#Meta #tech #yahoofinance
Yahoo Finance Live anchors Brian Sozzi discuss reports that Meta has laid off more than 11,000 employees.
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well said on the last words
Eleven thousand🤣how many people work for meta?
87k
In 3 years their headcount will be 1. Mark Zuckerberg
@avarmauk You mean 1/3 of the workforce?
No. I mean it will just be Mark Zuckerberg left working by himself on the metaverse
@avarmauk lmfao
Wow, this is worse than Twitter, Lyft and Strike combined. The Metaverse is not happening and is a waste of their resources.
Some people are thinking this is good news for investors, but its not. Those laid off workers (and the many thousands or tens of thousands more that will be laid off) are totally selling their shares as soon as the vesting schedule lets them. This is going to put and keep massive down pressure on this stock for many years.
It’s 11k people no longer receiving stock based compensation. Your view is very short term
11k employees dumping stocks is nothing. Tens of millions of Meta stocks change hands EVERY day.
I’ve read reports of employees earning 6 figures are living paycheck to paycheck, so honestly, I can’t relate. 😑
Cost of living is high enough some places that six figures is baseline
poor money management. many people are facing reality checks…
@Matthew Ng, I acknowledge your point but there is such a thing as living off the fumes of credit cards salted with an entitlement of arrogant greed in this math equation.
@Matthew Ng exacthly i make that as a nurse living in cali not enough
Why tf did they have that many employees anyway? It’s a virtual business
They use extra employees for tax cuts
ikr
I think you forget that they have billions of users
@Abel nope, I didn’t forget. They have a boat load of money tied up in web 3.0
Web 3.0 is very reliant on crypto prices that are down at multi year lows.
@CryptoAndStockTalk then it’s fine he was creating jobs instead of paying all that money to the government
55-60% of a business expense it’s it salaries. Alot of ppl don’t understand this.
Kash is King!!!
Good to hear. Maybe they’ll go for some real work over office work.
What the hell could 11k people do to run a website? Obviously a lot of wasted money
They don’t just run a website. There are so many different departments within Meta, I personally don’t know all of them. But there are so many different titles from front end / backend developers, Quality assurance, PR, Network Engineering, Data center engineers, Cafeteria workers, they literally employ so many different people and contractors, it would be too gigantic of a list
@Ivan Vee obviously not wise investments or they wouldn’t be laying off thousands of people from most Social sites.
@MostPassiveUser doesn’t sound like what?
Where are they going to play ping pong and ride their scooters now???? 😂
@S Smith 😂
1:30 he said snaff 😂
that’s what they call the snap chat staff
Mark has fucking balls man, a true degen going all-in on his vision and willing to bet the whole bank on it. Respect.
No balls were needed to tell his staff to fire 11,000 people, with no thought given to whether the work went away before the people. That doesn’t take balls; that’s an example of delusional leadership. But, given his wealth, there are no consequences for being a novice leader.
Well at least they will have the paid time off over the holidays.I would be planning a mini vacation.
Going to Thailand. Was let go today and it sucks
Then when you comeback from that mini vacation cry on how you lost your job cause you will be back from squandering those few dollars instead of doing something with the money to multiply it
@Xris Manessa thats if your weak minded and fall into a victim mentality.
Great day for the economy
I can tell you for a fact that most business teams there are severely understaffed even before the meta pivot
Looks like the metaverse is a ghost town in our real universe.
The timing was all wrong. People are going through a lot and have NO time to deal with another universe.
Mark has to come back to earth.
Wow and Powell says our job reports are strong
Probably 11k people who weren’t doing anything. Sounds about right.
How about skip straight to going out of business already? Cesspool
If he was sorry for the layoffs, he wouldn’t have done it. It was his botched plan that led to the huge financial losses for META. With all of his pomp and circumstance, he could have paid for the losses out of his own pockets or absorbed the loss into his company. Instead, he decided to cut the jobs for employees who supported the business. 🛫
Great, given how terribly their concept of virtual reality worked, they deserve to be fired.
Suddenly – zuck takes inspiration from musk
Meaning his gonna ask them back to work again. What an inspiration.
Trimming fat is nothing new to improve numbers.
Where are they going to play ping pong and ride their scooters now???😂
They should learn to weld. We need more pipelines.
Boycott Mark Jukerburg
That antisemitic
Boycott Facebook Boycott Social Media
Mega Rich are insensitive to their damage to average working people!
I wonder if Meta will give these employees 90 days severance like Twitter did.
who cares
they are getting 120 days
@MC Rivas Plus 14 days for every year they were employed. That’s good news.
@lisamann mann What a pathetic response.
Technology is becoming more beneficial to the corporate giants than to the consumer. They need to pay extra taxes for every employee they lay off. Our Economy’s inflation isn’t all that bad, when compared to other countries. The good news is that unemployment is much lower than when Trump was President. High gas prices are a *GLOBAL ISSUE* and not just here in the good ol US of A,
wow. 11k layoffs…thats not even the amount they hired, YTD… what a joke.
They fired everyone 11k force is better than police department and military
In the past few years, top companies are giving over the top offers to attract talents, making mid and small sized companies to understaff. With the number of workforce going back to hiring pool, this is really not a bad thing in a macro view. It is unfortunate that people are losing their jobs, but recession is a correction on misallocation of capitals and resources so that a healthier economy can emerge.
What if nothing emerges? People are too busy being obese, doing fentanyl and lying flat to start businesses. America is finished.
META must learn from MNN (Musk News Network formerly Twitter). MNN has moved past social media and the MetaVerse. The new environment is called the MuskVerse. With the appropriate fee payment you can be upgraded from serf to commoner. His highness has spoken.
😂😂😂😂😂
What is cause of job firings? don’t have insurance or healthcare insurance before /after applying a job. Refusal to apply health insurance may risk getting fired. Say a company ask you get Vaccine Jab. You refuse to take for any reasons. You get fired.🤷♂
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Metaverse is stupid.
hes just retarded woke lizzard who played once vrchat and want its own…and now after he spend 100000000000$ hes like HEY I HAVE NO MONEY :((( I STILL WANT MY VRCHAT :((( what a fkn clown
When computers run by themselves. Imagine that.
you know whats funny about all these lay offs? why was it announce one day after the midterms, hmmmm.
The point everyone is missing is that Zuck won the tech lottery; he has no leadership experience whatsoever. The 11,000 got their jobs on his watch. This is an excellent example of what happens when a company becomes successful by chance. How much of the work those 11,000 people were doing was eliminated before the people were eliminated? My bet is none; they’ll spread that work across the remaining staff, and everyone will be miserable. At Twitter, Musk knows this and is takingthe adult approach by synchronizing the work worth doing with the people to do it. Zuck is simply taking the easy way out, the knee-jerk reaction of cutting heads. Hell, any one can do that.