All of this comes as clouds begin to form at Meta, with Mark Zuckerberg announcing plans to reduce the company's headcount for the first time ever 🤭
According to Bloomberg, the firm is planning its first major budget cut since launching in 2004 — with teams restructured to trim expenses. Zuckerberg was quoted as saying:
"I had hoped the economy would have more clearly stabilized by now. But from what we're seeing it doesn't yet seem like it has, so we want to plan somewhat conservatively." Meta has been struggling to contend with stiff competition from TikTok, which is enticing away younger users. The social company has also been aggressively investing in the metaverse, but some analysts have warned this could be an expensive bet that doesn't pay off.
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