Meta on the Way to Lay off Staff After Twitter!

After Twitter, now it's Meta. The microblogging platform, Twitter, is facing major lay-offs after Elon Musk took its control. Facebook's parent company Meta Platforms Inc. is now following the same path after a 70% fall in share price as Mark Zuckerberg chased the metaverse.

Chief executive Mark Zuckerberg plans to begin large-scale lay-offs this week. Citing people involved, the Wall Street Journal reported on Sunday that the lay-offs will affect thousands of employees.

An announcement in this regard may come next Wednesday. However, Meta authorities did not comment on the retrenchment.

Meta had predicted weak trade last October. Due to the additional cost, the stock market will lose about 6,700 billion dollars in value next year, of which half a trillion dollars have been lost this year.

Meta is facing various concerns including the slow pace of global economic growth, competition with TikTok, Apple's privacy changes, the massive spending and regulation of the Metaverse.

CEO Mark Zuckerberg said Metaverse's investment will take about a decade to pay off. In this, multipronged initiatives have to be taken to reduce costs, including stopping recruitment. His focus is now on restructuring the organization

The social media company cut its hiring of engineers by at least 30 percent last June. The recruitment of new staff on platforms like Facebook, WhatsApp, Instagram has also been suspended.

Mark Zuckerberg also warned employees about the economic downturn. Analysts comment that the decision of mass retrenchment is coming in this context.

Elon Musk has recently walked the path of mass lay-offs after the acquisition of Twitter. About 3,700 Twitter employees were laid off overnight Friday in an email. Earlier, he dismissed the top officials immediately after taking control.