After Twitter, Mark Zuckerberg, the owner of the Meta company, has fired 11,000 employees from his company. Mark wrote a letter to those fired from the company. In which he told why we made such a decision in the end. The company’s Chief Executive Officer (CEO) Mark Zuckerberg said in a letter to employees on Wednesday that the decision had to be made because of the decline in revenue and the ongoing crisis in the technology industry.
Continue to reduce ads
Regarding the layoffs, Zuckerberg said in a statement that “unfortunately, these are not to my expectations.” Our revenue has fallen well below what I expected due to signs of declining advertising. I got it wrong and I take responsibility for it.” Last week, Twitter laid off nearly 50 percent of its 7,500 employees.
Market affected after lock down
Like other social media companies, Meta also recorded strong growth during the lockdown implemented due to the pandemic. During this, a large number of people stayed at home and spent more time on their phones and computers. But after the end of the lockdown, people started going out and earnings for these companies started to plummet. The decline in Meta’s biggest source of revenue – online advertising and the economic slowdown – worsened the crisis for the company. This summer, Meta reported a quarterly drop in earnings for the first time in its history. Investors are also concerned that Meta is investing more than $10 billion a year in Metaverse as its focus shifts away from social media. Meta and its advertisers face a potential slowdown. Apple’s privacy tools also face challenges, making it harder for social media platforms like Facebook, Instagram and Snap to track people without consent and deliver targeted ads.
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