![]() As the name suggests, Meta now cares a lot about the metaverse, you know, this future in which, you know, we're all wearing these fancy headsets and going about our lives in virtual reality. So when the ad market gets shaky, social media companies get clobbered.Īnother major factor has to do with what's happening inside of Meta. Remember, around 97% of Meta's revenue comes from ads. And companies reliant on ads like Meta are really feeling the pain. I mean, the fear of a recession, rising inflation and the war in Ukraine just have caused the advertising sector to slow down. Firstly, the online advertising market is really taking a beating right now. But is that it? Were there other factors at play here?ĪLLYN: There was some other factors at play. MARTIN: So they overestimated their growth plan. He wrote, quote, "I know this is tough for everyone, and I'm especially sorry to those impacted." ![]() CEO Mark Zuckerberg personally apologized to employees today, calling it, you know, one of the most difficult decisions in the company's history and saying he takes personal accountability for the action. It's been a bruising year for the tech industry. But Meta, like so many other tech firms, went on a hiring spree during the pandemic, when so much of our lives went digital, and a lot of that hiring was sort of hanging on the hope that the rapid growth would continue. It's worth noting that Meta is a massive company of more than 87,000 employees, you know, working on Facebook, Instagram, WhatsApp and other services. As you mentioned, they started notifying 11,000 workers today that they had no choice but to eliminate some of these positions. MARTIN: So has Meta already started notifying employees who are getting laid off at this point?ĪLLYN: They have. We've got NPR tech reporter Bobby Allyn with us. And these layoffs are the first the company has made since it was founded 18 years ago. Meta, the parent company of Facebook, is laying off 11,000 employees. The economy has been a major concern for voters, but businesses are also concerned about the state of the economy. ![]() On this day after the election, there is other news to report. ![]()
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