Mark Zuckerberg, the CEO of Meta, said that Facebook has decided to cut more than 11,000 jobs, or about 13% of its workforce while keeping its “long-term vision for the metaverse.”

The layoffs are part of a plan to cut losses. They come just a few weeks after a very bad earnings report showed that the metaverse division had lost more than $9.4 billion for the year.

In a letter to employees, Zuckerberg also said that spending will be cut at the social media company and that the hiring freeze will continue into next year.

Zuckerberg said that a macroeconomic downturn and losses in e-commerce “caused our revenue to be much lower than I’d expected.” To make up for this, the company has put more resources into a smaller number of high-priority growth areas, such as its AI discovery engine, its ads platform, and its push into the metaverse.

Meta has already cut off access to systems for fired employees, but they will be able to use their email addresses all day “so everyone can say goodbye.”

“I want to be responsible for these choices and how we got to this point,” he wrote. “I know this is hard for everyone, but I feel especially bad for those who have to deal with it.”

https://altcoin.ng/facebook-fires-11000-employees/

Is this man not wasting his money on this Metaverse thing?

AR is NOT the future!