The tech industry, especially social media platforms have been facing a lull due to the post-pandemic world. Now, the reliance on the digital space is reducing, companies are in deep water troubles coupled with some overestimated steps. Disney has been in the eye of the storm for quite some time. The Mickey house faced backlash over the ‘Don’t Say Gay’ bill. It led to a widespread employee walkout and protest. Now, it is again in news for potential layoffs at the company.
Earlier in November 2022, Elon Musk-led Twitter fired half of its global working force due to an apparent loss of money and an upcoming recession period. Following Twitter’s footsteps, Mark Zuckerberg led Meta and also sacked approximately 11,000 of its employees. Now, another media giant is all set to announce layoffs and a hiring freeze. What is the reason for Disney to take these steps?
Also Read: Bob Chapek’s Mistakes Fuel Disney’s Credibility Conflict Over ‘Don’t Say Gay’ Bill
Disney CEO Bob Chapek Warned Teams In A Memo
In a foreseen move, Walt Disney Co. is planning for a mass layoff and hiring freeze process due to a disappointing quarterly report. Despite the rise in subscriptions of Disney+ to 152.1 million during Q3, the company, along with Disney+, Hulu and ESPN+ lost $1.1 billion. The revenue that the company incurred per user also decreased by 5%
Due to the disastrous third quarter, the CEO of the company Bob Chapek sent a memo on Friday informing about the layoffs and hiring freeze ahead of the holidays. In the memo, he said, “I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time.”
He continued, “As we work through this evaluation process, we will look at every avenue of operations and labor to find savings, and we do anticipate some staff reductions as part of this review.”
Also Read: Why Is Disney’s ‘The Little Mermaid’ Getting Brutally Trolled On The Internet?
Twitter Blames The Company’s Wokeness For The Loss
Apart from the sacking and cost-cutting, Bob also emphasized that the hiring will be only done for the ‘most critical, business-driving positions’. The memo read, “We are limiting headcount additions through a targeted hiring freeze.”
He continued, “Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have more specific details on how this will apply to your teams.”
However, due to the diverse content, including LGBTQIA+ characters, Twitter is speculating that the company suffered huge loss due to its “woke” content.
Go woke: Disney announces upcoming layoffs, hiring freeze, and other sever steps to cut costs in internal memo from CEO Bob Chapek.. FNN .. Disney stock (NYSE:DIS) is down 37% year to date even after making considerable modifications to its business model…🤣
— Random LGBFJB (@agiletopper) November 12, 2022
Disney is planning massive layoffs remember when you go woke you go broke, go broke Disney.
— Ed Adams (@EdAdams43162358) November 13, 2022
Get Woke, Go Broke: Disney to Begin Mass Layoffs and Freeze Hiring as Part of a Massive Cost-Cutting Initiative.
“I am fully aware this will be a difficult process for many of you and your teams.” Disney CEO Bob Chapek wrote in a memo to top executives.https://t.co/jmADKTF89f
— ✯✯Gene McVay✯✯ (@GeneMcVay) November 12, 2022
Woke Fail: Disney Begins Layoffs, Hiring Freeze, and Limiting Employee Travel as Stock Crashes, all because DeSantos won. They see the writing on the wall! https://t.co/ENniKYBbKq
— Santa Trump!⭐️⭐️⭐️(Sarah McNamara) (@lovetocook12345) November 12, 2022
Also Read: ‘This Is A Mental Illness’: Public Disapproves Of Disney Making Its Godmothers Title Gender Neutral
