson | ) www.businessinsider.com   time to read: +4 min
A popular post on workplace forum Blind calls tech workers hired during the pandemic "charity cases." One popular post on the anonymous workplace forum Blind takes that a step further, saying tech employees brought on during the pandemic were "charity cases." Tech companies added many new employees to their ranks during the pandemic, when business was booming for the sector. At the time time, other commenters on the popular Blind post defended employees who got tech jobs during the pandemic. "Also I refuse to believe I am some charity case, I was good enough for the company, did their process and got hired.
☆ Millionaire and billionaire CEOs say thousands of laid-off tech staff just did 'fake work'
  + stars: | 2023-03-14 | by ( Hasan Chowdhury | Shona Ghosh | Emilia David | ) www.businessinsider.com   time to read: +6 min
That's the question posed by certain members of the Silicon Valley elite who are attributing layoffs to a boom-time phenomenon: over-hiring and "fake" work. A particular view of 'work'This concept of fake work is rooted, at least partly, in political disagreement. Several of the tech figures pushing these ideas lean Republican, in contrast to the left-leaning tech workers they're lambasting. He and others pushing a grind culture are motivated, as tech employees commenting on the workplace app Blind noted. "I think it's a false narrative to say many people do fake work, especially when companies already deploy workplace monitoring tools."
☆ A laid-off Meta worker says the company paid her to not work: They were 'hoarding us like Pokémon cards'
  + stars: | 2023-03-14 | by ( Grace Kay | ) www.businessinsider.com   time to read: +4 min
An ex-Meta worker said she was part of a group that didn't have work to do when hired. Britney Levy told Insider some people were frustrated and felt Meta was stalling their careers. In the video that has since garnered over 870,000 views, Levy said she felt Meta was hiring people so other companies couldn't have them. "They were just kind of like hoarding us like Pokémon cards," she said in the video. "People who were incredibly well qualified and had turned down amazing opportunities said they felt Meta was intentionally stalling their career.
☆ Billionaire tech CEO says Meta and Google over-hired so much they didn't have enough work for employees: 'They really were doing nothing'
  + stars: | 2023-03-13 | by ( Grace Kay | Sindhu Sundar | ) www.businessinsider.com   time to read: +4 min
C3.ai's CEO said Google and Meta over-hired employees and didn't have enough work for them to do. Thomas Siebel joked that if you want to work remote "in your pajamas," you should work at Facebook. "If you want to work from home, like four days of work in your pajamas, go to work for Facebook." Siebel is far from the first executive to express concern that tech workers aren't doing enough work. Last year, Microsoft CEO Satya Nadella warned that remote work has spurred "productivity paranoia" among managers.
☆ Silicon Valley Bank depositors are saved at the last minute
  + stars: | 2023-03-13 | by ( Matt Weinberger | ) www.businessinsider.com   time to read: +4 min
By now, you've probably heard a lot about the sudden, bank run-driven collapse of Silicon Valley Bank, one of the tech industry's most stalwart and trusted institutions. Tech startups say they can't access their cash deposited in Silicon Valley Bank. Before the FDIC stepped in to save the day (for depositors, anyway), the collapse of Silicon Valley Bank sparked fear, uncertainty, and panic as startups suddenly lost access to whatever cash they had stashed there. Here's the latest from Insider on the Silicon Valley Bank meltdown:Read more about the financial panic that swept Silicon Valley over the weekend here. Can Silicon Valley succeed where the CDC failed?
☆ Ditching autism care for software
  + stars: | 2023-03-11 | by ( Hallam Bullock | ) www.businessinsider.com   time to read: +4 min
He raised $200 million to transform autism care. Now, he's ditching patients to sell healthcare software. Yury Yakubchyk, the cofounder and CEO of Elemy, raised more than $200 million to provide better autism therapy for kids. Instead of delivering care itself, instead of delivering care itself, the company wants to sell software to clinicians running their own businesses. It's all fake work," Rabois said.
☆ Silicon Valley elites are warring over who does 'fake work' in tech
  + stars: | 2023-03-11 | by ( Hasan Chowdhury | Shona Ghosh | Emilia David | ) www.businessinsider.com   time to read: +6 min
That's the question posed by a certain members of the Silicon Valley elite who are attributing layoffs to a boom-time phenomenon: over-hiring and "fake" work. "There's nothing for these people to do — they're really — it's all fake work," he said. A particular view of 'work'This concept of fake work is rooted, at least partly, in political disagreement. Several of the tech figures pushing these ideas lean Republican, in contrast to the left-leaning tech workers they're lambasting. "I think it's a false narrative to say many people do fake work, especially when companies already deploy workplace monitoring tools."
☆ 'PayPal Mafia' member says Google and Meta intentionally overhired engineers to prevent them from working at other companies.
  + stars: | 2023-03-09 | by ( Diamond Naga Siu | ) www.businessinsider.com   time to read: +4 min
"PayPal Mafia" member says Google and Meta "do fake work." The companies over-hired thousands of employees to fulfill a "vanity metric," said investor Keith Rabois. He's part of the infamous PayPal cohort (pictured above — he's number nine) that went on to play influential roles at other major tech companies. Rabois estimates that Facebook parent company Meta and Google each have thousands of employees who don't do much. He even suspects that Google intentionally overhired engineers to prevent them from working at other companies.
☆ Google and Meta over-hired thousands of employees who do 'fake work,' says PayPal Mafia's Keith Rabois
  + stars: | 2023-03-08 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +4 min
Silicon Valley VC Keith Rabois says mass layoffs are due to hiring becoming a vanity metric in tech. Rabois told an Evercore-hosted event that firms like Meta over-hired by thousands of staff. It's all fake work," Rabois said. Speaking remotely from Miami at an event hosted by banking firm Evercore, he called out major tech firms for over-hiring and said the sector's current mass shedding of jobs to rein in costs was overdue. Later on the call, he estimated that Alphabet's Google and Facebook owner Meta had thousands of employees who don't do anything.
☆ The unraveling of fintech darling Vise
  + stars: | 2023-03-03 | by ( Stephanie Palazzolo | ) www.businessinsider.com   time to read: +28 min
It was April, and more than two dozen salespeople who worked for the fintech startup Vise had been ordered to a multiday off-site at the W Hoboken hotel in New Jersey to share exhaustive reports on their performance. Even salespeople at bigger, established, top-tier investment-management firms typically wouldn't close $250 million in a year, multiple sales employees said. (K-means clustering is an unsupervised machine-learning algorithm often referred to as a form of AI, Vise's founders said). (Vise's founders disputed this, saying the company received updated financial data only once a day for its portfolio-construction engine.) And to address its "leaky funnel" of overestimating prospective sales, Vise was to stop outreach to new clients while it onboards and upsells to existing clients, the document said.
☆ From PayPal to Facebook, Silicon Valley has long been obsessed with the idea of company "mafias." Take a look at ex-Square staffers who have created more than $40 billion of startup value.
  + stars: | 2023-01-27 | by ( Samantha Stokes | Stephanie Palazzolo | ) www.businessinsider.com   time to read: +3 min
The idea of Silicon Valley "mafias" first emerged with the Oracle, Facebook, and PayPal mafias. Former Square staffers have gone on to launch startups worth nearly $40 billion cumulatively. Silicon Valley insiders have long been obsessed with the idea of startup "mafias." The "PayPal mafia" was perhaps the most infamous company that spawned the founders of tech giants like YouTube, Yelp, Tesla, and LinkedIn. Facebook and Oracle also have their own mafias of former employees that have produced iconic tech companies like Salesforce, Asana, and GoodRx.
☆ Nearly $40 billion of startup value later, here's what the members of the Square mafia have been up to since leaving the fintech giant
  + stars: | 2023-01-23 | by ( Samantha Stokes | Stephanie Palazzolo | ) www.businessinsider.com   time to read: +3 min
Former Square staffers have gone on to launch startups worth nearly $40 billion cumulatively. Insider tracked 15 members of the "Square mafia" to see what they're up to these days. The "PayPal mafia" was perhaps the most infamous company that spawned the founders of tech giants like YouTube, Yelp, Tesla, and LinkedIn. Facebook and Oracle also have their own mafias of former employees that have produced iconic tech companies like Salesforce, Asana, and GoodRx. Insider tracked 15 ex-Square employees in their current ventures, ranging from launching multibillion-dollar public companies to running high-profile VC firms.
☆ Inside Ken Griffin's rise to one of Wall Street's most powerful people, and why politics could be next
  + stars: | 2023-01-23 | by ( Dakin Campbell | ) www.businessinsider.com   time to read: +30 min
JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.
☆ How much do Big Tech companies pay their employees?
  + stars: | 2022-09-28 | by ( Jordan Parker Erb | ) www.businessinsider.com   time to read: +6 min
Well, we took the guesswork out of it for you by analyzing some data to determine just how much different companies pay their employees. Positions we looked at included data scientists, data engineers, senior analysts, and more — see how their salaries stack up. Positions we looked at included data scientists, data engineers, senior analysts, and more — see how their salaries stack up. Finally, take a look at Insider's Big Tech salary database to see how much Apple, Microsoft, Intel, Facebook, and other companies pay their workers. By combing through data, Insider got a sense of how companies like Google, Hulu, and Disney pay their employees.
☆ Opendoor is staring down losses after once boasting it wouldn't repeat Zillow's home-flipping fiasco. 5 properties from Phoenix to Atlanta show the trouble it's facing.
  + stars: | 2022-09-21 | by ( James Rodriguez | Alex Nicoll | ) www.businessinsider.com   time to read: +9 min
The losses are mounting for Opendoor as home prices fall in previously red-hot markets such as Phoenix, Southern California, and Las Vegas. Opendoor cut the listing price three times, ultimately dropping it to $657,000 before the property sold. Opendoor has since cut the listing price five times, most recently advertising the property at $417,000. Records on Zillow indicate Opendoor has reduced the listing price six times. As for the homes Opendoor is buying today, Wu said executives "expect those to perform well and in line with expectations."
☆ GOP megadonor Peter Thiel to host fundraiser for Arizona Senate candidate Blake Masters
  + stars: | 2022-09-20 | by ( Brian Schwartz | ) www.cnbc.com   time to read: +4 min
Republican megadonor Peter Thiel is hosting a fundraiser at his Los Angeles home next week for Arizona Senate candidate Blake Masters after GOP officials asked the tech mogul for more money heading into the final stretch of the November midterm elections. The move by Thiel to host Masters comes as donations from the tech mogul to separate super PACs supporting Masters and Ohio Senate candidate J.D. Republican leaders and campaign officials, including Senate Minority Leader Mitch McConnell, R-Ky., have reportedly asked Thiel to help Vance and Masters in the general election. Vance and Masters both worked with Thiel before they launched their Senate campaigns. Vance once worked at investment firm Mithril Capital, which was co-founded by Thiel, while Masters was the chief operating officer at Thiel Capital.
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