Keith Rabois
- Silicon Valley VC Keith Rabois says mass layoffs are due to hiring becoming a vanity metric in tech.
- Rabois told an Evercore-hosted event that firms like Meta over-hired by thousands of staff.
- "There's nothing for these people to do ... It's all fake work," Rabois said.
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.