Meta Lay Off 11,000 Employees, 13% of the Company Staff.

Meta, parent company of Facebook is laying off 11,000 workers from overall 87,000 employers, this lay-off account for 13% of company employees. Mark Zuckerberg spent $15 billion on a metaverse and VR project.

Facebook is facing slow growth for active users and it making lower revenue from advertising.

Companies under Meta

1. Facebook

2. Instagram

3. WhatsApp

4. Oculus VR

This year Facebook stock has performed poorly with PE ration reduces to 9.

References

-https://kotaku.com/meta-facebook-mark-zuckerberg-layoff-vr-metaverse-1849761588