The budget of the teams will also be reduced, the company running on the path of savings. Mark Zuckerberg's Meta will lay off for the first time, Facebook will also reduce the budget of the teams, the company on the path of savings | NewsBust The budget of the teams will also be reduced, the company running on the path of savings. Mark Zuckerberg's Meta will lay off for the first time, Facebook will also reduce the budget of the teams, the company on the path of savings | NewsBust

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The budget of the teams will also be reduced, the company running on the path of savings. Mark Zuckerberg’s Meta will lay off for the first time, Facebook will also reduce the budget of the teams, the company on the path of savings

By Amit - October 1, 2022

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  • Mark Zuckerberg’s Meta Will Lay Off For The First Time, Facebook Will Also Reduce The Budget Of The Teams, The Company On The Path Of Savings

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After the name change, the troubled Meta Platforms (Facebook) is going to lay off its staff for the first time. Mark Zuckerberg, the CEO of the social media company founded on February 4, 2004, has said that it is going to not only temporarily freeze first-time hiring, but also to cut the budget of its teams.

The size of META at present could be reduced to a smaller size in 2023. Zuckerberg, META’s chief executive officer, made the announcement during a weekly Q&A session with employees.

Zuckerberg said, ‘I expected the economy to be more clearly stable by now. But what we’re seeing doesn’t seem like it yet. That’s why we are forced to adopt this approach.

The company admitted that the advertising growth is slowing down
Analysts say cost-cutting and hiring freezes indicate that Meta has recognized that its advertising growth is slowing amid increasing competition to gain user attention.

Zuckerberg slips to number 23 in the list of rich
Mark Zuckerberg’s wealth has also almost halved. Not only this, Zuckerberg, who was included in the top-3 list of the world’s rich for a long time, has now slipped to number 23. This is Zuckerberg’s lowest position since 2014.

Zuckerberg’s net worth decreased by Rs 6.09 lakh crore this year
According to the Bloomberg Billionaires Index, his net worth stands at $50.9 billion or Rs 4.15 lakh crore. This year his net worth has declined by $ 74.6 billion or Rs 6.09 lakh crore. Mark Zuckerberg’s net worth has decreased the most this year in the list of Global Billionaires.

Net worth reached Rs 11.32 lakh crore in September 2021
In September 2021, Zuckerberg’s net worth reached $142 billion, or about Rs 11.32 lakh crore. Then the shares of his company Meta had also reached $382 i.e. Rs 30,459. Now the stock of Meta has come down to $ 135.68 i.e. Rs 11,076.

Zuckerberg’s assets were Rs 8.45 lakh crore 2 years ago
Less than 2 years ago, 38-year-old Mark Zuckerberg’s net worth was $ 106 billion or Rs 8.45 lakh crore. Then only Jeff Bezos and Bill Gates were ahead of Zuckerberg in the list of global billionaires.

Meta struggling to gain a foothold in the global market
In September 2021, Zuckerberg started Meta and changed the name of Facebook Inc to Meta Platforms. Since then, the company’s bad phase started and since then the company’s poor performance in the market has continued. In the current era, this company seems to be struggling to establish its foot in the global market.

There is more news…

Amit

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