White-Collar Recession | Group Chat News Ep. 702
Group Chat
Group Chat
4.8 • 1.5K Ratings
🗓️ 3 November 2022
⏱️ 64 minutes
🧾️ Download transcript
Summary
Today, Dee and Anand discuss layoffs, earnings, and the future of tech before this week's Winners, Losers, and Content.
Timeline of What Was Discussed:
- White-Collar Recession. (1:07)
- Elon Musk has become the MOST polarizing person in the world! (12:07)
- Dan Synder vs. The Shield. (18:52)
- Why Dee is putting his children's college money in Google. (26:10)
- Let’s talk about earnings: Starbucks, DoorDash, Coinbase, and Peloton. (38:48)
- Ad Break: Ledger. (49:36)
- Winners, Losers, and Content. (51:58)
Related Links/Products Mentioned
- Stripe laid off 14% of their team, informed people about an hour ago. - Gergely Orosz on Twitter
- Delivery Hero is laying off as we speak. Also, Pleo (expense management) let go 15% of staff. Lyft, Stripe, CloudKitchens all doing layoffs today. OpenDoor, Chime, Dapper Labs, Gem, MessageBird, Kry this week. - Gergely Orosz on Twitter
- Layoffs Hit Tech Sector With Force as Amazon, Lyft Warn of Economic Downturn
- Elon Musk plans to eliminate about 3,700 jobs at Twitter company’s workforce tomorrow. He also plans to end the “work from anywhere” policy - SAY CHEESE! on Twitter
- George Pearkes on Twitter: "not sure we're at death spiral levels yet but it's getting closer by the day *GENERAL MILLS, AUDI, PFIZER PAUSING TWITTER ADS: DJ" / Twitter
- Jay-Z has expressed "serious interest" in buying the Washington Commanders, alongside a strategic partner. - Front Office Sports on Twitter
- Apple now valued at more than Amazon, Alphabet and Meta — combined — MarketWatch
- Here's what the Federal Reserve's fourth 0.75 percentage point interest rate hike means for you
- Starbucks earnings beat expectations as consumers spend more in its U.S. stores
- DoorDash Shares Surge on Stronger-Than-Expected Earnings
- Coinbase reports better-than-expected user numbers even as third-quarter revenue plunges
- Peloton Shares Slump on Weak Sales Forecast — The Wall Street Journal
- Ledger Op3n Announcement
- Get Ledger Tickets Here
- Shop Ledger Here
- The FBI has issued a warning after it received “credible information of a broad threat to synagogues” in New Jersey, according to a tweet from FBI Newark. - CNN Breaking News on Twitter
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Ladies and gentlemen welcome back to group chat the number one podcast in the world, you know a lot of doom and gloom |
| 0:08.4 | A lot of negative news out there. So we're gonna get you started right with some layoffs |
| 0:14.8 | Big layoffs big layoffs. Only for one type of people. Yep |
| 0:19.8 | It's not for everyone |
| 0:21.3 | Because if you are selling food business booming mm-hmm, especially |
| 0:26.3 | Your son pumpkin spice lattes add four pumps add some oat milk add extra pumpkin give me a plastic straw your business is booming |
| 0:37.2 | We got that we got earnings for some of the biggest companies in the world and then we talk about the future |
| 0:43.2 | Is it apple is a meta is an Amazon is it Tesla is a Microsoft? |
| 0:47.9 | Who are you putting your kids college education money on and |
| 0:52.6 | And of course winners losers content. Let's get into |
| 1:06.9 | All right, everyone we are back with another episode of group chat and |
| 1:12.6 | You know, I'm gonna start today's episode out with some bad news |
| 1:18.1 | White collar crimes are happening everywhere white collar jobs are getting slaughtered all over technology |
| 1:26.4 | Mm-hmm. It's really just a technology issue. No other industry is cutting people like the technology industry |
| 1:32.8 | Not the pace and at the scale. Yeah, no way. I mean |
| 1:36.3 | Today the big announcement was stripe cut 14% |
| 1:42.2 | um |
| 1:43.2 | Lift cut 13% I saw a company chime cut 14% open door cut 18% and these are all |
| 1:54.8 | Everything from engineering to sales to marketing to you know, probably |
| 2:01.4 | Everyone's making six figures. Yeah, I think this is what we talked about that. This is gonna be a recession of the white collar |
| 2:07.5 | Class because these high-paying jobs |
| 2:11.0 | Mid-six figures at that in some cases. Yeah |
... |
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