Instacart's laid off "low performers" lament disappointing stock situation
Since going public last September, eCommerce giant Instacart has had a mostly stable stock price, save for a big initial dip in October. It's evidently decided to make a change, however, laying off 7% of its workforce and releasing a number of high-ranking employees. On jobs forum Blind, Instacart staff have shed some light on which employees were let go and the unfortunate reality regarding the firm's stock payments.
"Everyone I know so far that was affected was an individual contributor" said one engineer. Another said that, while a "lot of managers were let go too," and that individuals that were let go were often "low performers." They said the team was "lean as it is," and, "there shall be more chaos," by virtue of the cuts.
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Instacart's AI team, Caper, may be the exception. It's currently hiring, with one engineer claiming they "literally interviewed for Instacart 30 minutes before the layoffs were announced." Caper allegedly has a controversial '996' working culture, with 72 hour work weeks at minimum.
Until now people joined Instacart for the IPO and hope of turning RSUs into tangible cash (senior engineers were earning upwards of $500k per year). The reality for many employees was more disappointing. One Blind user appearing to be senior who joined in 2019 said they earned "around $350k post tax 😥" Another said they earned "a million peanuts."🥜
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