While Meta already shelved the integration of NFTs on Instagram this week, Mark Zuckerberg has informed that the company will be parting ways with 10,000 people. Last year, the group had already laid off 13% of its workforce.
Meta will lay off 10,000 employees
While Meta already had to part with 13% of its workforce last year, Mark Zuckerberg announces that his company has chosen to lay off 10,000 people within the next few months. The person concerned sent a long letter to his staff for this, in which he mentioned the need to say “goodbye to talented and passionate colleagues“.
Affected employees will be notified, and a hiring freeze and also to be planned. This restructuring will begin with the recruitment team, before extending to the technology division next month, then the sales staff by May.
One of the objectives of this decision is to “flatten” the hierarchical organization, so as to eliminate intermediaries in the decisions, with the aim to improve the functioning of the company :
“Of course, each layer of a hierarchy adds latency and risk aversion to information flow and decision making. Each manager usually reviews the work and tweaks some rough edges before sending it higher up the chain. During our “Year of Efficiency”, we will make our organization flatter by removing several levels of management. »
🎧 Listen to this article and all other crypto news on Spotify
Indeed, Mark Zuckerberg argues that the job cuts last year would have already showed a gain in efficiencyand that he had hitherto “underestimated the indirect costs of lower priority projects“.
While Meta sparked excitement around the metaverse in the fall of 2021, the struggles throughout the ensuing year have certainly leads the company to make these strategic choices to ensure its sustainability.
As for the group’s share, if it is still trading at almost 50% less than its all-time high (ATH), i.e. 194.02 dollars against 381.75, it still shows a clear progress since the beginning of the year with an increase of nearly 120%.
👉 Also in the news — Meta shuts down NFT plans on Instagram
Trade stocks or cryptos
A €20 action offered when you register 💰
Source: Meta
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
534 items
