Quote from: gunhell16 on Today at 02:02:53 PM

Quote from: tabas on Today at 01:19:36 PM

While there's the mess that has happened between FTX and Binance. There's also the news about after Elon's purchase of Twitter, he lays off a lot of employees too. So, here goes some other related news that's also a big company that's trying to give a share in the crypto market, particularly in the NFT(Metaverse) scene which is Meta.

News: Meta slashes workforce by 11,000 as it sinks more money into the metaverse

Here's the first paragraph on the article then read the rest on reuters:

Quote from: https://www.reuters.com/technology/meta-cut-more-than-11000-jobs-one-biggest-us-layoffs-this-year-2022-11-09/

Nov 9 (Reuters) - Meta Platforms Inc (META.O) said on Wednesday it would cut more than 11,000 jobs, or 13% of its workforce, in one of the year's biggest layoffs as the Facebook parent battles soaring costs from its push into the metaverse amid a weak advertising market.

The mass layoffs, the first in Meta's 18-year history, follow thousands of job cuts at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp (MSFT.O).

I did watch the news about Elon Musk firing employees at Twitter since he is its new owner. Of course, it's also a pity for those who were fired and worked on Twitter for a few years, because we know that in today's age it's not easy to get a job, of course, you'll spend time and time there, sometimes you'll just be lucky if you're accepted right away by what you applied for.

We also don't know what Elon Musk has in mind why he did this. It could be that he is thinking about this to fulfill his plans for the future, let's just remember that he is an insurance businessman.

While business there is no security or insurance, the owner has to face whatever the circumstances it faces.

Twitter layoff and meta layoff probably has the same reason which is they don't really need those people so instead of paying them every month for not that it deserves to the improvement of companies but consumes lot of their resources then its inevitable. For a common man it looks like why people are doing such crazy things but that is the evolution of work, most work became automated sonther5is not really have a reason to lose their profits.