Meta Confirms 11000 Layoffs Having just gone through its first ever quarterly decline, the world’s largest social network has decided to trim its fat. The announcement comes just one week after Twitter announced a round of mass layoffs. It is unclear how many people will lose their jobs, but a rumored number of employees will be given 16 weeks of severance pay.
Meta has stopped hiring as part of cost-cutting measures
The announcement comes at a time when the public markets are in tatters and interest rates are rising. This has hit the private markets hard. In addition to the cutbacks,
Meta has frozen its hiring plans as part of its cost-cutting measures. Its current headcount equates to around 87,000 employees around the world, which is not an insignificant figure. Meta also has a hefty capex plan for 2023 in the range of $34 to $37 billion.
Meta Confirms 11000 Layoffs has a rich history, including its origins as a Harvard college student’s social network. In the early days, it was an exclusive service for Harvard students.
Today, it is the parent company to Instagram, WhatsApp, and Facebook. It also boasts the world’s largest social network with over 1.39 billion monthly active users.
The company was also the first to incorporate 30 college networks into its fold, albeit in a slick and snazzy way
The announcement also comes on the heels of a big win by its sibling, Instagram. That company’s Instagram Stories platform has garnered a ton of press in recent months, resulting in the company’s coveted ten-figure monthly active user (MAU) numbers.
Combined with the fact that Facebook acquired Instagram for $1 billion in April, the combination has re-defined the social media landscape. The announcement comes at a time when Facebook is reportedly looking to cut costs and improve its competitive position.
The big question remains: what will the future hold for the world’s largest social network? It is likely that the company will continue to struggle to remain competitive and that a large part of its woes can be attributed to a combination of factors, including the economic downturn.
Although the company has shown an aptitude for innovating, its products are also prone to competition from rivals. Its biggest competitors include Twitter, Facebook, and Google. In the end, it is up to the company to figure out how best to survive the onslaught and appease its shareholders.