Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.
Facebook parent Meta Platforms (META) announced on Wednesday that it is laying off more than 11,000 employees, or about 13% of its workforce.
The social-media giant said the job cuts were across its apps and Reality Labs segments. In addition to Facebook, Meta owns Instagram, Messenger and WhatsApp, and Reality Labs houses its augmented- and virtual-reality operations.
Meta also said that Reality Labs' operating losses in 2023 will continue to grow significantly year-over-year.
The company has been trying to make inroads into Web3 after halting its stablecoin efforts. Facebook even rebranded to Meta to reiterate its focus on building the metaverse.
In a message to employees, CEO Mark Zuckerberg confirmed his continued commitment to his metaverse plans, saying, "We’ve shifted more of our resources onto a smaller number of high priority growth areas – like our AI (artificial intelligence) discovery engine, our ads and business platforms, and our long-term vision for the metaverse."
Meta's shares were up over 3% at $99.8 during premarket trading.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.
Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/I5ICHJWIJ5AL5IH4TLUI5C5OHY.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KM2WPEUGZRDKNB3SPWFSIE5BO4.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PJTR3KRDWJCRVE3QREM6KUOK7A.png)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/JMEYPPCWPFBYHKOBLQ3ADQWLFI.jpg)