Meta, the parent company of Facebook, anticipated a dismal October holiday quarter. The social media juggernaut is apparently worried that materially increased costs in 2023 might lower the company’s stock market value by $67 million. This loss will be added to the more than $500 billion that Meta has already lost in value as of 2023. The Wall Street Journal reported that the corporation is now preparing to perform extensive layoffs in the coming days. Thousands of employees are anticipated to be affected by these job losses, which are scheduled to begin this week.
Meta has not yet addressed these accusations or released a formal statement on the subject. One of the possible causes of these anticipated employment layoffs is that Meta is now dealing with a number of difficulties. In addition to Apple’s privacy changes, Tiktok’s competition, the significant investment in the Metaverse, and the coming threat of legislation, Meta is also troubled by the slow expansion of the world economy.
Mark Zuckerberg, the company’s CEO, likewise doesn’t anticipate seeing a return on his investments in the metaverse for at least ten years. In the meantime, he made the decision to implement a hiring freeze, shut down projects, and reorganise teams to cut costs.