In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana react to major U.S. companies making job cuts in 2023.
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Amazon has announced it's cutting 9000 Rules on top of the 18 000 job Cuts Announced earlier this you're bringing a Total to 27 000. Amazon is a large group Of major corporations that have made Significant Cuts in 2023 meta and Google And finance Behemoth Goldman Sachs the Inc the layoffs have primarily affected The tech sector which is now Hemorrhaging employees at a faster rate Than any other point during the pandemic According to the data cited by Wall Street Journal uh a site to tracking the Layoff since the start of the pandemic Tech companies have slashed more than 150 000 jobs in 2022 alone compared to 80 and 20 and 15 021 let me say that one More time in 2022 was 150 thou in 2021 Was fifteen thou and at the peak of the Pandemic was 80 thou okay so here's some Of the other companies that are laying Off their people Rob if you have this Open Door 560 jobs McKinsey 1400 jobs David Bridal 9236 jobs I didn't even know they had That many employees virgin orbit 85 five Percent of staffers EA 78 780 employees Amazon nine thousand Walmart about 200 Employees Roku 200 staffers accentures 19 000 LinkedIn 2200 Series XM uh 475 Meta ten thousand City Group hundreds of Jobs way Mo 209 jobs GM 500 salary jobs Twitter 200 thoughtworks 500 Yahoo 20 of Their employees DocuSign 10 of their
Employees GoDaddy eight percent of Workers Disney seven thousand jobs a Firm 19 of its Workforce Zoom 15 of its Staff return to office eBay 500 jobs Pinterest 150 jobs Dell five percent of Workforce rivian six percent of jobs bdg Media eight percent Intel 343 jobs Splunk 325 jobs FedEx more than 10 Percent of top managers PayPal seven Percent of total Workforce 2 000 Employees IBM 4 000 jobs HubSpot 500 Jobs Dow two thousand Global employees Sap up to three thousand employees 3M 2500 Spotify six percent of its Workforce 600 employees Google 12 000 Employees Vox seven percent of their Staff we work 300 employees Capital One 1100 Tech workers Wayfair thousand Employees Microsoft 10 000 workers BlackRock three percent of their Global Workforce or 500 employees crypto.com 20 Of their staff Goldman Sachs six and a Half percent of global Workforce thirty Two hundred employees bny melon fifteen Hundred jobs I'm about to be done folks DirecTV 10 of management staff verily uh Part of alphabet 15 of a workers Coinbase 950 workers Amazon eighteen Thousand Vimeo eleven percent of workers And last but not least Salesforce 10 of Its staff 7 000 jobs these are all the companies so And so bad quick question what like Amazon's laying off all these people I
Mean people are still using Amazon like Like crazy like no where are all these Layoffs coming from you know who's happy Right now oh guess who's happy right now Shareholders can stocks went up well This is one way of making money Tom once You take the lead from here okay I'm Gonna make this very simple why are Layoffs good I'll make it in one very Very simple thing you and your wife have Had a house which you have for 20 years Your two children are now graduating College and you're not sending checks to College and those kids are no longer Home eating they're no longer on your Car insurance guess what you've got Extra money each month for the first Time in a long time that is exactly on a Massive scale what happens when Companies lay this off the market loves It because they say you're if you can Keep your sales even flat to where you Are right now flat even if you stop Growing a little bit during a recession It's flat but your costs are coming down So you're gonna have more profit it pops The stock price it moves the market Index right now if you were just putting Money into um cash funds uh with any any Of the reputable you know uh uh you know Uh Organizations I'm not going to list them So it sounds like we're favoring one or The other but any of the reputable
Brokerage firms that cater to Consumers You just put in a cash fund or in a Market if you look long term like an S P ETF because over the course of time the S p has always beat the market on a on An index basis but the market loves These layoffs and they love what's going On and I'll tell you how much they look If you're going to decide what to wear When you get up in the morning you look At the temperature you look at the Weather report right Rob can you pull up The vix and show this to America You see here where's the vix right now 1753 the vix is a temperature gauge that The market uses of volatility over 20 And it's stormy outside and you will go And you'll you could correlate the vix Being up almost at 35 to banking issues Svb bank and stuff right now we've had a Spike and all the layoff announcements You see they're in March Pat the vix has Dropped down to 1750 so solidly under 20. the market temperature says hey it's Not too volatile out here it's actually A good time to to invest that's what the Market thinks and if I could add one More thing IPOs have been kind of quiet but IPOs May be coming back this week SeatGeek Just announced actually this week Actually it was yesterday I caught this Yesterday as well as um one of my Favorite writers over at uh one of my
Daily newsletters caught this at the Same time is SeatGeek just filed an S1 Which is basically a letter they send The SEC say we're going public and they Went out at you know at a billion dollar Valuation and so in the market the Market is going to feel and look Different than the Consumer news it's Not out of sync what's happening now is The layoffs are helping companies stock Prices and even in the recession and the Market is very open to investment and You're going to see IPOs this year But when they lay off all those uh I Mean it's good for the market you're Saying but what about all the all the Employees that are still working there They just have to work harder correct And those people have Amazon's laying Off all these people that means somebody Has to pick up that slack right your job Has to be done well I think we had a Couple stories that were on this like About uh people that were that were uh Investing in themselves 25 more training That they were availing themselves to so Why are somebody back in the office Saying you know I'm gonna definitely Spend 25 more time on uh training why They want to be valuable and they don't Want to be the next guy on that long List that Pat just read gotcha I think I Think this uh you know classic case of Supply and demand over covid who had all
The leverage a lot of people would say That the employees had the leverage Right I'm not coming into the office I'm Working via Zoom I'm working from Anywhere Um now at this point employers have the Leverage you know you're I know you're In favor of typically cutting the bottom 10 of a Workforce anyway Things change so dramatically during Cove so let me just kind of let me just Kind of give you a better metaphor two Years ago we all remember that it was Hot girl summer yeah hey it's hot girl Summer all right girl do your thing last Year our boy Chad Hanks was on and was White boy summer yeah okay this summer It is Titan the F up don't get fired Summer remember your piano layoffs are Coming tighten up yeah remember I'm Sorry I just interrupted you Adam sorry About that remember your man on the Street interview with the girl that had Come down for spring break or your Stimulus check oh yeah oh yeah I said oh Did you get a stimulus check South Beach She said how much did you get uh 1400 Hell no I got 5600 like oh she's Like I got dependents I go how much did You spend on this trip to South Beach 5600. Let me say this though I'll question you Asking the point Tom was making yeah uh People working in the office spend 25
Percent more time on Career Development This is a Bloomberg story got you According to data from wfh research uh Which is working from home people Working in the office spend 25 percent More time on Career Development Activities than those working remotely Including mentoring formal training and Professional development you can't do That at the house yeah the figures Support the argument for hybrid work Schedules as younger workers and Particular benefits from an in-person Mentorship on on-the-job training Research has shown that working in the Same building has an outsized effect on Workers training and that face-to-face Interactions with managers can be Advantageous for career development Employees who have more face-to-face Interactions with their managers are Promoted to a higher rate and this could Explain a third of the gender gap in Promotions at the large Financial firm Studies now the last sentence there was A little bit of a politically correct Statement they added in there but I Should kind of tell you that if you're In there you're being challenged you're Being pushed you're being seen you're Being held accountable you're being Driven you're being asked hey how come You're not doing this have you thought About things then we may want to read
This did you see this article you're Hearing other people having Conversations with each other that's Helping you grow you're sitting home who Are you listening to yeah you're Listening to your you know little dog Right there barking at you hey can you Walk me for five minutes and come back All these other distractions so in a Season like this as crazy the economy is This is the season to recreate yourself Most the people at the top recreate Themselves very regularly and so the Speed between three different people let Me kind of explain this part so this Will make sense to you this has been my Experience having studied you know Coming up as a competitor as a regular Guy that was a 21 year old army guy I'm Like who am I I watched all my peers And I asked myself who's changing most Often so you got three people you meet Johnny a year from now two years from Now three years from now four years from Now five years one is the same person Right okay no problem guess what life's Gonna be the same if it's hard it's Gonna be harder because you're getting Older so your market value is also going Lower right okay the middle one is maybe Recreate themselves once a year okay or Once every other year typically they Recreate themselves because of a crisis They're forced to recreate themselves
They're forced to change they got fired You know heartbreak something happens to Their Force I better change or else this But these guys typically after they Recreate themselves and they see Immediate results they go back to their Shitty habits and then boom they're Forced again so every two to five years They're forced to recreate themselves The third group dude every three to six Months you don't see them you don't Recognize them they're talking about a Whole different thing their minds and a Whole different things they're working Developing on this working on this this Project that project this one so you're Like man I can't catch up to this guy Anymore it's because they create Themselves more often the best Compliment you can get today from Somebody you haven't seen for the Longest time is men I don't recognize You what happened to you you've changed If everybody recognizes you all the time And you're the same you end up creating Yourself this is a season where many Will be forced to recreate but those who Choose to recreate and keep recreating Yearly if not even faster than that Future looks very bright for you those Who sit around blaming upset at the Economy frustrated to you know around The things that they have zero control Over I just hate to say to you 2023 is
Going to be hard 2024 is going to be Harder 2025 is going to be harder and Harder and life's going to get harder And harder and harder and harder and Harder if you don't recreate yourself I Just in the last Um 30 days how many grandmothers have died In the building here In the past 30 days three what in this In this building here How many buildings do how many people do We have here we don't have thousands We're 65 64 whatever the numbers yeah Okay so as you age first goes grandma Grandpa then goes Aunt Uncle then goes Parents then goes peers then goes Siblings then goes you And you age you're you're more surgeries My dad's at the hospital again today you Have more things you got to get checked Out you got to go do a lot of different Things life gets harder as you age the Worst thing you can do is knowing those Seasons are coming is by adding even More hard things to it by not improving And being proactive this is the worst Season to be reactive only People that are suffering consequences Today are those that have stayed in Reactive mode for the last 10 20 years All you've been doing is reacting to the Economy reacting to a war reacting to Inflation reacting to gas prices
Reacting to the economy reacting 229 Reacting to Trump reacting to Biden and A few people around our Center say man How when are you going to stop just Reacting and being proactive when are You gonna stop being freaking just Reacting and you're wondering why life Is getting harder dude my dad craziest Thing Sunday we're talking And he's having a conversation I don't Know who he's talking to I think he's Talking to Um there was two people there he's Talking to and at your house my house he Says uh I was 21 years old when I got out of the Army he says okay Put your shoes on we're going somewhere Where are we going I'll tell you let's Go so we go to the Forest Lawn I said Why are we at the Forest Lawn he says We're buying these six plots I said dad What are you talking about you're 60 Years old he says we're buying these six Plots and he bought it for like sixteen Hundred dollars a plot at Forest Lawn by The way they're each 15 000. ridiculous Yeah so Michael Michael Jackson is Buried up there so so he buys him he Says why he says we're going to be ready When the day comes you don't need to buy My plot I bought my plot already for you And you can be right next to me See the the man is all about
Anticipation proactive preparation these Boring principles makes people's lives Around you better I love traveling with Tom you know why say hits the fan On a flight that we're going so one time It happened with Hawaii Tom has already Got seven plans she already knows what Delta's got what this guy's got without You have no idea how safe I feel Traveling with this guy okay because Tom Is the epitome as being of being Proactive and prepared right being Around people that are reactive stress Level goes up anxiety goes up you're so Worried you have no idea what's gonna Happen dude people that give you peace Around you they're prepared proactive People so today listen if you're Listening to this and you're kind of Stressing out because you're more on the Reactive side well then change Let's roll no more reactive by the way This doesn't mean proactive people are Not reactive proactive people are Automatically reactive but reactive People are not automatically proactive Be proactive and reactive instead of Just reactive and life's going to be Fine for you for many many years to come So the the reactive folks are about to Pay a price hopefully they'll change the Proactive people trust me are going to Be fine so if you like this clip and you Want to watch another one click right
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