Meta Platforms Inc. has announced its first major layoffs, cutting over 11,000 employees, as it contends with a 67% drop in stock value and a decline in advertisement revenues. The layoffs come in response to decreasing user engagement amid geopolitical tensions and follow regulatory scrutiny from Germany’s cartel office regarding the company's competitive practices. Additionally, Meta's recent decision to acquire Within Unlimited Inc. rather than develop an independent fitness app has raised concerns from U.S. regulators about stifling competition.
“Meta Platforms · is · nowhere among the world’s largest media companies · true”
“Meta Platforms · tops the list · media companies in India · true”
“Meta’s business in India · is valued at · 161,400 crore rupees · true”
“Meta · capitalized on · the market of online content creators in India · true”
“Meta Platforms (META) · made · $32 billion in operating profits · from the 'Family of Apps' in 2022”
“Meta Platforms · announced that it is cutting · employees · 11,000”
“Ryan Stevens · joined · Meta Platforms Inc. · as a product operations manager for WhatsApp”
“Ryan Stevens · was informed · layoffs were coming · via an email from Meta management”
“Ryan Stevens · lost his job · with Meta · was one of more than 11,000 workers”
“Meta · slashed jobs · earlier this month · the first major round of layoffs in its history”
“Zoha Pajouhi · lost her job · earlier this month · after joining Meta in January”
“Meta Platforms, Inc · responded to · the German cartel office's concerns · by allowing the use of its virtual reality headset without a Facebook account”
