Meta may lay off thousands of employees soon, what's happening

November 08, 2022 By Prelo Con

(Image Credit Google)

Meta, the owner of Facebook, has had a difficult year, with the company's stock prices plummeting. Furthermore, the company loses money on a regular basis. As a result, Meta predicts a huge job cut that will result in the termination of "many thousands" of positions at the company. The Wall Street Journal has provided us with this information (via Engadget). Massive job cuts are not uncommon in 2022. So far, companies such as Niantic, Twitter, Verizon, T-Mobile, and Netflix have laid off a large number of employees. Some of this may be due to the economic downturn, while others may be due to other factors. The massive job cuts at Meta are the result of the company's misfortunes. Mark Zuckerberg's Metaverse Statement Dropped Meta Stock Nearly 20%

Mark Zuckerberg's Metaverse Statement Dropped Meta Stock Nearly 20%

As previously stated, Meta's 2022 New Year's resolutions do not appear to be coming true. The business has been losing a lot of money. That means a lot to one of the world's largest corporations. Meta's stock price has dropped more than 70% this year, it is investing heavily in its Metaverse initiative, Apple no longer supports Facebook to gather data from iPhone users, and TikTok is trying to steal a lot of Instagram's thunder. These are just a few of the factors that have contributed to the massive layoff. As a result, it appears that the company could no longer withstand the pressure. It must lay off a large number of unfortunate employees. We have no idea how many people will be sent at this time. Meta’s Shares

t According to a Meta spokesperson, "we're going to focus our investments on a small number of key growth areas." We can assume that the company will prioritise the areas that will make it the most money and keep shareholders happy. As a result, other more important projects will have very few staff members or will be cancelled until further notice. Meta is currently in a bad situation, but it intends to change that. In 2023, we may see a few changes to the company as it tries to steer the ship in a new direction.

By Prelo Con

Following my passion by reviewing latest tech. Just love it.

Meta may lay off thousands of employees soon, what's happening

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