The layoffs are likely to affect thousands of Facebook employees, as the company seeks to rein in expenses and stem its cash flow issues. The firings come days after Facebook’s stock price plummeted following a report indicating that Russian operatives used the social media platform to influence United States election outcomes.
Meta’s layoffs may be a sign of even more cuts to the company’s workforce in the near future. CEO Mark Zuckerberg has said that 2012 will be “the year of efficiency” and that Meta will cut 10,000 jobs in the coming months – particularly ones related to “low priority projects.” This could mean big changes for Meta – and for workers who rely on the company.
Many people in the tech industry are worried that layoffs will continue in the coming weeks. Facebook CEO Mark Zuckerberg has said that April cuts will affect roles in technology departments, while another round of layoffs planned for May will hit the business side. This could mean that thousands of jobs are on the line, and people across Silicon Valley are feeling anxious about their future.
What is likely to happen with Reality Labs and their various projects is still up for debate, though the lack of communication from Facebook makes it seem like things could be in for a tough ride. Games are seemingly safe for now, as Meta is focusing on marketing its metaverse gamble to traditional gamers. Fans of these VR experiences will have to wait and see what happens next.
Meta may be looking to pivot its strategy and focus on e-commerce in order to take off. Meanwhile, Zuckerberg is still actively promoting the metaverse as a place for social interactions, work and commerce. With so much money invested in these platforms, it will be interesting to see if either company can reignite interest in the metaverse.