Meta has announced that it is cutting another 10,000 jobs — one day after confirming it was stepping back from NFTs.
The embattled tech company is shrinking its workforce dramatically, and this comes hot on the heels of 11,000 people being let go last November.
Mark Zuckerberg has declared that he wants 2023 to be a "year of efficiency" — but analysts and shareholders have continued to express concern about the vast sums being spent on the metaverse.
Nonetheless, the CEO has confirmed that the social network will cut projects "that aren't performing or may no longer be crucial."
He went on to reveal that 5,000 open positions at Meta are going to be closed — and in a warning that the turbulence could be far from over, he spoke of "the possibility that this new economic reality will continue for many years."
Meta's share price surged by 5.5% in early trading on Tuesday as Wall Street reacted to the cutbacks.
Zuckerberg shared a memo sent to staff on his official Facebook page, in which he once again touted the metaverse's potential "to deliver a realistic sense of presence" and added:
Article Source: Coinmarketcap