Good morning and happy Tuesday! I'm Emilia David. This week, I am filling in for Diamond Naga Siu, your regular host.
I worry about money as an older millennial living in one the most expensive places in the world. I am not the only one who is uncertain about my finances.
Juliana Kaplan, an Insider journalist, explored how Gen Z and millennials were financially affected by the pandemic. She also discussed how they got trapped in a cycle that involves saving, spending, and eventually, debt.
Talking about money can be difficult, especially when different generations have different views about financial independence.
We can't be all like the Roy children of HBO's "Succession," which now has to figure out how to spend their billions. It's great that I was able to make myself feel bad about my wallet once again.
Let's get started.
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1. Tech will suffer from the push to reduce middle managers. Amazon, Meta and Salesforce began cost-cutting initiatives that "flattened" their org charts by eliminating middle managers. This trend is now widespread in Silicon Valley.
- As tech companies focus more on individual contributors, middle managers (or what Meta CEO Mark Zuckerberg refers to as "managers managing managers") saw their roles shrink over the past year. This is because managers are increasingly required to code.
- Many tech CEOs and prominent VCs have complained that tech workers are doing "fake work". Losing middle managers can also have an impact on team morale, and the way employees view their futures within the company.
- Paayal Zaveri, my teammate, explains how the "flattening” trend can bring cost efficiencies in short-term but create more problems for organizations over the long-term.
Learn why flattening an organizational chart can backfire
In other news:
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2. Titter Headquarters is open to you. Elon Musk, Twitter CEO, painted over the W at Twitter's San Francisco headquarters sign and changed it to "Titter," as the latest in Musk's dispute with its landlord. Continue reading.
3. The University of California suffered losses of hundreds of millions in investments last year. UC Investments was the investment arm of the university. Find out more.
4. Before you sign your severance agreement, read this. These layoffs continue to occur in tech. Before you sign your severance agreement, make sure that you have read these five points.
5. After purchasing thousands of GPUs, Elon Musk is now moving forward with a new generative AI program at Twitter. This comes despite Musk signing an open letter calling on the industry to halt any AI training for several more months. Continue reading.
6. A police scanner shows Bob Lee's 911 call. Cash App founder Bob Lee was fatally attacked in San Francisco last week. He reportedly called 911 to get help. The audio was allegedly obtained from the dispatcher. Read more.
7. OnlyFans' star turned health worker into a millionaire on the app. Farrah, the creator of OnlyFans, explained how she used the premium subscriptions to make $1 million in two years. Continue reading.
8. Amazon salaries revealed. We have analyzed the salaries of data scientists, engineers, and other employees prior to recent layoffs. Have a look at this.
Odds and ends:
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9. Fyre Festival is the gift that keeps giving.
10. The best Apple Watch screen protectors. These top screen protectors have been selected by Insider’s Reviews.
What we're watching today:
- Today's Startup Grind conference features speakers from Plaid, Substack, and Khosla Ventures.
- It's be kind to lawyers day. Sign all necessary documents and smile today at a lawyer.
Curated by Emilia David in New York. (Feedback or tips? Email
edavid@insider.com
or tweet
@miyadavid
.) Edited by Matt Weinberger (tweet
@gamoid
) in San Francisco and Hallam Bullock (tweet
@hallam_bullock
) in London.
—————————————————————————————————————————————
By: edavid@insider.com (Emilia David)
Title: Why cutting middle management is a bad idea
Sourced From: www.businessinsider.com/meta-amazon-salesforce-cuts-to-middle-management-bad-2023-4
Published Date: Tue, 11 Apr 2023 10:30:00 +0000
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