business

Meta Layoffs | Why Zuckerberg's Metaverse bet has proven to be a bit too costly

Mark Zuckerberg has sacked 13 percent of Meta's workforce in the first broad job cuts the company has had in its 18-year history. While several big tech firms have been laying off people recently, Meta's story deserves special attention. From becoming a $1 trillion company 16 months ago, a part of the top five tech companies on Wall Street, Meta has tumbled far below on the list. Meanwhile, the other four companies, Apple, Microsoft, Alphabet and Amazon, are still among the most valuable US businesses. Why has this happened - and why was Zuckerberg's apology to his employees well-deserved? Well, Zuckerberg's metaverse bet may just have proven to be a bit too costly. Is it Facebook's 'meta'morphosis that has led to this situation? Watch this video to find out!

first published: Nov 11, 2022 08:58 pm