Meta Announces Layoffs Amid Transition to Metaverse-Focused Business Strategy
Facebook parent company Meta CEO Mark Zuckerberg addressed the company’s staff on Thursday following layoffs, marking a significant moment in the social media giant's history. The company, which has more than 60,000 employees worldwide, announced that it would be reducing its workforce by 10%, equating to around 6,000 job losses.
Known as “Meta layoffs,” the move comes amid a restructuring of the company following Facebook's decision to change its name to Meta in late 2021, as part of its transition towards a metaverse-focused business strategy. The company has faced criticism in recent years for its handling of user data and privacy concerns, and the move towards the metaverse has been seen as a way to pivot away from the social media platform's current business model.
In his address to staff, Zuckerberg described the job cuts as a necessary move towards the company's future metaverse-focused business strategy. He stated that the layoffs were part of a broader restructuring effort to ensure that Meta remains focused on its long-term goals and continues to invest in the development of the metaverse.
The metaverse is a virtual world where users can interact with each other in a variety of ways, including gaming, shopping, and socializing. Meta believes that the metaverse