Zuckerberg followed in Musk's footsteps: 11,000 Meta employees will be out of work in the coming days
Mark Zuckerberg is about to have some serious problems. Sadly, these problems will also affect the 11,000 employees of Meta Corporation.
Here's What We Know
Since the beginning of 2022, Meta's stock price has fallen 71%!
The company incurs huge losses, which amount to tens of billions of dollars.
There are objective reasons for this, including Zuckerberg's excessive investment in Reality Labs, which does not bring in revenue despite the huge cash infusion.
In addition, Facebook is not popular with younger users, who prefer more modern platforms such as TikTok and Twitter.
Plus, the billion-dollar Oculus Quest virtual reality headset isn't competing with similar devices from other companies.
Thus, according to The Wall Street Journal, Mark Zuckerberg decided to lay off 11,000 employees in order to optimize costs. This will be the largest job cuts in Meta's history.
