This Company Is SECRETLY Laying Off THOUSANDS Of Employees (META)

This Company Is SECRETLY Laying Off THOUSANDS Of Employees (META)

We all know that Covid-19 pandemic hit many businesses around the world. But only a few know that one of these businesses also included the Tech Giant Meta! Ever since then, the tech giant has been struggling to keep the stocks up and maintain its performance. Meta has been going down for years, and now it has resorted to secretly laying off its workforce.

Yes, Meta is surprising its employees with letters that their services are no longer needed!

Why is this happening? Let’s Explore!

Meta’s Struggles
When we are saying Meta, we are talking about a parent company that owns two of planet earth’s most used social media sites: Facebook and Instagram. And our favorite messenger Whatsapp. Facebook, that has more users than the population of Earth, has gone through multiple evolutionary phases. Now, it is not only a social media platform to connect with your friends, but a complete marketing and business management platform. However, Meta has been struggling with its business for a year now.

In October 2022, Meta's shares took a nosedive, plummeting by a massive 24% to reach their lowest level in nearly four years. One Wall Street analyst described it as a "train wreck" of an earnings report. It's hard to believe that just a year ago, Meta was on top of the world. CEO Mark Zuckerberg had made a grand announcement, declaring with great fanfare that Facebook was changing its name to Meta Platforms, as they set their sights on the "metaverse."

Back then, Facebook's market value was soaring, reaching an all-time high of over $1 trillion in September 2021. Their profits and revenue were skyrocketing, as advertisers rushed to Facebook and Instagram to reach their billions of users worldwide.

However, fast forward to 2022, and things took a dark turn for Meta. The tech industry as a whole faced some serious hits this year, but Meta's stock plummet has been particularly brutal. Their shares plummeted by a staggering 67% from a year earlier. This resulted in Meta's market value taking a massive hit of around $700 billion! It's a stark reminder that even the giants of the tech industry can falter, and the volatility of the market is always lurking around the corner.
So, what did Meta do to save the day?
Zuckerberg’s Efficiency Plan

The plan that Zuckerberg came up with to save Meta was to dedicate a whole year to enhance the company’s efficiency. Zuckerberg called 2023 the ‘year of efficiency.’ And the action began with a massive lay off campaign. In November 2022, Zuckerberg announced that 13% of the entire Meta’s work force would be going home. Why? Because there was certainly nothing getting done. Furthermore, the massive number of employees meant unnecessary delays in the procedures. The employees reported that in the aftermath of the pandemic, the company was taking months to do a week’s work.

So, Meta secretly laid off 11,000 employees at the end of 2022. You may think it is no secret, but to those who were laid off, it really came as a surprise. These employees were considered expendable and a hurdle to the best functioning of the company. These employees were handed pink slips as a shocker, but the cut offs haven’t stopped yet!

Bloomberg has reported that in another week, Meta plans to lay off many more workers. Zuckerberg has reportedly said that:

“Next, we’re working on flattening our org structure and removing some layers in middle management to make decisions faster”.

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