Facebook and Instagram parent Meta is laying off 11,000 people, or about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said.
With whims of iron, Zuckerberg and Musk are bringing their companies to the edge of the grave, and shareholders and users have no say in the outcome.
An economic slowdown and a grim outlook for online advertising — by far Meta’s biggest revenue source — have contributed to Meta’s woes. This summer, Meta posted its first quarterly revenue decline in history, followed by another, bigger decline in the fall. Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm. He tweeted that there was no choice but to cut the jobs “when the company is losing over $4M/day,” though he did not provide details about the losses.Twitter’s new owner has sold 19.5 million shares — worth about $4 billion — of the electric car company he heads, according to regulatory filings.
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