Staff Reports
Big tech strikes again! Meta, known for being the parent company of Facebook and Instagram, has announced layoffs for a second time, with 10,000 employees losing their jobs. This accounts for 13 percent of its workforce, and to add insult to injury, 5,000 job openings have been eliminated as well. This is a clear indication that the worsening economic conditions caused by the Democrats’ failed policies are hurting even the most powerful tech companies in Silicon Valley.
* Facebook Parent Meta to Lay Off 10,000 Employees –WSJ
* Cuts to Come in Multiple Rounds in Coming Months
* Layoffs Come on Top of 11,000 Job Cuts Announced in November$META
— Carl Quintanilla (@carlquintanilla) March 14, 2023
Last year, Meta laid off 11,000 employees, marking their initial significant reduction in headcount. They are now the first company in Silicon Valley to declare a second round of layoffs due to the current economic conditions. Regrettably, this is just the start, as Mark Zuckerberg, Meta's CEO and chairman, cautioned that more layoffs would be disclosed in April and May.
Breaking News: Meta, the owner of Facebook and Instagram, plans to lay off about 10,000 employees, or roughly 13% of its work force. The cuts follow 11,000 layoffs in November.https://t.co/SDJqKY1Jui
— The New York Times (@nytimes) March 14, 2023
As Meta invests billions of dollars into constructing the "futuristic metaverse," their primary source of income, advertising revenue, has been adversely affected. Meta has been severely impacted by the decline in advertising spending post-pandemic, which has been exacerbated by concerns about the Democrats' stagnant economic outlook. In response, Zuckerberg has vowed to make 2023 the "Year of Efficiency" to tackle this challenge.
Meta expects expenses for next year to be between $86 billion and $92 billion, lower than the $89 billion to $95 billion previously forecast, thanks to Zuckerberg’s vow to remove multiple layers of management, ask managers to become individual contributors, and give them less than 10 direct reports. This would effectively make the organization “flatter,” which could lead to even more layoffs.
It’s not just Facebook reaping the consequences of the Democrats’ mismanagement of the economy, either. Since January, nearly 300,000 employees have been laid off from tech companies, and the past few months saw a whopping four in ten employees losing their jobs. It’s a sad state of affairs and a reminder that we need Republican policies to get our country back on track.
