'F-you money'
It looks like Google has shoveled too much money into its AI/AV departments, because they are going elsewhere. According to Bloomberg...
One Reason Staffers Quit Google's Car Project? The Company Paid Them So Much
'F-you money' awarded to veteran team members boosted parent Alphabet’s R&D costs, prompting comment from the company's CFO
Early staffers had an unusual compensation system that awarded supersized payouts based on the project's value. By late 2015, the numbers were so big that several veteran members didn't need the job security anymore, making them more open to other opportunities, according to people familiar with the situation. Two people called it "F-you money."
This must be a problem in various industries. I remember that Warren Buffett once said that everyone that works directly for him is a multimillionaire many times over and that they are only there because they love the work. He mentioned something about the benefits of having everyone be rich, that they are only going to stay if they love what they do.
Maybe Google took that to heart, but it seems its driven up their costs and at the same time cost them their key players. How does a company handle this? I'm sure this is common place in the finance industry, how many people call it quits after 10 years in the industry i.e. 23-33...?
I read this today too but didn't quite understand it. Isn't Google a very good place to work? I've never heard anyone say that working at Google sucks... Plus, from my understanding, if you die, your widow will collect 50% of your salary from Google for 10 years. Always seemed like a great company to me...
Seriously? If that's accurate, not sure why anyone would want to leave tbh
It's a great place to work, but I think once you get that kind of money you just go do your own thing. Plenty of people want to start a business, or just go travel the world, go back to school, raise a family... etc. It might be excellent while you are there, but if you have that type of money I think people are ready to move on. Not everyone, but some.
quantify f you money
Precisely why I didn't understand the article. Even if you've saved enough for "job security," if the widow payout thing is true, that is still a tremendous source of security for your spouse. And if Google was paying mid six figures or above, I highly doubt I am going to collect that kind of pay at a startup, and it definitely wouldn't be immediate. It makes me think Google would have to REALLY suck to turn the money down.
F you money is the amount someone needs to not be reliant on someone else ever again and satisfy all their wants. It can be $5 for one person and $200mm for another.
I am familiar with the concept, but my question pertained to the specifics of this article. Btw, I doubt that anyone in the world considers $5 fu money.
I did when I was four.
Yeah, mine is closer to $200 million. Heck, it might be closer to $1 billion.
The early people working on these projects were making millions per year in salary plus likely had tens of millions in stock options.
I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.
when high end escorts stop demanding to see your money upfront and let you order off menu. they know when someone is a safe bet! :) LOL
I wonder how much of this aligns with the california start up culture. It's probably pretty tempting for a Google employee making a couple of million a year in tech to start thinking they're the next Zuck or Spiegel.
Unrelated, but Spiegel and Miranda Kerr aren't having sex until marriage. What a tool.
He's just a man of impeccable discipline.
He's the worst kind of beta, a billionaire beta. Not only are you marrying some trophy who already has a kid but you won't even bother to sample the goods before doing so? I'd be embarrassed to admit that shit in public (not that I'd ever do such a thing).
The dude better have a prenup
had to look this up to see if this was a joke and wow it's not. Not only that, the father of the kid is orlando bloom....lmfao
These people were at Google very very early on (pre-2004) and have (had) very valuable stock. That's really the only type of person that even gets staffed on the better projects. So when we're talking fuck you money, it's not 1M or even 5M. That doesn't get you far enough in Mountain View, Palo Alto, Menlo, or Atherton. We're talking $20MM+ in stock and low millions in salary. That's complete security and a 25 year runway on the upper-middle lifestyle here if they just burn money in a savings account. Burning Man and a place in Tahoe. Tesla, $2-5M home in a great neighborhood. $40K a year to attend Harker for each of your kids. Angel investing for 50K to 500K check sizes. That's what we're looking at.
I know a couple of these people in this type of situation and that's the numbers they are looking at.
The people leaving are all known entities who are already set for life. Most are joining earlier stage autonomous driving companies where they can be the face, which won't ever happen at Google. I have a good friend who runs a major corporate VC fund, makes seven figures and knows every one in his space, and he once made a comment that it's the startup founders who get all the attention when they walk in the room so he was thinking of doing something early stage. I told him he's a moron because the people he's talking about are the 1 in 5,000 founder who hits it big. He decided not to jump, but the culture in SV is bizarre and very image driven.
Quia repellendus occaecati odit beatae fugit. Molestias accusamus enim et illo iste est. Neque aut quia id illum saepe. Ipsum autem ad magnam eum et est. Aperiam nulla magnam rerum dolore cum consequatur. Nemo molestiae autem natus quo nostrum quia nisi.
Quis sed et sint non laborum non nihil. Et porro praesentium cum a perferendis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Iste autem voluptas enim dolorem exercitationem. Voluptas dolore atque suscipit voluptas quisquam. Est debitis in eos. Rerum est ab minus repellendus omnis. Inventore necessitatibus eos ipsam. Qui officia quaerat aspernatur et accusamus exercitationem autem. Rerum eum id quae eius voluptatem tenetur.
Quod eos odit corporis debitis ipsum. In aut veniam ad quis ad doloremque. Sint molestias ut exercitationem dolores non eligendi rem officia. Minima eius doloremque expedita alias rerum ut rem. Vel ad nihil sit ea occaecati consectetur aut. Qui soluta qui aperiam et deleniti repellat.
Rerum enim voluptas accusamus labore. Qui cupiditate eveniet deserunt mollitia consequuntur eaque voluptas quo. In neque repudiandae expedita vitae neque officiis magnam. Nemo culpa odit suscipit beatae soluta est. Quis maxime aperiam sunt sit.
Facilis et consequuntur labore nihil quia sunt qui. Earum est nihil quia. Soluta veniam laborum molestiae voluptatem molestiae. Nisi ipsam fuga possimus et.