Mubadala leads the selloff of GF shares. That’s all folks! The end is near and the stock is dropping like a rock.
13 replies (most recent on top)
Rereading the Hr person's response again..."Although some tech initiatives may not have succeeded, the company's commitment to innovation and continuous improvement demonstrates a willingness to take risks and learn from setbacks."
Let's paraphrase that shall we: we fu-k up constantly up above and put your own lives at risk down in manufacturing...deal with it a--hole if you want a paycheck. so fu--ing shut up if you want to survive in this economic culture.
"Moreover, the company has shown resilience and adaptability, ensuring its workforce remains employed during challenging times including covid era. The dedication of upper management to the company's long-term success is reflected in their strategic decisions and partnerships, which aim to secure a bright future for all employees. Many team members continue to find fulfillment and purpose in their roles, contributing to a collaborative and dynamic workplace culture."
Basically this means from up above, shut the fu-k up finally and for good and be happy you have a job and didn't get laid off...and this has been their "strategy" for success since the last big layoff...making folks remaining who didn't get laid off appreciative they still have jobs while overworking them to death...all the while driving their labor cost down which is the point...oldest trick in the book via sc-mbag companies and very easy to see through.
Are you serious or joking?
“ majority of managers are dedicated and supportive, striving to create a harmonious work environment and foster teamwork across all shifts.”
Are you kidding? The managers here are terrible. There are a few good ones but they are basically unicorns. The vast majority are just simply bad managers. Maybe not bad people, but terrible at managing.
“ company has shown resilience and adaptability, ensuring its workforce remains employed”
???? You do realize our workforce has rapidly declined over the course of the last few years?
https://www.macrotrends.net/stocks/charts/GFS/globalfoundries/number-of-employees
If you really agree with what you are saying or believe to be true - this saddens me.
I really hope that post was a troll and not someone being genuine because wow GF has brained washed you or not to be rude but you are not all there.
Contracts with Mazzone catering and Janitronics are ending in August as part of the phase 2 cost savings initiative. I'm assuming that also means the end of the 50% discount since we will no longer have a cafe.
Phase 3 cost savings initiative scheduled for November in the form of VSP packages for non salary employees.
Here are my two cents on guy who is try to put positive comment. Either he is real HR pi-p who is asked by higher management to keep people positive to avoid ailing ship sink fast or he is one of last few people who are good hearted well wishers and stuck in GF rutt and not lucky to be able to leave. For later case, I feel for them as they are trying their last effort to keep ship afloat, knowing well that GF end is imminent.
Whatever the situation, we all know that GF is a sinking ship which is waiting to meet ocean floor anytime. I myself feel sad. Once upon a time, GF used to be way more workable place with talents and it used to dream big. Every fiasco like GF has a learning and GF end will definitely be a story that will be guidepost to other companies to avoid fate as GF. RIP GF
Why would an HR rep all of whom are hated at GF try to defend the company on this site? The only thing upper-level management is committed to is bleeding GF dry through giving themselves large RSU buckets and large salaries which are not warranted based on any business results. GF's only hope is to clean house at the exec level and start with a fresh strategy along with begging Intel to buy them.
The comment below...obviously written by some Global HR schmuck, is exactly the reason global is failing so badly...pure delusion and upper level folks just completely bullsh-tting and thinking that will work. Guess what? The Market, and the reality of working there as well, says otherwise.
Despite the concerns expressed, there are numerous positive aspects to consider about GF. While raises may not meet everyone's expectations, many employees appreciate the stability and benefits provided. The majority of managers are dedicated and supportive, striving to create a harmonious work environment and foster teamwork across all shifts. Although some tech initiatives may not have succeeded, the company's commitment to innovation and continuous improvement demonstrates a willingness to take risks and learn from setbacks.
Moreover, the company has shown resilience and adaptability, ensuring its workforce remains employed during challenging times including covid era. The dedication of upper management to the company's long-term success is reflected in their strategic decisions and partnerships, which aim to secure a bright future for all employees. Many team members continue to find fulfillment and purpose in their roles, contributing to a collaborative and dynamic workplace culture.
Everything about this company is rotten. The raises are dogshit, 9 out of 10 managers are lying snakes that actively sow discord between shifts. Or they're completely out for themselves. We've failed at every tech node we've tried. I'm using this shithole as a paycheck until they layoff my department in November. I'm glad all the uppers and their politician buddies got to make millions. I used to actually like my fu--ing Job here.
For the past 10-12 years it was all this rhetoric regarding the “potential” regarding GF has. And absolutely none of it has panned out. It was all for not. All levels spoke so optimistically pitching this potential. But you can sh-t in one hand and pray in the other and see which gets filled up first. It reached a point - time to put up or shut up and Globalfoundries couldn’t come through over and over again. Sh-t or get off the pot… and habitually we missed the mark. Chronically GF disappointed. At least now a lot of that ‘so much potential’ propaganda has quieted down. But also GF is starting to look like a prop fake company. A piggy bank for certain parties not a real deal semiconductor fab. Fake it till we make it!!
I was never a fan of Sanjay. Back in 2016, he claimed the Design Enablement team at TSMC was worth $20B based on TSMC's assertions. Eight years later, just look at what Ri Tr did to the Design Enablement team at GF. It's a joke. They can't deliver a new working node and keep adding made-up extensions to 22FD-SOI and the 14nm Samsung node. Silicon photonics was a huge failure. In 2021, both Broadcom and Mellanox Technologies (acquired by Nvidia) tried to use it, and both chips failed. GF has nothing to offer, and Mubadala knows it very well, as do (SL, X,BS)LT and Tim B and his puppet Tom C.
Based on the news that broke last week, Mubadala 's decision to sell off approximately $950 million worth of stock reflects a strategic move advised by McKinsey to mitigate potential losses. With GF's market share plummeting from 17% during Sanjay's tenure to a notably lower figure 6% under current leadership TC, Mubadala 's gradual divestment underscores a lack of confidence in GF's future performance. By offloading their shares incrementally, Mubadala aims to maximize their return before the market value deteriorates further, signaling a calculated exit strategy in response to dwindling prospects.
Glad I got out and dumped my shares last year!
Yes, Mubadala is selling off aprox $950M worth of stock they own which is roughly 3%. Last I checked there were 600M outstanding shares of which Mubadala owned about 80%. This deal will sell off another 3%. Over time you will see Mubadala dumping all their shares and cashing in. Even the investment company sees the writing on the wall.