Summary
This page provides selected news about Facebook with a focus on the decline of the platform. On 9 Nov 2022, it was announced that 11,000 people would be let go from the company.
In addition to the challenges of difficult economic times, social media platforms are encountering consumer fatigue.
People are:
- Growing weary of the endless habitual mindless scrolling that the platforms attempt to foster through various AI manipulations.
- Concerned about the ability of people of bad intensions being able to manipulate the platform to spread conspiracy theories.
- Tired of an increasing number of annoying bots and fake user accounts.
- Tired of imposter user accounts that pretend to be someone.
- Tired of an inefficient system that doesn’t allow them to reliably communicate important news to friends, family, colleagues, customers, and the world.
More information is below.
CBS News (9 Nov 2022)
“Facebook parent company Meta announces mass layoffs” — Facebook’s parent company, Meta, announced on Wednesday that it is laying off more than 11,000 employees, or about 13% of its staff. Ben Bergman, a senior correspondent at Insider, Inc., discusses the tech giant’s tumultuous year and uncertain future on CBS News. [Source]
Engadget (9 Nov 2022)
“Meta is laying off more than 11,000 employees” — Engadget, Karissa Bell, 9 Nov 2022 at 6:14 AM. [Source]
- Excerpt: “Meta is reducing the size of its workforce by about 13 percent and letting more than 11,000 of its employees go in the first mass layoffs in the company’s history.”
Inside Edition (9 Nov 2022)
“Mark Zuckerberg Lays Off 11,000 Meta Workers” — Facebook founder Mark Zuckerberg is laying off 11,000 workers after losing billions on the so-called “metaverse.” Fired workers received the bad news through an email and were given one more day’s access to their work emails to say farewell to their colleagues. The “metaverse” was reportedly mocked even by people working on the new technology. In a letter to employees, Zuckerberg says “This is a sad moment…I want to take accountability for how we got here.” [Source]
NBC Bay Area (9 Nov 2022)
“Facebook Parent Meta Cuts 11,000 Jobs, 13% of Workforce” — Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday. Scott McGrew reports. [Source]
Reuters (9 Nov 2022)
“Meta cuts 11,000 jobs as it sinks more money into the metaverse” — Reuters, Aditya Soni and Nivedita Balu, 9 Nov 2022 at 6:22 PM CST. [Source]
- Excerpt: “Meta Platforms Inc (META.O) said on Wednesday it would cut more than 11,000 jobs, or 13% of its workforce, as the Facebook parent doubled down on its risky metaverse bet amid a crumbling advertising market and decades-high inflation. The mass layoffs, among the biggest this year and the first in Meta’s 18-year history, follow thousands of job cuts at other tech companies including Elon Musk-owned Twitter Inc, Microsoft Corp (MSFT.O) and Snap Inc .”
The Guardian (9 Nov 2022)
“Facebook owner Meta to sack 11,000 workers after revenue collapse” — The Guardian, 9 Nov 2022 at 7:55 AM EST. [Source]
- Excerpt: “The first round of redundancies in the company’s history comes after its workforce peaked this year at 87,314.”
Washington Post (9 Nov 2022)
“Meta laying off 11,000 as tech industry slashes jobs” — Washington Post, 9 Nov 2022, Will Oremus, 9 Nov 2022 at 3:18 PM EST. [Source]
- Excerpt: “Facebook parent company Meta plans to cut more than 11,000 jobs, or 13 percent of its workforce, as it seeks to scale back expenses and transform its business in a more competitive digital advertising market. The social media giant also will cut discretionary spending and extend its hiring freeze through March…”