Following Twitter, tech giant Meta is also planning large-scale
layoffs starting this week, The Wall Street Journal reported. While Twitter
made its decision as part of Elon Musk’s takeover, Meta has a different reason
to cut jobs, and it has to do with its efforts to maximize profit.
Currently, over 87,000 people are employed at Meta and so, if the company cuts thousands of roles, that would result in a considerable reduction. Meta has already lost a huge sum of money as a result of changes in data privacy. The company still expects to lose more in the near future; about $10 billion, after losing its app-tracking ability following Apple’s updated data privacy policy.
Mark Zuckerburg had already alerted employees of one of the worst
downturns that the company was going to experience. Additionally, he announced that
Meta would start to slow down hiring, and advised staff to consider other
employment options. Not only that, but Meta began halting its important ongoing
projects and even cancelling multi-million dollar deals with news publishers,
as ways of attempting to make up for the loss.
Despite the constant economic difficulties, however, Meta hasn't given up nor intends to, on its vision and development of the Metaverse, including technological advancements
in AR and VR.
