Seeing this show up a lot in the news, how Meta is prepping for large-scale layoffs too...
Meta, the owner of Facebook and Instagram, will begin large-scale layoffs this week, according to the Wall Street Journal.
The company has watched its share price plummet by more than 70% this year, with investors wary of big investments in so far underwhelming metaverse offerings that could take years to become profitable—if they ever do. And while Meta remains a juggernaut in social media, threats to that business have emerged as well, with tough competition from rapidly rising rival TikTok and privacy changes on Apple devices.
Even some Meta employees working on the metaverse offerings have been unimpressed with them, according to leaked documents, with one commenting, "An empty world is a sad world.” Investors have pressured CEO Mark Zuckerberg to scale back the company’s metaverse investments, to no avail.
Zuckerberg believes the metaverse is the company’s future and says it will require more than $10 billion in annual investment. The effort has cost the company $15 billion since the beginning of last year, according to the Journal.
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Meta employees will not be completely surprised by the layoffs. Company officials recently told workers to cancel nonessential travel, and in June Zuckerberg told employees at a companywide meeting, “Realistically, there are probably a bunch of people at the company who shouldn’t be here.”