Facebook's Mark Zuckerberg Breaks Some Very Bad News.
Facebook, a major social media platform, is currently experiencing some of its most difficult periods ever.Meta Platforms (META) is struggling.
It lost its place among the top 10 most valuable firms in the world, and this year its market worth decreased by around $545 billion.The market value of the company
dropped by $57.5 billion between July and September as a result of the shares falling roughly 15% during the third quarter, which is about to conclude.
For the first time since the company's founding in 2004, Zuckerberg informed staff that Meta would be reducing its employment.Even for teams in sectors that are growing,
the company will lower budgets, freeze hiring, and restructure some teams."For the first 18 years of the company, we expanded really swiftly pretty much every year,
and then more lately, our revenue has been flat to slightly down for the first time," Zuckerberg continued.
The money that Meta derives from its core Facebook advertising business is threatened by the economic slowdown and a potential recession.
The short-video platform TikTok has recently grown in popularity among brands aiming to reach millennial and Generation Z. A $2.81 billion operating deficit was
reported during the second quarter by Reality Labs, the business that houses Meta's metaverse plans.Additionally, Facebook is no longer allowed to track its users'
online behaviors in order to serve them with ads relevant to their prior online interactions according to Apple's (AAPL)