Meta Company Fires Thousands of Employees; Here’s Why

Those familiar with or who have an account with Instagram or Facebook are most likely familiar with the Meta company-the parent company of the social media platforms. Meta has over 4 billion people registered in it’s database, according to a report from the Wall Street Journal. As such, Meta has employed over 87,000 employees, many of which will be layed off or fired this week, according to the company.

“This move will be the first of many layoffs in the company”, says Facebook CEO Mark Zuckerberg. “It’s part of our plan to reimagine and create a new metaverse”. Future plans, according to Zuuckerberg, include cutting expenses by at least 10% and encouraging more corporations and social media platforms such as TikTok to invest in Meta.

Unfortunately, this move was met with negative results as the annual market cap plaummeted from $1 trillion in September 2021 to $240 billon in September 2022. Furthermore, other Meta employees has protested or quit their jobs with Stripe losing 14% of it’s previous workers and Twitter losing about 30% since Elon Musk bought the platform. Even Hulu and Netflix suffered losses.

“Currently, the US is suffering from high inflation and raised minimum wages so these layoffs are necessary”, says Zuckerberg. “We continue to pray that Meta does not go into recession as that would hinder our platforms tremendously”. Still, the employees who quit after hearing about the redesigned Meta platform, according to the Wall Street Journal, “have no signs or intentions of returning”.

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