KazPost

Kazakhstan News
Wednesday, Feb 08, 2023

"Cutting 12,000 Jobs Step In Right Direction But...": What An Investor Told Google

"Cutting 12,000 Jobs Step In Right Direction But...": What An Investor Told Google

Christopher Hohn also told Sundar Pichai that he must address excessive employee compensation.
Google's parent company Alphabet Inc eliminated 12,000 jobs or 6 per cent of its workforce. Hedge fund billionaire Christopher Hohn wrote a letter to Google and Alphabet CEO Sundar Pichai advising him to "cut thousand more jobs".

In a viral letter, dated January 20 the billionaire said that Google's 12,000 layoff is a step in the right direction, but it does not reverse the very strong headcount growth of 2022. "Ultimately management will need to go further".

The founder of The Children's Investment Fund Management (TCI) holds a $6 billion stake in Google-parent company Alphabet, The Telegraph reported.

Last year, Sir Chris who paid himself a record Euro 1.5m a day in 2022 added that Alphabet had doubled its headcount in the last five years and he advised that the management should aim to "reduce headcount to 150,000, which is in line with Alphabet's headcount at the end of 2021. This would require a total headcount reduction in the order of 20 per cent."

He also said that Google should "address excessive employee compensation". He further warned that the company should moderate stock-based payments.

Sir Chris added that he hopes to "have a further dialogue" with Sundar Pichai on these matters in due course.

On January 21, Google announced layoffs.

For years Alphabet has attracted top talent to build Google, YouTube and other products that reach billions of users, but it is now locked in competition with Microsoft Corp in a burgeoning area known as generative artificial intelligence.

The cuts at Alphabet come days after Microsoft said it would lay off 10,000 workers, Reuters reported.
Newsletter

Related Articles

KazPost
Close
0:00
0:00
2 earthquakes in Turkey killed over 2,300 people
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Dirty bomb fears as URANIUM is found in cargo at Heathrow
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Double standards: UK lawmakers attack EU chief over Ireland claims
×