Reports are coming in that Meta, the social media giant is set to begin layoffs this week. The company has been struggling as of late, with investors weary of their big investments in underwhelming metaverse offerings.
These investments, which have cost the company $15 billion since last year, may not pay off for some time – if ever. Even some Meta employees working on the metaverse offerings have been unimpressed with them, according to leaked documents.
In spite of these struggles, CEO Mark Zuckerberg remains committed to the metaverse and believes it will be a key part of the company’s future. The metaverse requires a significant amount of investment, which has put a strain on Meta’s finances.
Now, it seems that the company is turning to layoffs in order to cut costs. It’s unclear how many employees will be affected, but it’s sure to be a significant number. This news comes as a blow to those who believe in the potential of the metaverse.
What remains to be seen is how Meta will weather this storm and whether or not their metaverse offerings will ever take off. Only time will tell.
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.