Keith Rabois, who is a part of PayPal’s mafia, said that Google and Meta have overhired thousands of employees who do ‘fake work.”
Thousands of tech staffers at Meta and Google do “fake work” and were brought on to fulfill the “vanity metric” of hiring, according to the outspoken investor and tech veteran Keith Rabois.
Rabois is chief executive of OpenStore, which finances merchants selling with Shopify, and a general partner at venture capital firm Founders Fund. He is also known as one of the “PayPal Mafia”, having worked as an executive at the payments firm in the early 2000s.
Speaking remotely from Miami at an event hosted by banking firm Evercore, Rabois said that major tech firms were responsible for over-hiring and that the sector’s current mass shedding of jobs to rein in costs was overdue.
A lawsuit accusing Google of abusing its position as one of the biggest brokers, providers, and online auctioneers of advertisements put on websites and mobile applications could result in Google Ads losing its monopoly.
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