Meta's Restructuring Efforts Spark Job Stability Concerns Among Employees Amid Layoffs and Absence of Leaders at Headquarters

Meta Platforms, Inc META job cuts and the viability of its metaverse focus have fueled employee concerns regarding job stability.
Some of Meta's top executives have migrated. They are operating from their new homes in places like London and Tel Aviv despite CEO Mark Zuckerberg's repeated requests to resume regular office at its headquarters.
Zuckerberg has declared 2023 the "year of efficiency" at his company. So far, efficiency has translated into mass layoffs.
He has conducted two cuts over the past six months, eliminating more than 26,000 people, or nearly 30% of his company's workforce.
The layoffs, absentee leadership, and concerns that Zuckerberg is making a bad bet on the future have devastated employee morale at Meta, the New York Times reports.
The stock price decline and Meta's plans for more layoffs, including at the engineering groups, have kept employees on their toes.
Meta's Big Tech rivals Amazon.Com Inc AMZN, Microsoft Corp MSFT, Alphabet Inc GOOG GOOGL Google and others have laid off thousands of workers, shed office space, and pulled back from experimental initiatives.
However, unlike its peers, Meta reported consecutive quarters of declining revenue in 2022, a first since it became a public company in 2012.
Meta's focus on metaverse, unlike its peers embracing artificial intelligence innovation, also fueled concerns.
Within Meta, there is intense scrutiny and pressure to demonstrate that people are working hard and are striving to justify their value to the company.
Meta is also cutting back on some of its lavish perks and amenities and scrutinizing employee travel expenses.
Insiders anticipate fewer cuts and structural changes on the business side at WhatsApp than in the rest of the company.
Price Action: META shares traded lower by 0.82% at $215.56 on the last check Wednesday.
Photo via Wikimedia Commons

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