Facebook parent company, Meta, on Wednesday, announced that it will lay off more than 11,000 of its employees., in a message to his employees on Wednesday said the layoffs will reduce the company’s workforce by about 13 per cent.
“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.” On the need to become more capital efficient, Mr Zuckerberg said the company has shifted resources onto a smaller number of high-priority growth areas such as its AI discovery engine, ads and business platforms, and its long-term vision for the metaverse.
Formerly named Facebook, the company changed its name to focus on the metaverse, a virtual reality world that has yet to be fully developed. Its new strategy has failed to reassure investors, who have also raised concerns about Meta’s rising costs and expenses.Competition from TikTok is also a growing threat to the company as younger people flock to the video-sharing app over Instagram, which Meta also owns.
Imagine just few weeks to Christmas
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