Portuguese 
English 
Spanish 
3 min of reading 
Meta, the Company Responsible for Managing Facebook, Instagram, and WhatsApp, Announced on Tuesday (14) the Layoff of 10,000 People.
This would be the second wave of layoffs by the tech company, which already laid off 11,000 workers in November 2022. In addition to the 10,000 layoffs, the company has 5,000 positions to fill, according to a note from Meta sent to employees. Mark Zuckerberg, founder and CEO of the company, told employees that he sees “red flags” in 2022 with a decline in revenue.
Meta has already announced that, in the last three months of 2022, revenues dropped 4% compared to the previous year – although the company still managed to record a profit of more than US$ 23 billion for the entire year of 2022.
Meta’s Announcement Comes at the Same Time as Other Tech Companies’ Layoff Measures
The announcement comes at a time when several large tech companies, including Google and Amazon, are struggling to balance cost-cutting measures with the need to remain competitive.
-
China alone accounts for 70% of trade within the BRICS, while Brazil establishes itself as an essential supplier of food and minerals: understand how the group, which already represents nearly 40% of the world’s GDP, is changing the game.
-
Starting in May, those who do not have registered biometrics will not be able to apply for Bolsa Família, sickness benefits, or unemployment insurance: understand the new rule that changes access to benefits for millions of Brazilians.
-
A new law being voted on in Brazil proposes a minimum fare of R$ 10 per trip and R$ 2.50 per kilometer for Uber and 99 drivers, and promises to ensure they earn as well as taxi drivers did during the golden age of taxis in the country.
-
Bauer Group collapses after failed judicial recovery: 25 years, 800 vehicles, and a network of gas stations leave a debt of R$ 50 million and 100 layoffs, exposing costs, tight margins, and expensive credit in Brazil.
Earlier this year, Amazon announced plans to cut more than 18,000 jobs due to “economic uncertainty” and rapid hiring during the pandemic, while Alphabet, Google’s parent company, cut 12,000 jobs. Twitter and Microsoft also cut thousands of jobs.
Why Are Meta and Other Companies Laying Off?
Zuckerberg pointed to rising interest rates in the U.S., global geopolitical insecurity, and increased regulation as some of the factors affecting targeted companies and contributing to the economic slowdown. Many of these companies – like Meta – have business models based on advertising revenue.
Experts believe that these companies are facing a combination of negative economic factors: companies are spending less on advertising and the user base has less money to spend, making existing advertising space tougher.
Specifically, Meta is doubling down on Mark Zuckerberg’s metaverse bet, which he believes will be the next big frontier. Kleinman analyzed that if he is right, Meta will return to the top of the sector. But if he is wrong, the US$ 15 billion it has spent so far on the bet may be worthless.
Meta Ends Support for NFTs on Instagram and Facebook
After months of working with non-fungible tokens (NFTs), Meta decided to stop supporting digital collectibles on its social network. Stephane Kasriel, head of business and financial technology at Meta, announced the news on his Twitter account.
Meta began testing NFTs with selected Instagram users last May, allowing platform users to showcase their NFTs. Two months later, Mark Zuckerberg’s company expanded NFT support on the social network to creators in 100 countries.
The company’s decision to close support for NFTs comes amid a slowdown in the tech industry overall. NFTs have declined, as have cryptocurrency prices and stocks in intelligence.
Seja o primeiro a reagir!