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Meta lays off 11,000 workers, 13% of total employees

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Meta has announced a mass layoff of 11,000 workers, or 13% of its total workforce.. Poor performance in 2022 led the social media giant to make this decision.

Image by Mark Zuckerberg, CEO of Meta.
Image of Mark Zuckerberg, CEO of Meta.

This 2022 has been a rather bad period for the economy and finance in general, not only for cryptocurrencies. The war of Ukraine along with the return to normalcy after the Covid-19 pandemic have become a perfect explosive cocktail for inflation.

This scenario has spread around the world, affecting both countries’ economies and the world’s largest companies. One of the latest companies to be affected was META.

Meta Platforms (META) has launched a press release today in which they revealed a mass layoff of their workers.. The company has reportedly decided to lay off 13 percent of its workforce, which translates into 11,000 redundant employees.

The cuts did not affect all areas of the company; the layoffs occurred in the industry. Family of Applications (FoA) and Reality Labs.two areas directly related to Web3, NFT, and cryptocurrencies in general. FoA affects the family of social networks belonging to META, such as. Facebook, Instagram, y WhatsApp among others. Reality Labs focuses on projects related to. virtual reality and augmented reality.

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The release also states that META expects Reality Labs’ operating losses to continue to increase during 2023 and the coming years.. Augmented reality is still a nascent technology and may take several years to be adapted and introduced to the general public. META has already been forced to reduce its goals annual goals for Horizon Worlds, one of its major virtual reality projects.

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META’s interest in Web3 is more than real, but the economic situation has not favored its efforts.. The company wanted to strengthen its focus on the metaverse. Has changed its name from Facebook to Meta. On the other hand, his efforts to introduce digital assets on its main platforms, such as. Facebook e Instagram have shown interest in the field.

Continue reading the Coinbase’s problems with German regulatorsmight be of interest.

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