$Meta Platforms (META.US)$ just announced a mass layoff, fir...
$Meta Platforms(META.US$ just announced a mass layoff, firing 11,000+ of its employees.
This thread is a deep dive into Mark Zuckerberg's Message to Meta Employees, which was just published, curating the most important parts.
1. Meta increased its headcount by 28% in Q3, and now this:
This thread is a deep dive into Mark Zuckerberg's Message to Meta Employees, which was just published, curating the most important parts.
1. Meta increased its headcount by 28% in Q3, and now this:
2. $META, just like $Shopify(SHOP.US$ did a while back, now admits to have overestimated the long-term impact Covid would have on e-commerce:
3. The 'reallocation of resources' mentioned in the Q3 earnings call apparently isn't enough to get costs down:
4. 11,000+ emails going out from $META's HQ today:
5. This is how fired U.S. employees will be treated:
6. Access removal will be effective immediately:
7. Both Family of Apps, and Reality Labs will be affected by the layoffs:
8. This was a last resort, according to Mark. And he also believes this will add up to a 'meaningful cultural shift' in how $META operates:
9. This is probably what the market reacts to (the stock is +5% in pre market trading), as Mark says this means even more cost savings than previously communicated:
10. Will this affect data center hardware providers?
11. 'This is a sad moment, and there's no way around it':
"Our core business is among the most profitable ever built with huge potential ahead"
12. Mark believes $META is 'deeply underestimated' as a company today:
12. Mark believes $META is 'deeply underestimated' as a company today:
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Milk The Cow : That's the reality, fired employees to reduce cost & so stock price increased in the short-term![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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ClydePeternuts OP Milk The Cow : yep...It is an inevitable situation this year