- Meta preparing for large-scale layoffs.
- Meta declined to comment on Wall Street Journal’s report.
- Facebook’s parent company predicts a $67 billion loss in stock market value in 2023.
In October, Meta predicted higher costs in 2019, reducing Meta’s stock market value by $67 billion and adding up to half a trillion dollars in value lost this year.
As global economic growth is slowed due to rising inflation and several other factors, many big technological businesses such as Microsoft, Twitter, and Snap have reduced recruiting in recent months.
In a previous open letter to Mark Zuckerberg, Altimeter Capital Management made a statement saying that Meta needed to streamline capital expenditures and eliminate positions and make some considerable changes in the major processes of the company. Even the Wall Street Journal reported that META.O intends to begin laying off a massive number of people this week.
According to Meta’s CEO Mark Zuckerberg, it will take around 10 years for the investments to pay off. This means that it’s going to take a long-long time for them to pay off their investments and turn over things, like really!
In 2023, Meta plans to concentrate on a select few high-priority growth sectors. Meta anticipates that they’ll either be around the same size or even a little bit smaller by 2023. While many departments will get severely affected by this process of downsizing and cutting short of expenditures, some departments will, however, see a good growth trajectory, according to Facebook company Chief Executive Officer, Mark Zuckerberg.