Meta reportedly plans 'large-scale layoffs,' but what of its metaverse division?
As of the end of September, Meta had more than 87,000 employees — a large proportion of which is said to work in the Reality Labs division. Social media and tech giant Meta is reportedly gearing up for “large-scale layoffs” this week amid rising costs and a recent collapse of its share price.According to Wall Street Journal (WSJ) report on Nov. 6 citing people familiar with the matter, the planned layoffs could impact thousands of employees in a broad range of divisions across Meta’s 87,000-strong workforce.It is not currently understood whether the firm's Reality Labs division, which....
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The Facebook parent company announced it will let go of approx. 13% of its current workforce in the first mass layoff in the company’s history. The Facebook parent company Meta announced that about 13% of its current workforce has been cut in the first mass layoff in the company’s history. In a letter to his employees, Meta CEO Mark Zuckerberg announced the layoffs and also reiterated that the hiring freeze, which began earlier this year, will be extended into the first fiscal quarter of next year. According to the statement published through Meta’s newsroom, the layoffs terminated 11,000....
Meta, the company formerly known as Facebook, is preparing to face a strong market downturn. According to reports, Mark Zuckerberg, CEO of Meta, announced a change in the hiring policies of the company, lowering the number of engineers planned to be hired from 10K to 6-7K. Previously, Zuckerberg had warned about the metaverse pivot of the company and how it could make it lose money in the near future.
Meta Preparing for a Difficult Future
Meta, the social media and tech company that pivoted to metaverse tech, has announced a series of actions to help it face a market downturn in....
Meta (formerly Facebook) officially declared its entry into the metaverse space last year with the Reality Labs division. Its announcement had understandably triggered the popularity of metaverse projects and their tokens during this time, as a lot went on to rally to billions of dollars in market cap. However, while Meta had been able to trigger positive growth for other metaverse projects, it has been unable to do so for itself as it reports another quarter of massive losses. Meta’s Reality Labs Records Losses Since Meta’s entry into the space via its Reality Labs division, the tech....
Meta reportedly plans an integration to allow social media users to display their NFTs on Facebook and Instagram. Multinational tech conglomerate Meta is reportedly diving into nonfungible tokens (NFTs) by integrating a feature that will let users show off their NFTs on their Facebook and Instagram profiles. According to the report, Meta is currently working on prototypes that will allow users to mint collectible tokens.Meta is also discussing potentially launching a marketplace that allows the buying and selling of NFTs. However, while the news may excite millions of NFT enthusiasts that....
Meta, the metaverse-based platform, has announced the launch of a new wallet directed to support value interaction in the metaverse. Meta Pay, a rebrand of the former Facebook Pay service, will keep fulfilling the same functions that Facebook Pay did in the past, but will be developed as a universal way of paying for goods and services using digital identities in the metaverse.
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Meta is trying to solve the problem of transaction and value interactions in the metaverse. The company announced the launch of a new digital wallet that will support the....