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Facebook and WhatsApp parent company plans "thousands" of layoffs worldwide due to poor revenue performance, as has happened with Twitter since Elon Musk bought the company
By BAE Business
Goal, the parent company of Facebook, Instagram and WhatsApp, plans to lay off thousands of employees starting this week due to the economic crisis that the sector is experiencing, which has already pushed several technology companies to take similar measures. Among them is Twitter, where Elon Musk fired half of the workers after his controversial purchase of the firm.
The diary The Wall Street Journal, Citing people familiar with the matter, the company said the layoffs could affect “many thousands” of Meta employees and that the job cuts would be announced on Wednesday.
As of September 30th Meta had about 87,000 employees on its staff. worldwide on its various platforms, including social media sites Facebook and Instagram, as well as the social media platform WhatsApp messaging, reported the news agencies AFP, Sputnik and Europa Press.
Following the recent release of disappointing quarterly results, Meta's CEO, Mark Zuckerberg, He said that The company's staff is not expected to increase by the end of 2023 and could even decrease slightly.
Last Thursday, Silicon Valley companies Stripe and Lyft announced large-scale layoffs, while Amazon said it would freeze hiring at its corporate offices. Twitter, recently bought by Elon Musk, has just laid off almost half of its 7,500 employees.
These platforms whose business model is based on advertising They are particularly affected by advertisers' budget cuts, which are affected by inflation and rising interest rates.
Meta's net profit fell by $4.4 billion in the third quarter (-521Q3Q year-on-year).
“We face a unstable macroeconomic environment, increased competition, ad targeting issues and rising costs for our long-term investments, but I must say that our products are better than some comments suggest,” Zuckerberg said at the end of October, trying to give a reassuring message.
However, the The Californian group's shares fell by 24,561 TP3T the following day on Wall Street.
In one year, Meta lost nearly $600 billion in market capitalization.
The firm has been worrying the markets since the beginning of the year, when it announced for the first time that it was losing users on its original social network, Facebook.
In addition to its problems with advertising, Investors have been concerned about Zuckerberg's decision to devote large funds to developing the metaverse, a budding parallel universe presented as the future of the internet.
These layoffs add to those of Twitter after its acquisition by the South African tycoon Elon Musk, who ordered dismiss 50 percent of the workforce, thus dismissing thousands of people in its various branches around the world.
The billionaire justified the decision by saying that “there is no other option when the company is losing more than four million dollars a day.”
In that context, Musk plans to set up a paid subscription service to verify user accounts, an initiative that the South African had to come out to defend in the face of the numerous criticisms he received.
“Widespread verification will democratize journalism and empower the voice of the people,” he tweeted, responding to concerns from associations, advertisers and even the United Nations, which fear an increase in hate speech and misinformation online, AFP said.
With the new plan, users who pay 8 dollars per month for the platform's subscription service, called Twitter Blue, they will receive the blue checkmark indicating that the account is verified.
That feature is currently offered only to accounts that meet certain criteria. requirements, such as being public figures, an approach Musk described as a “lords and vassals system.”
On iPhones, the app Twitter already mentions the new service, but its release was postponed to Wednesday, the day after the US midterm elections, according to the New York Times.
” Twitter “We need to become by far the most accurate source of information about the world. That is our mission,” Musk tweeted on Sunday. However, many observers fear the emergence of fake accounts.
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