{"id":14371,"date":"2022-11-09T16:45:38","date_gmt":"2022-11-09T16:45:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/meta-announces-layoffs-affecting-13-of-workforce-more-than-11000-employees-to-be-fired-amidst-cultural-shift-bitcoin-news\/"},"modified":"2022-11-09T16:45:38","modified_gmt":"2022-11-09T16:45:38","slug":"meta-announces-layoffs-affecting-13-of-workforce-more-than-11000-employees-to-be-fired-amidst-cultural-shift-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/meta-announces-layoffs-affecting-13-of-workforce-more-than-11000-employees-to-be-fired-amidst-cultural-shift-bitcoin-news\/","title":{"rendered":"Meta Announces Layoffs Affecting 13% of Workforce; More Than 11,000 Employees to Be Fired Amidst ‘Cultural Shift’ \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Meta, the social network company, has announced that it will cut 11,000 jobs, letting go of 13% of the employees in its workforce amidst a \u201ccultural shift\u201d in the company. Mark Zuckerberg, CEO of the company, explained this decision was made due to a need to become more \u201ccapital efficient,\u201d and described the next steps the company will take moving forward.<\/strong><\/p>\n

Meta Fires 13% of Workforce<\/h2>\n

Mark Zuckerberg, CEO of Meta, the company previously known as Facebook, announced today the company would cut jobs for 13% of its workforce, letting go of more than 11,000 employees in the coming days. The decision comes after a determination to take the company in a \u201cleaner and more efficient\u201d direction, as the CEO explained in a blog post<\/a> detailing the measure.<\/p>\n

Zuckerberg said the company had believed the growth fueled by the coronavirus pandemic would be permanent, and that\u2019s why it ramped up its investments. Zuckerberg acknowledged this has been a mistake, and also included the current macroeconomic conditions and increased competition as aggravators of the situation caused by a drop in revenue. Zuckerberg stated:<\/p>\n

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I got this wrong, and I take responsibility for that.<\/p>\n<\/blockquote>\n

\u2018Cultural Shift\u2019 Announced, Metaverse Commitment Reinforced<\/h2>\n

As part of the measures taken to increase the efficiency of the company, Zuckerberg stated that the layoffs are part of a \u201ccultural shift\u201d that will affect how the company operates. As an example, Meta will be sharing desktops amongst employees that are partially employed and will continue the current hiring freeze throughout Q1 2023. Furthermore, he added that more cost-cutting measures will be rolled out in coming days.<\/p>\n

Some teams of the company will be more affected than others, Zuckerberg stated, with Reality Labs, the metaverse-focused division, also being mentioned among the affected divisions. However, Zuckerberg remarked that his \u201clong-term vision for the metaverse\u201d will continue to be considered one of the \u201chigh-priority growth areas\u201d for the company. The employees affected by these layoffs will enjoy a series of benefits that include severance, career services, and immigration services support for employees working with immigration visas.<\/p>\n

The market reacted in a positive way to the announcement, with the price of Meta\u2019s stock gaining<\/a> almost 5% in the premarket, at the time of writing. Meta\u2019s stock price has been pummeled<\/a> this year, going from $331 in January to $96 this week, in part thanks to the lukewarm reaction that investors have had regarding the pivot the company is making to the metaverse and to the losses<\/a> that the Reality Labs division, responsible for metaverse developments, has registered thus far.<\/p>\n

What do you think about the more than 11,000 employees to be laid off by Meta? Tell us in the comments section below.<\/strong><\/em><\/p>\n

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\nSergio Goschenko <\/h6>\n

\nSergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, askarim \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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