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Notes -
Until recently, one used to often hear people say that while software engineers had high salaries, they were actually only paid a small fraction of what they were really worth. If that were true, these mass layoffs probably wouldn't be happening, and they certainly wouldn't be causing stock prices to rise, as they did when Meta announced its layoffs.
Were the people who said software engineers were underpaid mistaken? Why did they believe this? Was it based on some naive calculation of profit per employee, ignoring the cost of capital, as is really common among people with no formal economics education?
Because the times are weird. Lots of tech companies went through a period of essentially free money reaching the apex last year with corona bux and currently collapsing. So hiring as many people as possible, starting moonshot projects and acquiring any remotely promising startup became a normal practice since everyone was trying to be the too-big-to-fail behemoth when the music stopped. Now they are reckoning with some of the excess and dumping dead weight.
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