Facebook parent company Meta will reportedly lay off employees. Metta is reportedly considering massive layoffs. This was reported by the Wall Street Journal on Sunday. It is reported that the layoff will be announced next Wednesday.
But Meta declined to comment on the Wall Street Journal report. Meta has lost nearly $67 billion from the stock market since it hit the bullseye in last quarter’s report. Meta is facing a half trillion dollar loss this year alone.
Meta says that they have been affected by the setbacks in the global economy. And the growth of its main competitor, TikTok, has weakened Meta. Apple’s change in privacy policy has seriously affected Meta’s ad revenue.
At the same time, the huge investments made in the metaverse have yet to bring much benefit to the meta. Meta CEO Mark Zuckerberg himself says that this is an investment with a view to the future, and that its benefits will be fully realized only in the next decade. Therefore, Meta is thinking of reducing costs in other ways.
Lock some unnecessary projects. Metta is thinking of things like temporarily stopping people from being picked up. Meta has decided to end its news business projects. The Wall Street Journal says that the layoffs are related to this.
CEO Mark Zuckerberg hinted at mass layoffs in a statement about future investments as early as last October. Mark Zuckerberg said there are some moves to make when a large team needs to be scaled back when certain key strategic areas require focus and investment.