After Twitter, Mark Zuckerberg, the owner of Meta company, has fired 11,000 employees from his company. Mark wrote a letter to the people fired from the company. In which he told why we took such a decision in the end. The company’s Chief Executive Officer (CEO) Mark Zuckerberg said in a letter to employees on Wednesday that the decision had to be taken due to the decline in revenue and the ongoing crisis in the technology industry.
Continue to decrease ads
Regarding the layoffs, Zuckerberg said in a statement that “unfortunately these are not as per my expectation”. Our revenue has dropped much below what I expected due to signs of declining advertising. I misunderstood it and I take responsibility for it.” Last week Twitter laid off nearly 50 percent of its 7,500 employees.
Market affected after lock down
Like other social media companies, Meta also registered strong growth during the lockdown implemented due to the pandemic. During this, a large number of people stayed at home and spent more time on their phones and computers. However, after the end of the lockdown, people started going out and the earnings of these companies started staggering. The decline in Meta’s biggest source of income – online advertising and the economic slowdown – exacerbated the crisis for the company. This summer Meta reported a quarterly decline in earnings for the first time in its history. Investors are also worried about Meta investing more than $10 billion a year in the Metaverse as its focus is shifting away from the social media business. Meta and its advertisers are facing a potential slowdown. Apple’s privacy tools are also facing challenges, making it harder for social media platforms like Facebook, Instagram and Snap to track people without consent and deliver targeted ads.
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