After Twitter, Meta may Undertake Large Scale Job-Cuts

NEW DELHI: After large scale job cuts from the micro blogging site Twitter, Meta is planning to take a similar course of action to deal with their recent fall in revenues.

As per a report the company lost almost $67 Billion after its fall in stock prices in the last month. And all the losses add up to around $ 0.5 Trillion value in this year. In order to meet up with the losses, the company is taking up large scale layoff in the coming week. Predictions are being made that these announcements may come from the middle of the week. The company has however not made any comments regarding this topic.

These losses come in the face of major changes to the companies policies and expanding into the so called Metaverse. The prime income generator, the advertisements on the Facebook platform has also started the downward trend following its new rules, which many users are finding too complicated or costly. Tough competition to the Instagram platform from TikTok as well as privacy updated from Apple are also among the problems for the tech giant.

Meta Chief Mark Zuckerberg said that he expects atleast 10 years time for the Metaverse investments to bear profits. But the rapid loss of revenue is putting question marks on the statement. The company has already stopped new hiring and projects. It has also started to reorganize its teams to trim internal costs. The process of decrease in new hiring was started in the month of June itself amid fears of an economic recession.

Twitter downsizing is more of a restructuring measure than a cost- cutting one as the new owner takes over control of one of the most influential social media platforms. But similar steps taken by the Microsoft corporation and Snap Corporation are definitely signs of a falling economy, atleast for the technology sector.

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