Facebook is planning to begin large-scale layoffs this week that will affect thousands of employees with an announcement planned as early as Wednesday.
Facebook parent company Meta Platforms Inc forecast a weak holiday quarter and significantly more costs next year wiping about $67 billion off Meta’s stock market value, adding to the more than half a trillion dollars in value already lost this year.
The disappointing outlook comes as Meta is contending with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation.
I’m no tech visionary but this Metaverse virtual reality thing sounds like a repackaged “3D Movies” hustle. It seems every 15 or 20 years some joker resurrects “3D Movies.” A couple of films make some money but the novelty wears off in a hurry.
I didn’t want to wear 3D Goggles to watch a movie in my living room so why do I want to wear them now to walk about in a pointless virtual environment which if it’s anything like FB will be as tasteless as a bowl of cold mush.
