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The news website The Leak quoted a source close to the company as saying that Zuckerberg would resign next year. Report Was published. After this, Meta’s share price had increased by about one percent. Responding to the report, Meta spokesperson Andy Stone called it false in a tweet. The value of Meta was once more than one trillion dollars. It has come down to about $256 billion. The company’s value has decreased by more than 70 percent this year. More than 11,000 workers are being laid off from Meta. This company’s total workforce is about 13 percent. The company is facing difficulties like rising cost and weakness in advertisements.
The business of tech companies grew rapidly during the pandemic and its impact was also seen on their valuations. The valuations of these companies have declined significantly this year due to increase in inflation and interest rates. In this regard, Zuckerberg told staff in a message, “Weakening macro economic conditions, increasing competition and reducing advertising have resulted in our revenue being much lower than anticipated. I made a mistake and I take responsibility for it.” He had said that the company needs to invest its resources in areas with high potential for growth such as AI, advertisements and the Metaverse project.
The laid off staff will be given 16 weeks base pay plus two additional weeks base pay for each year of service. Apart from this, the company will also pay for six months of healthcare cost. Meta said that it is also planning to stop hiring till the first quarter of next year along with reducing non-essential expenditure. Meta had grown for many years but at the beginning of this year it saw a decrease in its daily users for the first time.
(This news has not been edited by NDTV team. It is published directly from syndicate feed.)
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