Mark Zuckerberg has taken Facebook and changed it into Meta. With this change and a focus towards the metaverse of his vision the company has seen massive spending and loss of profit. This has led to the need for change and Zuckerberg has announced that Meta will be laying off thousands of employees.
This is a large focus on the company and how it operates. There are many different parts to Facebook and each one will have its own specific needs when it comes to staffers. The main goal is to keep the lights on and operating while also making a profit. This has been difficult for Meta with the amount of money that it has been spending.
The cuts are intended to come during this second week of November and it will be interesting to see how this affects the company. There are already many different web3 firms that have had to lay off employees recently such as Dapper Labs, Bitmex, and Mythical Games, so Meta is not alone in this. The company currently employs over 87,000 people and the layoffs could in deed become historic as the most layoffs of any big tech firm.
The layoffs come after Zuckerberg initiated a hiring freeze in September. These layoffs are not due to the bear market but instead come as the CEO follows through on a promise to whittle down his responsibilities while building his perfect metaverse. Earlier in July, he stated that the current economic situation would be the reason for the changes in employment at his company and that layoffs would help his company face the market downturn.
Currently, Mark Zuckerberg is under fire from many of his investors and those in the web3 space. The investors feel as if his current movement is leading the company to ruin. The Meta CEO has pledged over $10 billion a year towards the development of the metaverse, a number many are calling ludicrous especially since his metaverse has been heralded as “boring and vacant.” Despite all of the critique he is getting Zuckerberg has doubled down on his spending and focus as he believes the potential in the market far outweighs the high price of admission. The Meta leader thinks that there are hundreds of billions waiting to be made on the metaverse and he sees Meta as the leader paving the way, though there are many that don’t want that to happen.
With all that is going on at Meta perhaps the amount being spent is far too high for Zuckerberg to remain sustainable. The company just released its latest high-priced high-tech headset which will make traversing the metaverse even prettier but at a price that not many would be able to afford, thus pricing them out of the experience. Many are questioning the intro of the headset when the metaverse project “Horizon Worlds” is currently in such a bad state but the headset has been said to be targeted more towards professionals and less on the retail customer.
The layoffs have not yet been officially announced by Zuckerberg or Meta but this news has made the rounds and is more than likely just a matter of time, we hope the employees that get cut have a speedy recovery but working at Meta makes finding employment elsewhere a lot easier.