Mark Zuckerberg – founder of Facebook, revealed Meta to world in 2021. Meta is virtual reality social platform that “will change how we socialize”, according to Mark. But as it turned out, things were not as promising for Meta. Meta’s stock had tanked, going from 212 USD in May 2022, to measly 88 USD in November. This made clear that people were not as excited for the platform as he had hoped for. The platform did gain some popularity in last couple months when it was integrated with AI features.
Meta Layoffs
The lack of faith comes from the fact that the company has seen the highest number of layoffs in its history. The company may even cut off existing staff. It is reported the staff may get a cut in salary and lose their worker perks, which has surely made them unhappy. Approximately 21,000 workers are expected to be cut by the company since November. A worker described the cuts to Washington Post Sunday as “feeling like a betrayal”. Zuckerberg has tried to excite the workers by labeling meta as a “very special place”. But, the workers still feel disconnected by the broader vision of the company.
Reasons for being displeased
Workers are displeased with the direction the company is headed in. Their best bets, virtual reality chatting portals and Meta quest headsets have not been a success. Reportedly, $13.7 billion have spent on operating cost of Meta Quest devices. However, they have been barely profitable for the company. On top of that, Apple is set to release their own virtual reality devices. The launch of these devices can make things even harder for the company.
The workers reported their lack of confidence with trend patterns in the industry. Meta is pushing hard in the VR market but their is barely any engagement from the general public. Tech giants like Google are investing heavily in AI market which has generally shown more interest from the masses. Meta has started to incorporate AI to its platform. However, its still very far behind than others.
