More Layoffs, Acquisitions, and SpaceX Becomes AI Company
6/19/202641 min
Are layoffs starting to backfire in Silicon Valley? As Robinhood and Rivian announce job cuts, employees at Meta Platforms are starting to revolt against job cuts and reassignments into jobs they didn’t sign up for. Plus, we discuss Fox buying Roku, SpaceX’s $60 billion acquisition, and play the World Cup of Investing.
Travis Hoium, Lou Whiteman, and Emily Flippen discuss:
- Robinhood and Rivian Layoffs
- Are Layoffs Backfiring?
- Fox Buys Roku, But Why?
- SpaceX Buys Cursor
- World Cup of Investing
- Stocks On Our Radar
Companies discussed: Petrobras (PBR), Mercado Libre (MELI), ASML (ASML), Spotify (SPOT), Samsung, Tencent (TCEHY), Alphabet (GOOG, GOOGL), NVIDIA (NVDA), Life Time Holdings (LTH), Rivian (RIVN), Meta Platforms (META), Robinhood (HOOD), Roku (ROKU), Fox (FOXA), SpaceX (SPCX).
Host: Travis Hoium
Guests: Lou Whiteman, and Emily Flippen
Engineer: Dan Boyd
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Clips
Transcript preview
First 90 secondsTravis Hoium· Host0:00
[upbeat music] Is there a new problem with the layoffs in tech? Motley Fool Hidden Gems Investing starts now. Welcome to Motley Fool Hidden Gems Investing. I'm Travis Hoye. I'm joined today by Lou Whiteman and Emily Flippen, and we are gonna get to the hot topic of the day, that's the SpaceX IPO and the acquisition of Cursor that was officially announced this week. But Emily, I wanted to start with some of the layoff news around the market, around technology companies. We had Rivian announce some layoffs this week. We had Robinhood announce layoffs. And the other big thing is Meta's layoffs, which was, I think, 8,000 people over the past couple of weeks, kind of a rolling layoff that they've had, seems to be hitting their culture. Now, we're investors, and so we're looking at this from an investment standpoint. Typically, layoffs are, have kind of been cheered over the past few years because it's cost-cutting, companies are gonna be more profitable. But it seems like, especially at a company like Meta, we're starting to see the downside that, hey, if that comes at the cost of your culture and people actually wanting to work for you long term, maybe this isn't the right strategy. So how in the world should we think about some of these layoffs as they're announced?
Emily Flippen· Guest1:09
Well, I'm just feeling shocked that Meta's still claiming to have a culture after all of these years- [laughs] ... with the number of directions that, uh, Zuckerberg has taken that company. I, I'm shocked that anybody at the company still feels like there's a cohesive culture. So I understand the complaints there, but there's no doubt that layoffs, of course, reduce morale across the board. Nobody likes to see their friends, their coworkers