Twitter which is now owned by Elon Musk has caused a lot of stirs in the tech landscape when He (Musk) laid off more than 50% of its workforce which left a lot of backlash. This trend might continue as Meta now joins the list of tech companies planning to lay off thousands of employees in order to complete their goals.
Mark Zuckerberg has told investors to be patient as he pours most of its companies money into the development of the metaverse which might be a big reason why their stock has gone down the slope especially in its Q3 earnings report, Mark has also dropped in rankings of top richest people in the world with his position now at number 11.
This massive layoff is a move by the CEO of Meta to cut cost so that more financial resources are invested in making the metaverse the new norm for future consumers. Meta’s stock price is $ 95 as of today and investors are at the edge of their seats hoping that Mark Zuckerberg knows what he is doing and that it would pay off in the future for them.
