Tuesday, December 6, 2022
HomeTechnologyMeta Platforms Cut Workforce By Over 11,000

Meta Platforms Cut Workforce By Over 11,000

On Wednesday, Facebook parent company Meta Platforms (META) made the announcement that it would be terminating the employment of more than 11,000 workers, which represents around 13% of its total staff. 

The social media behemoth said the employment losses were across its applications and Reality Labs areas. In addition to Facebook, the company Meta controls Instagram, Messenger, and WhatsApp, and its augmented and virtual reality efforts are housed in a facility known as Reality Labs. In addition, Meta predicted that Reality Labs’ operational losses in 2023 would continue to expand dramatically on an annual basis.

After abandoning its attempts to develop a stable cryptocurrency, the business has been focusing its attention on developing its Web3 platform. Even Facebook changed its name to Meta in order to emphasize the importance it places on developing the metaverse. Users will be required to obtain digital identities in order to use the metaverse, according to Facebook officials and the platform will be considered completely secure for those who submit their identities for verification.

“We’ve shifted more of our resources onto a smaller number of high priority growth areas – like our AI (artificial intelligence) discovery engine, our ads and business platforms, and our long-term vision for the metaverse,” CEO Mark Zuckerberg said in a message to employees, confirming his continued commitment to his plans for the metaverse.

Company-wide, META plans to focus more on developing its core platform, apps, and artificial intelligence (AI) systems in an effort to improve its user experience, make money, and meet the needs of developers. A short while ago, the firm made the announcement that users of Instagram would soon be able to create and trade non-fungible tokens (NFTs). During premarket trading, the price of a share of Meta was up more than 3 percent to $99.8. 

Related Posts:

To get daily updates & trending news on crypto follow us on:

Facebook:- https://www.facebook.com/CryptoShrypto/

Instagram:-  https://www.instagram.com/cryptoshrypto_/?hl=en

Twitter:-  https://twitter.com/cryptoshrypto1

Youtube:-  https://www.youtube.com/channel/UCdAOUEQ3L_eYjU_NMDA1zxg

Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

16 + 19 =

- Advertisment -

Most Popular