Facebook’s parent company Meta lays off 11,000 employees and adopts massive austerity plan

We knew that, times have been tough for Meta, who hasn’t been so low financially since 2016, and Mark Zuckerberg is said to have lost two-thirds of his fortune, throwing him out of the billionaire circle. dollar. The company’s most recent financial statements are therefore a sharp cuts in the workforce The world’s largest social network. But we never expected it to be this big. As expected, these major layoffs were announced today, and it was the company’s CEO who was responsible for spreading the bad news.

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Many observers consider thisMark Zuckerberg’s virtual reality obsession. He dedicated his company to creating a meta-universe that swept away extraordinary resources. The creation of Meta’s big project, Horizon Worlds, is said to siphon at least a billion dollars a month. It would be a good investment if the public embraced this virtual world in Facebook’s sauce, but it must be admitted that even Meta employees don’t want to use their apps.

Meta to lay off 11,000 employees and tighten their belts

The layoffs mainly affect people working in Facebook, Messenger, Instagram and WhatsApp, but also salespeople and people working at Meta’s Reality Labs. They will tap for the balance of any account 16 weeks salary plus two weeks’ salary per year spent on Facebook. Hiring is frozen at least until the end of the first quarter of 2023. In order to limit expenditures in the process shaped as a very tough 2023, Meta, resell most real estate assets and reducing the budgets of all their projects.

stubbornness Mark Zuckerberg isn’t the only reason for Meta’s declines. Facebook gets most of its revenue from ads, but the crisis has helped advertisers spend less. The company also expected growth in the e-commerce market. Generally speaking, it’s not good to be an employee of a major American social network right now. Just last week, Twitter laid off half its employees.

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