Home / Trend News /Meta Announces Layoffs Affecting 13% Of Workforce; More Than 11,000 Employees To Be Fired Amidst 'Cultural Shift'

Meta Announces Layoffs Affecting 13% Of Workforce; More Than 11,000 Employees To Be Fired Amidst 'Cultural Shift'

09 Nov 2022

The EverEarn token ($EARN) launched on the BNB Chain in January 2022 with a simple goal; to show that a new startup cryptocurrency can be run like a business from the beginning, without any false hype or empty promises, while providing increased passive stablecoin ($BUSD) payouts, and continue to grow, evolve, and expand.

Dave Rahman is the Co-Founder of EverEarn. He recently joined the Bitcoin.com News Podcast to talk about the project:

IT Professional with over 15 years’ experience running IT departments, filling C-Suite IT positions, and advising companies on information security and compliance. Began in crypto almost 2 years ago as a novice investor and continues to consume a learn all-things-crypto. Began EverEarn to be part of the solution of helping to move crypto towards mass adoption, by helping further elevate and legitimize the crypto space through education of the general public, and working to provide a scam-free cryptocurrency environments.

Despite the economic downtrend for the past 8 months, EverEarn has paid out over $2 million in $BUSD stablecoin back to holders and is now expanding to the Ethereum blockchain. The team has maintained daily community voice chats since launch, and provides a monthly community address, which gives everyone a clear picture of the activities for the current month, as well as the month ahead. The EverEarn team is now bringing this community mentality and commitment to the Ethereum blockchain, and is doing so in a big way.

To learn more about the project visit everearn.net, and follow the team on Twitter or Telegram.

The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.

This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.

 

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The EverEarn token ($EARN) launched on the BNB Chain in January 2022 with a simple goal; to show that a new startup cryptocurrency can be run like a business from the beginning, without any false hype or empty promises, while providing increased passive stablecoin ($BUSD) payouts, and continue to grow, evolve, and expand.

Dave Rahman is the Co-Founder of EverEarn. He recently joined the Bitcoin.com News Podcast to talk about the project:

IT Professional with over 15 years’ experience running IT departments, filling C-Suite IT positions, and advising companies on information security and compliance. Began in crypto almost 2 years ago as a novice investor and continues to consume a learn all-things-crypto. Began EverEarn to be part of the solution of helping to move crypto towards mass adoption, by helping further elevate and legitimize the crypto space through education of the general public, and working to provide a scam-free cryptocurrency environments.

Despite the economic downtrend for the past 8 months, EverEarn has paid out over $2 million in $BUSD stablecoin back to holders and is now expanding to the Ethereum blockchain. The team has maintained daily community voice chats since launch, and provides a monthly community address, which gives everyone a clear picture of the activities for the current month, as well as the month ahead. The EverEarn team is now bringing this community mentality and commitment to the Ethereum blockchain, and is doing so in a big way.

To learn more about the project visit everearn.net, and follow the team on Twitter or Telegram.

The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.

This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.

 

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Meta, the social network company, has announced that it will cut 11,000 jobs, letting go of 13% of the employees in its workforce amidst a “cultural shift” in the company. Mark Zuckerberg, CEO of the company, explained this decision was made due to a need to become more “capital efficient,” and described the next steps the company will take moving forward.

Mark Zuckerberg, CEO of Meta, the company previously known as Facebook, announced today the company would cut jobs for 13% of its workforce, letting go of more than 11,000 employees in the coming days. The decision comes after a determination to take the company in a “leaner and more efficient” direction, as the CEO explained in a blog post detailing the measure.

Zuckerberg said the company had believed the growth fueled by the coronavirus pandemic would be permanent, and that’s why it ramped up its investments. Zuckerberg acknowledged this has been a mistake, and also included the current macroeconomic conditions and increased competition as aggravators of the situation caused by a drop in revenue. Zuckerberg stated:

I got this wrong, and I take responsibility for that.

As part of the measures taken to increase the efficiency of the company, Zuckerberg stated that the layoffs are part of a “cultural shift” that will affect how the company operates. As an example, Meta will be sharing desktops amongst employees that are partially employed and will continue the current hiring freeze throughout Q1 2023. Furthermore, he added that more cost-cutting measures will be rolled out in coming days.

Some teams of the company will be more affected than others, Zuckerberg stated, with Reality Labs, the metaverse-focused division, also being mentioned among the affected divisions. However, Zuckerberg remarked that his “long-term vision for the metaverse” will continue to be considered one of the “high-priority growth areas” for the company. The employees affected by these layoffs will enjoy a series of benefits that include severance, career services, and immigration services support for employees working with immigration visas.

The market reacted in a positive way to the announcement, with the price of Meta’s stock gaining almost 5% in the premarket, at the time of writing. Meta’s stock price has been pummeled this year, going from $331 in January to $96 this week, in part thanks to the lukewarm reaction that investors have had regarding the pivot the company is making to the metaverse and to the losses that the Reality Labs division, responsible for metaverse developments, has registered thus far.

What do you think about the more than 11,000 employees to be laid off by Meta? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons, askarim / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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