Meta follows its lead with plans of large-scale layoffs this weekThe Wall Street Journal reported on Sunday, citing people familiar with the situation, that Meta Platforms Inc. plans to start mass layoffs this week that will affect thousands of workers. According to Chief Executive Mark Zuckerberg, it will take around ten years for the investments in the metaverse to pay off. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In a previous open letter to Mark Zuckerberg, Meta's shareholder Altimeter Capital Management stated that the company needed to streamline by eliminating positions and capital expenditures. They also stated that investors had lost faith in Meta as a result of its increased spending and pivot to the metaverse.

Source: dna November 07, 2022 02:50 UTC