According to a report from the Wall Street Journal, the parent company of Facebook, Instagram and WhatsApp, Meta Inc, has decided to lay off thousands of employees. The October forecast of Meta showed that the company would experience a downfall of $67 billion in stock market value.
The challenges of slow economic growth on a global level, massive competition from TikTok, an update on privacy settings by Apple, regulation threats, and huge spending of the metaverse project have pushed the company to make such decisions. Mark Zuckerberg, Chief Executive of Meta Inc, said that investment in metaverse would take a decade to show results and to trim costs he had to halt hiring, close projects and re-arrange the teams.
Recently, several technology companies like Microsoft, Twitter and Snap Inc have laid off employees and stopped their hiring process. The rising inflation, growing interest rates, and the Europe energy crisis are a few reasons to slow down global economic growth.
