the staff of the Ridgewood blog
Ridgewood NJ, Meta stock has plunged 71% this year amid disappointing earnings and sliding revenue leading to Mark Zuckerberg layoff 11,000 employees from Facebook-parent Meta. The mass firing maybe the most drastic retrenchment since the founding of Facebook in 2004.
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The layoffs reflect a sharp slowdown in the digital advertising market amid fears of an a recession and Zuckerberg’s multibillion-dollar investment in a speculative virtual-reality push he calls the “metaverse.”
Zuckerberg said in a statement, taking responsibility for the mass terminations, that he’d anticipated the surge in web traffic from the beginning of the Covid-19 lockdowns would be part of a permanent acceleration. But that’s not what happened. “I got this wrong,” the multibillionaire CEO said. “I’m especially sorry to those impacted.”
Weasel