Facebook as laid off 11,000 employees today. Although this may not feel like web3 news, some of the decisions are due to the downstream impact of Mark Zuckerberg’s recently pursuit of the Metaverse via Horizon Worlds. The cut represents about 13% of the total staff according to a letter by Zuck.
In October the complanyposted Q4 earnings that showed a expenses jumping 19% year over year to 22.1 Billion dollars. Immedtly dropping the shares 20%. The stock continnued to spin down but cutting cost seems to be the best move for the company as ad revenues have suffered since the Apple privacy updates and Mark continuing to bet part of his farm on VR and the metaverse.
Written by: WarBiscuitNFT
