Investor Told Alphabet More Job Cuts Needed
Google’s parent company Alphabet Inc has laid off 12,000 jobs, or 6% of its workforce. Hedge fund billionaire Christopher Hohn wrote a letter to Google and Alphabet CEO Sundar Pichai advising him to “cut thousands more jobs.”
in a virus letter20, the billionaire said that laying off 12,000 Google employees was a step in the right direction, but it did not reverse the very strong headcount growth rate in 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’s parent company Alphabet, The telegraphy report.
Last year, Sir Chris, who paid himself a record €1.5 million a day by 2022, added that Alphabet has doubled its headcount in the past five years and he advised that management should set a goal of “reducing headcount to 150,000, matching Alphabet’s headcount”. by the end of 2021. This will require a reduction in total number of employees by the order of 20%.
He also said that Google should “resolve the problem of over-compensation for employees”. He further warned that the company should moderate stock-based payouts.
Sir Chris added that he hopes to “have a follow-up dialogue” with Sundar Pichai on these issues in the near future.
On January 21, Google announced employee layoffs.
For years, Alphabet has attracted top talent to build Google, YouTube, and other products that reach billions of users, but now it’s competing with Microsoft Corp in a growing field that is growing rapidly. called general artificial intelligence.
The cuts at Alphabet come days after Microsoft said it would lay off 10,000 workers, Reuters reported.
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