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Meta, Facebook to fire thousands, financial results are disappointing



Tech shares are deflating and the companies need to shrink to some realistic levels



07.Nov.22 7:56 AM
By Shawn Highstraw
Photo Wikimedia

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Meta, Facebook to fire thousands, financial results are disappointing
Facebook's parent company Meta plans to lay off thousands of employees. The big round of redundancies will be announced on Wednesday, according to the business newspaper.

Meta is struggling with disappointing prospects. For example, the company suffers from strong competition from other social media, such as TikTok. Furthermore, the changes in Apple's Privacy Policy have an adverse effect on Meta. These adjustments allow the group to sell less targeted advertising. As a result, Meta misses out on a lot of sales.

There are also concerns about slowing economic growth and huge spending on the metaverse. The dream project of Meta CEO Mark Zuckerberg is a virtual world in which users can do everything from the comfort of their own homes. As for now it looks more like a parody.

As a result of the problems, Meta's shares have fallen significantly in value. More than 500 billion euros in market value have already been lost this year.

Many other U.S. tech companies have also cut back on their workforce in recent times or are planning to do so soon. Twitter cut 3,700 jobs last week. Taxi app Lyft also announced such an intervention.



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