With its billions of dollars of investment in Metaverse, it has recently come to prominence meta, which had experienced a massive decline in stocks earlier this year, dropped to the bottom of the list of the most valuable companies. The company, led by famed billionaire Mark Zuckerberg, has faced the same problem again in recent days after competition in the tech sector increased and upset its investors.

Now, new information has emerged that once again shows that the company is going through tough times. A report published by the Wall Street Journal; The company, which includes platforms such as Facebook, Instagram and WhatsApp, will cut costs in the coming months. at least 10% reported that it will decrease

Meta started firing many of her employees

With this news, several sources are already under Meta’s plans. lay off many employees reported it started. It was also said that this is just the beginning and that the company plans to lay off many more people in the future. We can say that the reason for this is the increasing competition in the sector, the economic hardships experienced around the world after the pandemic and affecting the companies. The money and staff that Meta spends on the Metaverse may also have had a negative impact on the business.

CEO Mark Zuckerberg made statements about the company, which was hit by competition in the technology market and lost sales for the first time in 10 years, indicating that this situation could also happen in July. The 38-year-old billionaire reveals that the company’s resources reforming according to institutional priorities stated it should.

Meta spokesperson Tracy Clayton also referenced these statements by Zuckerberg, “We have been open to the public about the need to change our teams to meet the challenges.” used the sentences. Clayton also noted that they give displaced workers time to apply for new jobs; so the company can retain people it would otherwise lose.

No information has been shared about how many people have been laid off so far. The company announced that it had 83,553 employees at the end of the second quarter of the year, a number that increased by 32% compared to the previous year.

Google also started firing employees

Another company affected by the industry events is: google. According to the Wall Street Journal, the giant company has some employees as part of its cost-cutting plans if they want to stay with the company. they need to apply for new jobs told. Accordingly, Google requested more than 100 employees in its R&D group, Area 120, to find another job with the company within 90 days.