Ryan Peterman

I am very bullish on Meta as a company that I am now a stockholder of, but not an employee.

I am very bearish on meta if you're an employee who's not a stockholder, which just turns out to not be really anyone.

But like, you know, I think you can think of yourself as mostly employee if you're mostly getting cash and mostly not equity.

The more senior folks are the ones who are more mostly stockholder than employee.

And I think that's the change in this.

I do think like, my sense is that it's enforceable.

I don't get the perception as unique to MSL.

My perception is that I think just

Meta as a place to be an employee is less enjoyable than it used to be, but it actually is being run very effectively if what you care about is the bottom line of the business.

And so like I continue to invest in Meta and I suspect I will continue to invest because I do think it's actually from a business perspective run quite well.

But I do think pretty uniformly, I think it's not unique to MSL.

I do think it's a much more stressful time to be an employee there than before.

I think this is true of all of Silicon Valley.

I think in general, there was a lot of sense that it was incredibly easy to lose your glued employees since you had to do everything possible to sacrifice to retain them.

And you were constantly constrained by an undersupply of employees.

And I think basically everyone in Silicon Valley's view, as far as I can tell, is that that's mostly not true outside of a small set of AI researchers in frontier labs, where I think people do still behave this way.

In fact, maybe behave this way more than ever before.

But I think for everyone else, the general perception is the supply of engineers is way oversupplied.

And especially I think actually people's concern is with AI, maybe they're really oversupplied.

I think...