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Meta to lay off thousands more just weeks after cutting 11,000 jobs
Posted on 3/8/23 at 8:36 am
Posted on 3/8/23 at 8:36 am
LINK
quote:
Meta Platforms Inc. is set to slash thousands of more jobs this week on top of the 13% workforce reduction that CEO Mark Zuckerberg announced this past November, according to a report.
The tech giant, which owns social networking behemoths Facebook and Instagram, plans to notify employees within the coming days that their services are no longer needed, according to Bloomberg News.
The latest job cuts that are set to be announced this week are separate from the company’s overall “flattening” strategy, according to Bloomberg News.
Meta directors and vice presidents have been asked to compile lists of employees who are deemed expendable, Bloomberg News reported.
quote:
Zuckerberg pledged to investors earlier this year that 2023 would be Meta’s “year of efficiency.”
The Facebook founder also instituted a new “flattening” policy aimed at getting rid of middle managers deemed to be standing in the way of the company being more nimble and productive.
Meta has been offering nonessential managers buyout packages while cutting teams — all part of a companywide restructuring.
16
Posted on 3/8/23 at 8:38 am to WPBTiger
I’ve been seeing meta commercials lately.
They’re clearly getting desperate.
They’re clearly getting desperate.
Posted on 3/8/23 at 8:42 am to WPBTiger
You hate to see it....but you love to see it.
Enjoy unemployment you woke bitches!
Enjoy unemployment you woke bitches!
Posted on 3/8/23 at 8:43 am to Eli Goldfinger
Meta failed.
Now they have to run a business based on a valuation predicated on their core social media offerings minus the resources and wasted product development time they used on VR.
I have to think Zuckerberg also sees what Elon was able to do by slashing workforce at twitter. Most of the people at a business the size of Meta don’t produce anything of real value.
Now they have to run a business based on a valuation predicated on their core social media offerings minus the resources and wasted product development time they used on VR.
I have to think Zuckerberg also sees what Elon was able to do by slashing workforce at twitter. Most of the people at a business the size of Meta don’t produce anything of real value.
Posted on 3/8/23 at 8:46 am to WPBTiger
Couldn’t happen to a nicer bunch! ??
Posted on 3/8/23 at 8:49 am to WPBTiger
May be they can learn how to weld or another valuable trade.
The tech industry is deep trouble financially and more layoffs will occur as the year goes on.
The tech industry is deep trouble financially and more layoffs will occur as the year goes on.
Posted on 3/8/23 at 8:51 am to WPBTiger
Ahhhhh, the sweet smell of economics in a market that isn’t artificially manipulated.
How profoundly American.
How profoundly American.
Posted on 3/8/23 at 8:55 am to WPBTiger
quote:
company being more nimble and productive.
Get rid of those who expect salaries, benefits, etc. and replace them with indentured servants on work visas. Rinse and repeat.
Posted on 3/8/23 at 8:57 am to WPBTiger
O&G industry went through similar, multiple layoffs Q4 2014 through 2021. Sometimes you need a little difficulty to get you to clear out the brush.
Posted on 3/8/23 at 8:57 am to WPBTiger
Let's think logically thought about this, sans the knee-jerk response of "META is failing as a company."
You all do realize that from a books perspective, their numbers will go up, hence their share price. Guess who wins?
You all do realize that from a books perspective, their numbers will go up, hence their share price. Guess who wins?
This post was edited on 3/8/23 at 8:58 am
Posted on 3/8/23 at 9:02 am to WPBTiger
quote:
Meta to lay off thousands more just weeks after cutting 11,000 jobs
Why is Elon firing so many people?!?! I'll never buy a Tesla again after he went alt right.
Posted on 3/8/23 at 9:07 am to the_truman_shitshow
quote:
Let's think logically thought about this, sans the knee-jerk response of "META is failing as a company."
You all do realize that from a books perspective, their numbers will go up, hence their share price. Guess who wins?
This assumes that the current share price accounts for the value of the core enterprise, minus the baggage (expenses) of all those extra salaries.
In reality, quite a few of the tech monsters have a share price that reflects potential future earnings an order of magnitude larger than today because "we have lots of people developing innovative new stuff".
Turns out a lot of that innovative new stuff is smoke and mirrors and Facebook, Twitter, etc.. are one trick ponies.
As such they are cutting loose a lot of the dead wood and admitting defeat that all the innovative new stuff doesn't work, which means their share price (which currently reflects that bright new future) is likely to drop because the value of the core business is less than the value of the core business plus "innovative new stuff".
This post was edited on 3/8/23 at 9:08 am
Posted on 3/8/23 at 9:08 am to Putty
quote:
Why is Elon firing so many people?!?! I'll never buy a Tesla again after he went alt right.
Ha I like to call Tesla owners "undocumented Twitter owners" because their purchases enabled Musk to buy Twitter, but they didn't get shares.
Posted on 3/8/23 at 9:12 am to WPBTiger
#learntoweld
Posted on 3/8/23 at 9:17 am to tadman
quote:
the value of the core business is less than the value of the core business
Makes sense.
Let's take a different approach here, moving away from fundamentals/forward earnings as a factor of share price.
Let's say Black Rock and the WS hegemony decide to "invest" in META and other Big Tech, not based on future earnings ROI but merely based on politics, i.e. ESG.
Couldn't that also move the needle?
This post was edited on 3/8/23 at 9:19 am
Posted on 3/8/23 at 9:20 am to WPBTiger
Still not sure why they needed to hire an entire town and pump $500 Billion to build the Nintendo Miiverse from 2012 but whatever
Posted on 3/8/23 at 10:43 am to tide06
quote:
I have to think Zuckerberg also sees what Elon was able to do by slashing workforce at twitter. Most of the people at a business the size of Meta don’t produce anything of real value
We all know how Elon thinks. It's a fun thought exercise to pretend he is your executive and try to justify your existence to him. Can you do it? Would he keep you?
Posted on 3/8/23 at 11:37 am to WPBTiger
Zuck sank 10B into the VR Metaverse based on his arrogance and ignorance.
Having some actual experience in VR and related areas I can only say that wearing head sets with little screens an inch or two from your eyes very quickly becomes eye strain for almost everyone. There is no escaping that physiological reality.
Having some actual experience in VR and related areas I can only say that wearing head sets with little screens an inch or two from your eyes very quickly becomes eye strain for almost everyone. There is no escaping that physiological reality.
Posted on 3/8/23 at 11:41 am to WPBTiger
Learn to January 6, you compliant little matrix-living bitches.
Posted on 3/8/23 at 11:43 am to WPBTiger
I'm sure creative AI is playing a part in this.
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