What he doesn’t mention at all is that the company wiped out its massive revenues on Reality Labs, the disastrous metaverse project that. The goal of the metaverse, if it can be said to have one, is to create some manner of online VR space where people will want to spend their time and money, which as yet has not proven at all popular or successful.
, that’s seen average quarterly revenue reduced to $30 million since. It seems an enormous elephantine subject to have left out of Zuckerberg’s statement, not least when he says he’s “shifted more of our resources onto a smaller number of high priority growth areas,” which incredibly includes “our long-term vision for the metaverse.”We have reached out to Meta to ask about exactly this, and why Zuckerberg doesn’t refer to this spending in his memo.
Fired staff will be receiving 16 weeks of base pay, plus two extra weeks’ pay for each year of employment, plus all their remaining paid time off. They and their families will also get health insurance for six months, three months of career support, and vitally, immigration support. Overseas employees will receive similar support.However, affected staff will also be finding their access to most Meta systems is now cut off, although they’ll get to use their email address for the rest of the day.
Meta is also announcing some sweeping cutbacks. Desk sharing will be introduced for staff who mostly work from home, real estate is being sold, and there’s a hiring freeze through Q1 next year.“This is a sad moment,” says Zuckerberg, acknowledging that even those who are staying will be worrying about their future.
Zuck didn't want all attention on Musk.
BeaneyWeasley I've been getting some serious mileage out of the Metaverse tanking so far.
it's not quite for investing 15b into future tech infrastructure, but for Apple breaking their ad-business in order to implement their own.
u play stupid games u win stupid prizes
metaverse is Zuckerberg's spruce goose
Metaverse lmaoooooooooo🤡🤡🤡
bummer
It was so obvious that meta is a dumb idea—just like google glass. He could have given me $10 million to explain why and saved $14,990,000,000
See, this is why we eat the rich
You know what is funny? The fact that he continues to waste money into Metaverse after this. It's kinda weird how two biggest social media sites are falling at the same time, over very dumb decisions.
Zuckerberg and Elon are taking so many Ls this year.
They bet and might have lost for the moment, but the passion and resources put into this project cannot be mistaken to bad intentions.
GetSelect Web3
Facebook mods def did not do their jobs so bye bye bye 👋
Spent $1.3 million on dumb VR project per fired worker, neat
💀pain 😂😂
Did they really “need” Meta?
Imagine getting fired because your ceo spent all the money on the land of make believe.
Legs :(
So its HIS fault and yet everyone has to pay the price. Sounds about WHITE.
He should lose the company by making something everyone knew wouldn’t be used.
wheres my damn replacement headset Zuck i have been waiting at least 2 months and your guys keep sending me bot messeges about it ,either send me mine back give me a full refund or send me a complete latest new one im already looking at vives cause meta screwed me
At least the severance is pretty solid. Hopefully they all get jobs soon! Maybe they can band together and make a new, better social media site!
11,000 being laid off by poor leadership who will never have to worry about their next meal is absolutely shitty, but damn do I love watching Zuckerberg's empire turn to dust in real time.
what if he just died
I for one am shocked the FOURTH iteration of this Second Life/Playstation Home/Miiverse idea is struggling. Its almost like nobody fucking wants it or something.
He takes a salary of $1, but gotta fuel flames with “the boss (who is not taking a pay cut)”. 🙄
He’s not taking a paycut but he’s taking responsibility huh? Yea sure alright
Based jobs providers 🙌
Could've saved him around $15B dollars if he would've just asked my opinion... or just listened to pretty much everyone else's.
'I got this wrong, and I take responsibility for that,' says Zuckerberg.
Learn the difference between firing and laying off.
And the metaverse still looks like trash
They actually spent $36B overall
“I had a shitty idea for a crossover between the Wii Mii channel and Second Life that didn’t work out so now I have to ruin 11k people’s livelihoods in response”
Time for Sony to release details of PlayStation Home 2.0
He still have their metaverse avatars so he can interact with them when ever he feels like it..
damn, back to the leetcode grind
'I got this wrong, and I take responsibility for that.' I don't know, man, sounds like 11,000 other people are taking responsibility for it.
15b well spent for a REC Room knock-off