Meta, the parent company behind Facebook, is going through chaos this Wednesday afternoon. Over 11,000 employees have been fired, as CEO Mark Zuckerberg carries out his promise to cut 13% of staff due to the company’s inefficiency. However, Zuckerberg gave the heads up to Meta’s executives yesterday. At a Tuesday morning meeting, he called the radical move a “last resort.”
Did Meta Blow Up Too Quickly?
Meta had been expanding for several years in a row, acquiring the popular social media platform Instagram and pairing it with Facebook. Moreover, Meta bought WhatsApp, only to become the owner of the most popular messaging app along with Messenger. Things looked promising for Meta, as the tech powerhouse was evaluated at over $1 trillion just last year.
However, the ambitious approach to the metaverse and a few rather adventurous bets have sent the company’s share price to the bottom. Meta…
