Tony Avelar/APA car passes Facebook's new Meta logo on a sign at the company headquarters in Menlo Park, Calif.Facebook parent company Meta announced extensive layoffs on Wednesday, shedding 11,000 jobs, or about 13% of its staff, amid an industrywide slowdown that has rattled Silicon Valley in recent months.
The cuts represent the first sweeping workforce reduction the company has undertaken since it was founded in 2004 and the latest sign that once-invincible tech behemoths are in a moment of reckoning. Calling the layoffs"some of the most difficult changes we've made in Meta's history," Meta CEO Mark Zuckerberg said the company overhired during the pandemic, assuming the ultra-rapid growth would keep going.
"Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected," Zuckerberg wrote in anMeta, which has around 87,000 employees, has recently undergone belt-tightening measures like hiring freezes and eliminating nonessential travel, as the company experiences major change on two fronts.
First, the company has made a multibillion-dollar investment in the so-called metaverse, a utopian online future in which people live, work and play in virtual reality. It is, so far, an unproven but costly pivot away from the business of social media.
So Zuckerberg is following Musk’s lead, but everyone is calling Musk an idiot and a monster. Makes sense.
Awwwww - too bad 🤮
The timing of this announcement is certainly something
How do they need that many people to begin with?
Why is there nobody attacking Zukerburg like so many attacked Elon?
So, Facebook will cut over 3 times the number of cuts that Twitter did but the left and media aren't crying about it. Wonder why?
I feel like big tech just needed to trim the fat and will bounce back strong
That's what happen when you burn billions of dollares trying to relive Second Life.
Is this Musk‘a fault or Trump’s?
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