It has just been three days since the Elon Musk-led Twitter sacked half of its 7,500 employees in the wake of a huge loss. On Thursday night, the company sent internal memos which informed the employees about the procedure for the layoffs that happened on Friday. Now, after Twitter another social media giant, Mark Zuckerberg-led Meta will reportedly start mass layoffs by Wednesday.
Elon Musk defended his decision to lay off as the micro-blogging site was losing $4 million per day. Now, the parent company of Instagram, Facebook, and Whatsapp is all set to conduct a mass layoff due to the potential 2023 recession and other costs incurred. So, what is its plan for sacking its thousands of employees?
Also Read: Facebook CEO Mark Zuckerberg Issues A Very Serious Warning To Meta Staff
“Focusing Investments On High Priority Growth Areas”: Mark Zuckerberg Teased A Potential Lay Off At Meta
A new report by the Wall Street Journal has reported that Meta has plans to fire thousands of its employees. As of September, 87,000 employees are working at Meta, globally. These have been rough months for the employees in the social media sector. Due to increased competition, the stocks of the company have fallen substantially.
During the Q3 meeting discussing the earnings, Zuckerberg teased about “shrinking the size” of the workforce in the coming days. He said that Meta will “focus our investments on a small number of high-priority growth areas.” Mark wants meaningful growth of teams which means shrinking or dismissal of certain teams. He continued, “So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”
In June, the CEO of the company said, “Realistically, there are probably a bunch of people at the company who shouldn’t be here.” More than the employees, the company had made heavy investments in its MetaVerse, which would have its returns in the next 10 years. So, for interim relief, the company may have to let go of its employees.
Also Read: Elon Musk Disses Mark Zuckerberg For His Control Over Social Media
The Company Employees Were Not Happy With Horizon Worlds
Mark Zuckerberg invested billions of dollars to create a virtual reality software called Horizon Worlds, the company’s version of met averse. Reportedly, this shared virtual reality has 300,000 users. However, the company is not able to draw the required results. Along with that, the Company is not quite happy with its employees not using it quite often.
The VP of the company went rogue on the employees in a leaked memo. He said, “For many of us, we don’t spend that much time in Horizon and our dogfooding dashboards show this pretty clearly…Why is that?”
The memo continued, “Why don’t we love the product we’ve built so much that we use it all the time? The simple truth is, if we don’t love it, how can we expect our users to love it?”
Also Read: Elon Musk Twitter Takeover: Employees Are Suing The Platform For ‘Mass Layoffs’
