Facebook Meta Fires 11,000 Workers
The technology industry, like Silicon Valley, was once a formidable force. Meta, Facebook, Instagram, Twitter, and Amazon all dominated their respective industries. In addition, they did so with no indication of ever having to worry about competitors, including Mark Zuckerberg's empire.
However, it appears that things have changed recently, and this makes one worry if this is the beginning of the end.
Numerous layoffs at Meta
Mark Zuckerberg, CEO of Facebook's Meta, is following in the footsteps of Elon Musk, CEO of Twitter, by announcing the enormous layoff of over 11,000 of Twitter's 87 thousand employees yesterday.
When the decision was made is unknown. We have learned when it was implemented. This occurred around 6 a.m. Today is the Eastern time zone.
Tuesday night, according to a story by The Wall Street Journal, the CEO and founder of Meta made the official announcement. During the meeting, he took responsibility for the company's errors.
The Wall Street Journal lists Zuckerberg's overconfidence in the company's future growth and expansion as one of his most grave errors. This miscalculation finally resulted in a huge overstaffing issue.
One cannot deny, however, that this outcome has been a long time coming. In fact, Zuckerberg hinted to this earlier this year, when rumours about Facebook layoffs were also circulating. Before that, staff received a scathing message about a "tech breakdown."
According to Reuters, though, Zuckerberg did not appear to have taken the choice lightly. During his address, he exhibited a lot of despondency.
It has been reported that Twitter CEO Elon Musk ordered a major decrease in workers at the company's recently opened office in Ghana, following the widespread layoffs he conducted on the first day of his takeover. His purge affected the vast majority of the office's twenty-plus staff.
Similar to the United States, Twitter notified them by email or by limiting their access to their company's email accounts. In accordance with local law, the personnel will get a three-month severance package. Musk also tweeted about this fact on November 4.
According to a report published by Bloomberg on Sunday, he has already called out to hundreds of recently laid-off employees to see if they would like to be restored.
In contrast to his tech colleague or adversary, Zuckerberg's decision to notify his workforce appears considerably more humanitarian. He will also pay a four-month severance package to departing employees.
The future of technology
Meta was initially conceived as Zuckerberg's vision for the future of human interaction. He intended for this to be amplified through the use of metaverse to produce a 3-D experience that was nearly lifelike.
His creation was met with opposition and a sense of déjà vu, as he was once again accused of stealing the idea or, in this case, the name, as was the case when he initially established Facebook.
In addition, there have been rumours of service issues. The cause appears to be twofold. First, nobody truly understands what the metaverse is. Second, even if they did, nobody would utilise it.
Microsoft just joined the bandwagon when, in October of this year, they announced a cooperation with Facebook about the metaverse. Since then, issues have plagued the company. In the bid, both the corporation and individuals who invested lost their shirts.
According to some analysts, the failings of the two corporations to properly introduce their new products from the beginning are not permanent. It only requires time.
Tech titans are tumbling one by one.
In the interim, though, all three erstwhile IT titans have chosen to minimise expenses by reducing their personnel. Facebook, Meta, Microsoft, and Twitter are not, however, the only ones. They simply joined the likes of Seagate, Intel, and Snap. This year, approximately forty-five thousand employees have lost their jobs in the technology sector.
Companies from other industries, such as Coinbase, Netflix, Shopify, Opendoor, and Lyft, have also resorted to what the public may view as extreme and needless steps, especially since they are the ones feeling the squeeze.
In general, it appears that the former tech titans are going the way of extinct woolly mammoths. Innovative businesses, such as Mastodon, are coming in to fill the growing void. Similarly, market behemoths from other businesses, which once had a strongman's strangle, now possess a monopoly-like grip on the market.
By fLEXI tEAM