Social media giant Meta aims to enhance its business model by reducing headcount and increasing efficiency, while shifting its focus to investing in the Metaverse and artificial intelligence (AI).
March 14, Meta CEO and Founder Mark Zuckerberg announced Job cuts show company needs to boost technology and financial performance in challenging US economic climate
Zuckerberg said headcount reductions include eliminating unnecessary processes and non-essential roles, streamlining operations and eliminating low-priority projects. He added that the company’s organizational leaders will announce restructuring plans to flatten the organization and lower hiring rates.
The layoffs will begin on March 15th and will continue over the next three months. The company plans to reduce the size of its team by about 10,000 people and close about 5,000 open positions.
Meta’s hiring team is likely to be affected, with further restructuring and layoffs affecting the technical team expected to be revealed by late April. The final round of business team layoffs will take place in late May.
Zuckerberg also warned that layoffs could continue throughout the year, even if it means letting go of talented employees who contributed to the company’s success.
Meta plans to eliminate multiple levels of administration, requiring a significant number of administrators to become individual contributors to increase agility and efficiency.
On March 13, Meta’s head of commerce and financial technology, Stéphane Kasriel, announced that it would stop supporting non-fungible token (NFT) projects in favor of other initiatives that benefit content creators. announced the company’s decision to
Meta will continue to support content creators showcasing their NFT collections on social media platforms, but will discontinue the unprofitable project following the incredible results of Reality Labs. losses of $13.7 billion, I was responsible for major metaverse projects.
It was always unclear how much NFT and web3 technology would be integrated into Meta’s metaverse.During the company’s demo video That metaverse showed NFTs being sold after the digital concert, and while Zuckerberg highlighted the benefits of interoperability, the extent of web3 technology in the meta’s plans has yet to be detailed.
While web3’s metaverse builders see NFTs as integral to their vision of an open metaverse, technology giants such as Meta and Microsoft are moving towards interoperable standards rather than adopting blockchain networks and assets. only show interest.
Meta’s commitment to building the Metaverse remains strong, as highlighted in recent announcements and previous statements. The company consistently portrays the Metaverse as a long-term process, with a renewed focus on AI development, which is a priority in today’s technology landscape.
While NFTs are not Meta’s primary focus at this time, the company continues to evolve and remain committed to the Metaverse’s vision of shaping the future of online interactions.