In October, Facebook’s parent company Meta predicted a dismal holiday quarter and a significant increase in costs for the following year. This will remove about $67 billion from Meta’s stock market value and add more than $5 trillion in value already lost this year. Social media companies cut their engineer hiring ambitions by at least 30% in June, with Mark Zuckerberg advising employees to prepare for an economic slowdown. Earlier, Meta’s shareholder Altimeter Capital Management said in an open letter to Mark Zuckerberg that Meta needed to streamline by eliminating positions and capex. They also said investors have lost confidence in Meta as a result of increased spending and pivots to the Metaverse.

Source: dna November 07, 2022 03:51 UTC