Meta grapples with a disappointing outlook due to slowing global economic growth, competition from other social media outlets like TikTok, changes in Apple’s privacy policies and concerns about massive spending on the metaverse. That is the dream project of Meta CEO Mark Zuckerberg, which consists of a virtual world in which people can do all kinds of business from their own home.
As a result of the issues, Meta’s stock has plummeted in value. More than 500 billion euros in market value has already been lost this year.
Many other Silicon Valley tech companies have also made significant cuts in their workforces recently, or plan to do so in the near future. Twitter cut 3,700 jobs last week.