In order to maintain its competitiveness and keep investing in the metaverse in the face of economic difficulties in the US, social media giant Meta has announced employment layoffs. Mark Zuckerberg, the CEO and founder of Meta, announced that the firm will lay off 10,000 workers in 2023 in order to improve productivity.
According to Zuckerberg, Meta’s main objectives are to improve its technical prowess and boost financial performance in light of the difficult financial situation in the nation. The company’s long-term vision is supported by these initiatives.
According to Zuckerberg, Meta’s main objectives are to improve its technical prowess and boost financial performance in light of the difficult financial situation in the nation. The company’s long-term vision is supported by these initiatives.
Hence, a sizable percentage of the hiring staff may lose their positions; they will be informed of their termination on March 15.
The CEO of Meta indicated that the most recent round of layoffs, which would affect 10,000 workers, will start on Monday and last for three months. The business also announced that it would cut 5,000 jobs.
The business also made a suggestion that by the end of April, more restructuring and layoffs affecting the technical staff would be revealed. In late May, the business team will experience the last round of layoffs.
Even though it means losing talented coworkers who contribute to the company’s success, Zuckerberg warned that the layoffs might continue throughout the year.
Even though it means losing talented coworkers who contribute to the company’s success, Zuckerberg warned that the layoffs might continue throughout the year.
Stéphane Kasriel, Head of Commerce and Financial Technologies at Meta Platforms, made the announcement on March 13 about the company’s intention to stop supporting non-fungible token (NFT) projects in favor of other initiatives that aid content creators.
Kasriel made it clear that Meta would keep assisting content producers who use the company’s social media channels, like Instagram and Facebook, to display their NFT collections. Yet, the business is terminating unsuccessful projects in response to Reality Laboratories’ startling $13.7 billion loss, which was the result of the failure of important metaverse projects.
Kasriel made it clear that Meta would keep assisting content producers who use the company’s social media channels, like Instagram and Facebook, to display their NFT collections. Yet, the business is terminating unsuccessful projects in response to Reality Laboratories’ startling $13.7 billion loss, which was the result of the failure of important metaverse projects.
Meta has made it plain that despite the disappointing conclusion of its NFT business, it would not alter its course. The company’s current immediate focus is on AI, whereas metaverse development is still a longer-term, more involved goal.
The news of Meta’s layoffs reflects the difficult economic situation many businesses are in right now. The business’s strategic choice to put the metaverse first is in line with its long-term goals and could result in significant future financial gains.