Twitter update: After Twitter, Facebook has now decided to lay off 11,000 employees, read here for more

 
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It has been decided to remove 11,000 employees from Facebook's parent company Meta. This is the biggest layoff in Facebook's 18-year history. The main reason for this is that the company lost $ 3.7 billion in the last quarter. Facebook / Meta Layoff: There is a competition to fire employees in big social media companies. First Twitter did mass layoffs, now it's Facebook's turn. Meta Platforms, the parent company of social media company Facebook, has decided to lay off more than 11 thousand employees simultaneously. This will be the biggest layoff in Facebook's 18-year history. According to the company, the decision to lay off employees has been taken to cut costs. The company's results have been disappointing. There has been a sharp decline in the company's earnings during the last quarter. To deal with this, Meta has taken the step of cutting costs and retrenchment.

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13% reduction in team

The company's CEO Mark Zuckerberg told through a blog that he is going to take the toughest step ever in the history of Meta. The company has decided that it will reduce the size of its team by 13 percent and lay off 11,000 qualified employees. Along with this, Zuckerberg said that he is going to take many more such steps to bring the company back on track. This includes important steps to cut costs and reduce costs. Zuckerberg said that he takes responsibility for this decision, but it has become a compulsion to take this step.

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The company has suffered a huge loss

According to market experts, the main reason for this layoff is that Meta's virtual reality company, Reality Labs, lost $ 3.7 billion in the last quarter. At the same time, Meta's stock price has been falling, reaching its lowest level since 2016. Last month, the company was valued at $270 billion, while last year the value of the company was more than $ 1 trillion. Meta's market cap has declined by $230 billion as of February 3, 2022. This is the biggest drop in a single day in the history of any American company. Apart from this, the expenses of the company have also increased rapidly, while the earnings are not being made accordingly. The big fall in Meta's stock has taken a toll on its business. Because of this, the company is said to be under immense pressure.