Facebook, WhatsApp, and Instagram's parent company Meta Platforms Inc. has fired 11,000 of its employees. For the first time in the company's 18-year history, such a large number of employees have been laid off. The company's CEO Mark Zuckerberg announced the removal of employees. He attributed this to the fall in revenue due to wrong decisions.
Mark said, 'Today I'm going to share some of the toughest decisions I've made in the history of Meta. We have decided to cut our team size by about 13%. With this, more than 11 thousand talented employees will get jobs. We are taking steps to become a more efficient company by cutting costs and extending the hiring freeze till Q1.
Mark took responsibility for the decision
Mark Zuckerberg also expressed regret for the employees affected and took full responsibility for the decision as well as how the company got to this point. He wrote, 'I want to take accountability for these decisions and how we got here. I know it is difficult for everyone and I am especially sorry for those who have been affected by this decision of mine.
Mark was disappointed in the meeting
Earlier on Tuesday, Zuckerberg had a meeting with hundreds of company executives. According to a report by Wall Street General, Zuckerberg appeared disappointed in this meeting. He had told me that more layoffs would be from recruiting and business team employees. Meta had 87,314 employees as of the end of September 2022.
How did the company get to this situation?
Mark said, 'At the beginning of Kovid, the world went online rapidly and revenue increased with the growth of e-commerce. Many predicted that the hike would be permanent and would continue after the pandemic was over. I thought the same, so I decided to increase my investments. Unfortunately, it didn't go as I expected.
Not only has online commerce reverted to earlier trends, but macroeconomic downturns, competition, and less advertising have resulted in lower revenues than I expected. I made this mistake and I take responsibility for it. In this new environment, we need to become more capital efficient. We have shifted resources to high-priority growth areas.
Our long-term vision is for the AI Discovery Engine, Advertising, Business Platform, and Metaverse. We have cut business costs, including reducing budgets, reducing perks, and reducing real estate footprint. We are restructuring teams to increase our efficiency. But these measures alone will not bring our expenses in line with our revenue growth, so I have also taken the difficult decision of letting people go.
Mark said - this sad moment
Mark said, 'It's a sad moment, and there's no way around it. To those who are leaving, I want to thank you again. Without your hard work, we would not be where we are today, and I am grateful for your contribution.
87,314 employees in the meta
Meta had 87,314 employees as of the end of September 2022. Meta currently owns some of the largest social media platforms in the world including WhatsApp, Instagram, and Facebook. However, the company is increasing its spending on the metaverse.
The Metaverse is a virtual world where users can create their avatars. The company has been incurring losses due to a low adoption rate and costly R&D. The layoffs are expected to ease the company's financial woes to some extent.
Disadvantages of Investing in the Metaverse
Late last month, Meta announced the revenue outlook for the December quarter. The company had said that next year, it would suffer significant losses due to investments in Metaverse. The company's shares have fallen sharply in price since this information came to light.
Meta's stock has lost more than 70% this year. On Tuesday, it closed at $ 96.47. However, Meta CEO Zuckerberg asked investors to believe in the brand. He claimed – Those who remain with the company will get the benefit it.
What is the Metaverse and why did Facebook select this name?
The next level of virtual reality is called the metaverse. Simply put, the metaverse is a kind of virtual world. With this technology, you will be able to enter the digital world through virtual identity. That is a parallel world where you will have a different identity.
In that parallel world, you will be able to meet your friends and relatives in this world, from traveling, and buying goods. In the future, with the advanced version of this technology, you will be able to feel the touch and smell of things. The term metaverse was first used by science fiction author Neil Stephenson in his 1992 Nobel Snow Crash.
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