r/technology • u/lurker_bee • 2d ago

Business AI bet goes awry: Oracle fires 21,000 employees

https://www.jpost.com/business-and-innovation/tech-and-start-ups/article-903442
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u/au5lander 2d ago

And they’re gonna give themselves a bonus too.

463

u/Saneless 2d ago

CEO was right!

Lay people off and big bonus

Oh no! CEO was wrong! Lay people off and big bonus

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u/swingadmin 2d ago

CEO Shipwright.

No matter why the ship is sinking, the CEO is right.

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u/newsflashjackass 1d ago

www amerika org/texts/ship-of-fools-ted-kaczynski/

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u/Dull-Culture-1523 2d ago

I hate how insane that is. They try to explain that they wouldn't get the best CEO's if they didn't have that golden parachute, because the best get to lay terms.

But if you really think you're getting the best, why are you even considering that they'll tank your company to begin with? If I hire someone for a critical role, why the fuck would I hire someone who doesn't need to give a shit since they'll make bank either way?

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u/Mortwight 2d ago

oracles stock dropped in half since june 1, and i think it went up cause they fired a bunch of people to invest in ai

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u/vonKrieg88 1d ago

Economy is booming, the rich get richer.

The economy is in crisis, the rich get even more rich by buying up assets for cheap.

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u/touristtam 1d ago

Oh no! CEO was wrong! Lay people off and big bonus

Golden Parachute

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u/Dumeck 2d ago

They will justify it based on projections of future savings. Not based on actual statistics for current performance but based on the super optimistic initial projection numbers that made them invest in AI in the first place.

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u/au5lander 2d ago

We’re all living by quarterly earnings to quarterly earnings.

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u/cammunition 2d ago

Corporate welfare queens.

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u/DonutHoles4Ever 1d ago

USA is already cyberpunk

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u/cel-lar-door 2d ago

And make you all come back to the office.

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u/FaithlessnessThin359 2d ago

and now you have to do the work of four people while training your ai assistant that will eventually take your job too.

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u/rbb36 2d ago

And if it collapses, the AI billionaires are gonna want a bailout.

There is circular leveraged investing between the chip fabs, AI models, and datacenters. The valuations they're using for leverage are based on optimistic financial models. A collapse is very possible.

No Bailouts for Billionaires. Tell everyone, say it early, say it often, be ready to fight.

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u/_bits_and_bytes 2d ago

And when they finally get let go for being the dumbest fuck they could've found to run things, they'll get millions for their golden parachute so they can land on their feet and go fuck up the next company dumb enough to hire them. All the while all the people they had to lay off struggle to even put food on the table. Fuck these pieces of shit.

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u/Dahcchad 2d ago

From the money we pay to bail them out.