Thousands of employees will be laid off at Facebook’s parent company Meta – Wall Street wrote on Sunday, citing informed sources. The Meta Group forecast twice a quarter of Christmas in October. The disappointing forecast comes as Meta faces a slowdown in global economic growth, competition from other companies, and a loss of more than half a trillion dollars.
CEO Mark Zuckerberg expects investments in the Metaverse to last about a year and then pick up again. In the meantime, he had to impose a hiring freeze, shutdown projects and reorganize teams.
The social media company had already cut its plans to hire engineers by at least 30 percent in June. The contributor to Meta Altimeter Capital Management had previously made clear in an open letter to Mark Zuckerberg that one must be prepared for an economic downturn.
Several technology companies, including Microsoft and Twitter Inc. and Snap Inc. job cuts and cuts in hiring in recent months.
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