New Delhi: The businessman and investor Keith Rabois recently asserted that Google and Meta have employed thousands of IT staff members to perform “false labour” and satisfy the company’s vanity statistic. The CEO of OpenStore and a general partner at Founder Fund is Rabois. He also belongs to the group known as “PayPal Mafia,” which was founded by former workers of the fintech company.
Major IT companies, according to Rabois, were ‘over-hiring,’ and the ongoing mass layoffs to control costs were ‘overdue. (Also Read: Flipkart Co-Founder Binny Bansal Looks To Invest $100-150 Million In PhonePe: Report)
According to Business Insider India, he claimed that “all these people were unnecessary, this has been true for a long time, the vanity criteria of employing staff was this false god in some ways.” He made this statement at an event hosted by the banking company Evercore. (Also Read: ChatGPT On Apple Watch: Users Can Communicate With AI Chatbot Directly With This App)
The internet entrepreneur continued that “it’s all phoney work” and claimed that Google and Meta had hundreds of employees “who don’t do anything”. What do these folks truly do, as this has been revealed, is attend meetings.
Cutting headcount was “one of the finest strategies to protect and generate free cash flow,” he said, advising sectors to turn away from vanity metrics and towards profitability measures. Vanity metrics are business data that appear positive on the surface but don’t always correspond to significant outcomes.
About 1,000 corporations terminated more than 1.6 lakh employees in 2022, and as of this writing, the number has reached 1 lakh.