Last week, Meta laid off more than 11,000 workers. This is about 13 per cent of the total workforce of the company. company spokesperson Told That the resignations of Aggarwal and Bose were not linked to the layoffs by the company. The company has appointed Shivnath Thukral as the new Director of Public Policy in India. Facebook is facing regulatory challenges in India. The central government has started making strict laws for big tech companies. This has increased the difficulties for these companies. Meta-owned WhatsApp plans to expand its payments service in India. In this segment, WhatsApp will compete with Paytm, Google Pay and PhonePe.
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. meta Announcing the layoffs, Mark Zuckerberg, Chief Executive Officer, told employees in a message: “Weak macroeconomic conditions, increased competition, and reduced advertising have resulted in our revenue being much lower than anticipated. I’ve been wrong and I’m sorry.” I take responsibility for it.” He said the company needs to focus its resources on areas with high potential for growth, such as AI, advertising and the Metaverse project.
Meta had seen steady growth over the years, but earlier this year it saw a decline in daily users for the first time. This is the first time since the inception of the company that such a large number of staff are being laid off. Zuckerberg told analysts, “These are difficult times and I expect to do more with fewer resources.” Zuckerberg has been hit hard by the company’s rebranding and increased focus on the metaverse. His wealth has almost halved this year.