- The Metaverse segment lost around $3.7 billion in Q3 2022.
- Mark allegedly admitted responsibility for the business’s mistakes that led to the layoffs.
Recently, layoffs have become more prevalent. Many firms operating in the cryptocurrency industry have started laying off employees as a means of cutting costs.
Moreover, it was reported that Meta had is planning to follow suit and was getting ready for “large-scale layoffs.” Many have speculated that the Reality Labs department may suffer significant staff reductions. According to the data, the Metaverse segment lost around $3.7 billion in Q3 2022.
Mark Zuckerberg has already announced that the layoffs will begin tomorrow, marking the next development. The CEO has even acknowledged that he bears responsibility.
First Time in Almost 2 Decades
Mark allegedly admitted responsibility for the business’s mistakes that led to the layoffs at a meeting with company executives on Tuesday. Zuckerberg has admitted that overhiring was the result of his over-optimism about growth, as reported by the WSJ.
Employees who are laid off would get at least four months’ pay in severance, Lori Goler, Head of Human Resources at Meta, assured the session participants. According to unidentified sources quoted by WSJ, Zuckerberg said that the company’s layoffs will begin on Wednesday and would affect the company’s business and recruitment teams.
It was said that immediately after the conference, firm directors started informing their staff of the impending cutbacks. In addition, staff was told to postpone any upcoming non-work-related trips in light of the impending layoffs.
Layoffs will be the first in the company’s almost two-decade existence. Whereas Meta Platform stock ended the day down 0.26% on November 8, it rose 0.39% during the after-trading hours.
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