The economic crisis has hit companies from different sectors, including Meta, which is preparing for the next big wave.
While the company has been busy focusing on building the metaverse, founder Mark Zuckerberg warned his staff to prepare, adjusting targets for hiring 10,000 engineers and reducing the number to between 6,000 and 7,000.
Regarding the staff decrease, he said, “Realistically, there are certainly a lot of people at the company that shouldn’t be here.
“Part of my hope by raising expectations and having more aggressive goals. Also just kind of turning up the heat a little bit. Is that I think some of you might decide that this place isn’t for you. That self-selection is okay with me.”
According to Zuckerberg’s remark, which Reuters has, the social media business is bracing for a big decline in financial and economic activity. Which the creator of Meta attributes to Russia’s invasion of Ukraine.
Despite the gloomy outlook, people who work at Meta hope. That metaverse ads will contribute by generating a significant portion of the revenue. The Fender and BMW experiences put in place at Cannes serve. As two important examples of the company’s current focus on co-creating and hosting promotional experiences.
According to rumour, Mark Zuckerberg’s decision to change the name of Facebook and concentrate on the metaverse. It was drive by a variety of problems that follow the viability of Facebook’s advertising capabilities. Additionally, the emphasis on user privacy and the social media platform’s contribution to the spread of misinformation and disinformation amid the pandemic prompted the rebranding.
Recently, Meta announced that it will disconnect its Novi cryptocurrency wallet this year.
The company’s pre-launch portfolio goals are scaled back, despite the crypto market collapses playing a role in this decision. Cryptocurrencies were an integral part of the Web3 infrastructure and played a role in the overall appeal of the metaverse. Impacting Meta’s approach to monetizing virtual platforms.
Recent decisions on Metaverse’s goals are understand as an effort to scale in the face of escalating opposition. Recent decisions on Metaverse’s goals are understand as an effort to scale in the face of escalating opposition.