[rubymancer]

> Approximately 80% of the income of traditional capitalist conglomerates go to salaries and wages, according to Varoufakis, while Big Tech’s workers, in contrast, collect “less than 1% of their firms’ revenues”.

This doesn't sound right to me, but if it is Varoufakis has a point.

Our contract, such as it is, with traditional capitalists is they employ many, produce some sort of value and keep as much profit as they can manage after labor and expenses.

If the Amazons and Googles of the world can generate their enormous revenues (and profits) without dispensing much of it to labor, essentially just collecting large rents in perpetuity, both traditional capitalists and workers are in serious trouble. That is a big shift.

Techno Feudalism, indeed.

[resolutebat]

Google's revenue in 2022 was $280 billion. 1% of that would be $2.8 billion, and Google had 190000 employees at the time. I'm pretty sure the average wage of those employees is not $14,736, so Varoufakis would appear to be off by at least a factor of 10x.

On the other hand, if Google did pay out 80% of revenues, the average Google paycheck would be a cool $1,178,947.

[cscurmudgeon]

The average software developer's cost to Google is probably in the around $500k. But let us not get facts and numbers get in the way of a narrative.

[cscurmudgeon]

He probably doesn't include stock compensation which is a huge part of compensation for workers in tech.

[cscurmudgeon]

And downvoted for stating an obvious flaw as it goes against "Capitalism bad, Communism good" brainworm mentality.