Tech future in question following mass layoffs
The future of social media platforms like Facebook and Twitter are in doubt as people power call for public social media platforms that aren’t affected by advertising.
Yesterday the parent of Facebook, Instagram and Whatsapp - Meta - said goodbye to 13% of its employees on the back of its recent slide in quarterly profits. Meta CEO Mark Zuckerberg says the company grew too quickly during the pandemic, and as a result, overspent and overhired.
The mass layoff is certainly of concern to the tech industry, with the recent firing of around half of Twitter’s employees, including about 90% of its staff in India.
For a company valued at US$1T just last year, Meta’s share price is down 67% this year so far. Things are also not as nice for TikTok, with its recent valuation of US$300B down a quarter.
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