Meta Announces Layoffs that will affect 11,000 Employees

$Meta Platforms (META.US)$ As if 2022 couldn’t get any worse. The crypto markets are already in a state of shock, while the tech industry is going through its own set of problems. After Twitter’s massive employee layoffs, Meta also revealed that it would take similar steps. Now it has come to light that the decision will affect 11,000 Meta employees, accounting for around 13% of its workforce. The announcement was made via an official blog by CEO Mark Zuckerberg.
Meta is one of the biggest tech companies in the world. However, like the general financial scenario, the company has not been able to rake in profits. The layoffs are an attempt by the company to become “leaner and more efficient.”
Although tech stocks, in general, have been dwindling, Meta in particular has been hit hard. the rise of rival platforms, such as TikTok, has severely affected its growth.
As of 2022, Meta has lost $9.4 billion on its metaverse technology, and it anticipates spending significantly more in the future. Horizon Worlds, the company’s flagship metaverse social platform, hasn’t exactly drawn attention either. How the company fares from here on remains to be seen.
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