The Great Reset of Facebook Layoff
Michael Spencer
A.I. Writer, researcher and curator - full-time Newsletter publication manager.
Hey Guys,
In an era where tycoons (Jack Dorsey) are apologizing for growing their businesses too fast, Meta could begin to carry out large-scale layoffs as soon as Wednesday, according to a report from the Wall Street Journal.
Who is surprised with the relative acceleration of tech layoffs we are seeing? You might say its apex is FinTech or Web 3, but some massive layoffs are indeed coming and not just at startups.
The problem of course with this is too many of us former users are actually celebrating. Many of us despise what Facebook did to consumer privacy. Mark Zuckerberg ushered in a dark era of toxicity on the internet, and many of us have bailed from social media as a whole as a result.
Recently Stripe let go of 1,000 and Twitter let go of nearly 3,800, but that’s nothing compared to what Facebook has to do.
Facebook shares have plummeted 73% this year, falling to their lowest since early 2016, and the social media giant is now the worst performer in the S&P 500 in 2022. With technology and the future getting a reset we have to wonder what went wrong for the advertising authority.
Some investors are also wary of Zuckerberg’s big bet on the metaverse, which lost $10 billion in 2021. Zuckerberg argues that the initiative will pay off in the long run.?Those losses are accelerating in 2022 without sufficient proof of market-fit. Betting on the future of VR is like gambling at this point, considering the lack luster adoption in the last decade.
Should we be worried about you Facebook? Thankfully Facebook has deep pockets to handle the turbulence of change and being hurt by Apple rules and being disrupted by TikTok. Though if you haven’t diversified your business, where do you run to if you are Mark Zuckerberg who has already lost a small fortune on the bad news?
It’s not clear just how massive the layoffs and cuts will be, but we’ll know more by this week.?
The Data Diva | Data Privacy & Emerging Technologies Advisor | Technologist | Keynote Speaker | Helping Companies Make Data Privacy and Business Advantage | Advisor | Futurist | #1 Data Privacy Podcast Host | Polymath
2 年Michael Spencer thank you for your always insightful commentary. FB has deep pockets and can afford to lose billions and still survive.
Generalist/Executive/Academic
2 年Whatever happens could fit just about any line of thought for opinions, some better than others. I'm looking forward for things like good process/steps, vision communication, and adjusted strategies/priorities. And, of course, market response! I'm okay with slowdown in building components of metaverse (but not exit!), yet with partnerships or buying specific skilled companies, for roles in metaverse development. Looking forward to see that and response of the markets.