Meta Has Started Laying Off Its Employees!

With its billions of dollars of investments in Metaverse, it has recently come to the fore Meta, having experienced a huge drop in shares earlier this year, dropped to the bottom of the list of the most valuable companies. The company, led by the famous billionaire Mark Zuckerberg, has faced the same problem again in the past days, after the competition in the technology sector has increased, upsetting its investors.

Now, new information has emerged that shows once again that the company is going through difficult times. A report published by the Wall Street Journal; The company, which includes platforms such as Facebook, Instagram and WhatsApp, will reduce its expenses in the coming months. at least 10% reported that it will reduce

Meta started laying off many of its employees

With this news, various sources are already under the plans of Meta. lay off many employees reported it started. It was also stated that this is just the beginning, and that the company plans to fire many more people in the future. We can say that the reason for this is the increasing competition in the sector, the economic problems experienced all over the world after the pandemic and affecting the companies. The money and workforce that Meta spends on the Metaverse may also have had a negative impact on the company.

CEO Mark Zuckerberg made statements about the company, which was affected by the competition in the technology market and lost revenue for the first time in 10 years, showing that this situation could also be experienced in July. The 38-year-old billionaire reveals that the company’s resources reshaping it according to institutional priorities stated that it should.

Meta spokesperson Tracy Clayton also referred to these statements by Zuckerberg, “We’ve been open to the public about the need to make changes to our teams to cope with the challenges.” used the phrases. Clayton also noted that they are giving displaced workers time to apply for new jobs; so that the company can retain people that it might otherwise lose.

No information has been shared about how many people have been laid off so far. The company announced that it had 83,553 employees at the end of the second quarter of the year, and this number increased by 32% compared to the previous year.

Google also started laying off employees

Another company affected by the events in the sector is Google. According to the Wall Street Journal, the giant company is helping some of its employees if they want to stay with the company as part of its cost-cutting plans. they need to apply for new jobs told. Accordingly, Google requested more than 100 employees in its R&D group, Area 120, to find another job at the company within 90 days.