Yes, Meta is in crisis, and Mark Zuckerberg also admits the company is struggling and layoffs are inevitable but this is happening globally, not just Meta, many companies have cut staff in the last 2 months of the year. Can see the crisis, inflation and Fed rate hikes starting to seep into the economies of all countries.
It's the sign that many don't see that the crisis is already happening and as we know, we've already saw it coming because since last year the market didn't do good. Whilst on the employment sector and these industries, they have to lay off too many of their employees because of their wrong decision that has kicked in.
Yes, read this news as well in my feed.
I guess it has something to do with the current situation in the US, inflation and then the financial market is suffering. So we are in a recession already, from the devastating effect of Covid to the war between Russia and Ukraine.
Of course, it's really sadden to hear that Twitter and now Meta has laid off a lot of their employees and for sure this will have a effect on the numbers of unemployed in the US. But we can't do anything at this point. This company will have to cut their losses so the first thing to do is to lay off a lot of their employees.
That Metaverse investment though of Meta is really putting a lot of pressure to their company as they are losing billions with no clear development in the next year or so.
Yes, we've been in the recession, and many have been feeling it badly. These layoffs are sad to hear because there are too many people that will lose their jobs and have to start over again applying between other companies that would have the competition again as they apply because there are the other applicants. But I just hope once Meta recovers, they will hire them back.
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.
I've seen a thread about Elon's firing for Twitter employees and it's like that he's asking a lot of codes for each of their software engineers. And if it doesn't satisfy him and they didn't do a lot for the past years, they're automatically out of the company.
Im also aware about this. The main concern must be the financial report of meta that was triggering the stock price to go down, zuckerberg has been loosing lots of his money (stock) due to the meta stock dump. Holders and investors are not feeling good with the financial report by meta which has been showing very big defisit.
About elon and he wants only make twitter become more efficient by laying off so many wokers and then keep some that have become the main core for twitter. I guess this caused by elon wanna try to make it as a business. The monthly subscription already applied.
That's why elon try to build twitter in a better form. The good thing is twitter has been reaching new ATH for its active users. That proves if elon doing everything so well unlike zuckerberg with its metaverse.
The problem faces by meta has been giving very big impact to the metaverse projects in the crypto.
It's not looking good at Mark as of the moment. He has changed the name of the entire company because it should be attached to their next project that they're about to release and that's related to metaverse. But that didn't do any good because they've been suffering from the losses the company is making and then the whole crypto market is dwelling in a bear market. It's even more as of today.
Elon Musk was so right! All these Metaverse and NFTs are just marketing buzzwords without any actual utility or businesses around it. Meta had invested billions and billions of dollars into metaverse where they couldn't even find 1 million users. So what I understand, this investment had gone so bad that Meta has no other way to fire people to save cost.
This is what is going to be the future of any metaverse project in a year or two. When things are not practical, they are bound to fail.
We have thought most of them were just build in hype and they really are. We'll see who's the strongest of them all and what shall stay when the market is calm again. But for now, those billions of money that has invested by Meta into the metaverse didn't really do well. They probably have just promoted it to specific regions because I don't see it that they've been too active in marketing it.
No doubt if meta was lying of so many employees.
These reasons could be the main reasons why meta was doing it
- Bad financial report as company was facing huge lose
- Failed to meet expectation, it has been reported that meta metaverse didn't meet expectation for the active users
- Facebook (meta) was going all in to the metaverse while people don't even need it for now as they have their own real life.
- Fallen of meta stock, the impact caused by bad financial report
Im thinking about whether that could give a big impact to the future of metaverse while we know that if so many metaverse are just experimental project that needs to be developed even further yet there are still demand in the crypto metaverse caused by incentives.
They've always been a failure when they're trying to make such projects related to crypto. Remember the Libra/Diem that they've got? We've got no more updates about it. It sounded like a big thing when they've been first reported but they didn't pursue it when they're already in the middle of it.