Facebook will fire employees on a large scale this week: report

According to a report by news agency ReutersMeta declined to comment on the Wall Street Journal news.

Facebook’s parent company Meta estimated in October that the quarter would be weak, and there would be more spending next year, reducing Meta’s stock market value by US$67 billion. It is worth noting that this year the market value of the company has already decreased by more than 500 billion US dollars.

This depressing environment has been created because Meta has been battling slow global economic growth, competing with TikTok, privacy policy changes by Apple, massive spending on Metaverse, and regulation. The danger is also frightening.

Meta CEO Mark Zuckerberg expects the Metaverse investment to take about a decade to be successful. In the meantime, they’ll have to stop hiring new people, close some projects, and reorganize teams to cut costs.

Mark Zuckerberg said in late October, “In 2023, we will focus on investing in select growth areas of priority… This means that some teams will grow, but most other teams will either stay that way, or decrease.” Overall, we expect that by the end of 2023, we will either be in this shape, or will be a somewhat smaller company than we are today…”

The social media company cut plans to hire engineers by up to 30 percent in June, and Mark Zuckerberg even warned employees to be prepared for the economic downturn.

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