Good day all. Things aren’t looking to good for Faceplant right now. Their stock price is collapsing and and the government, courts and the people are starting to take a dim view of some of the things that Mark Zuckerberg and Facebook have been doing. Now the other shoe has dropped and Facebook is laying off some 13% of it’s workforce.
There are a myriad of reasons that Facebook is laying off people. One big reason is Mark Zuckerberg. He has been using Facebook as his own personal piggy bank. Not in the sense of embezzling funds, but in making really bad decisions for things he thought were cool, but no one else did. Now the shoe has dropped. Here are the details from Fox Business News:
Meta, the parent company of Facebook, announced Tuesday that it would lay off more than 11,000 employees.
“I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go,” CEO Mark Zuckerberg said in a letter to staff. “We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted,” he said.
Zuckerberg certainly is responsible for the financial mess that is Faceplant.
The billionaire wrote that, at the start of the pandemic, he and “many people” predicted that the surge of e-commerce would be a “permanent acceleration.”
That led to the decision to significantly increased investments for Meta.
“Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” Zuckerberg said. “I got this wrong, and I take responsibility for that.”
Zuckerflop goes on to detail all the areas he got it wrong. What he isn’t talking about is how Faceplant has managed to shoot itself in the foot with their censorship of users, including outright bans from the platform. There are people who have been censored or banned over something they posted 9 YEARS earlier.
Others end up in what’s now known as “Facebook Jail” for days, weeks or months because some overly sensitive left wing progressive snowflake has lost an argument and complained that someone “Offended them.” Even I have been hit a couple of times for things that were accurate and true.
Finally, there is the issue of shareholder trust in Zuckerflop. They don’t trust him and he’s done nothing to improve the situation. He’s been caught out lying to congress, he is being investigated by several states over his “Zuck Bucks” donations that probably helped rig the 2020 election, among other things. Investors are now voting with their wallets and dumping Facebook or as they now call it, Meta stock by the truckload.
Now the chickens have come home to roost and Meta is cutting it’s losses. Sadly, this means that thousands are now losing their jobs. I saw a mention somewhere from some H1B visa holders who were being let go. They were shocked and confused. (Frankly, they shouldn’t have been hired in the first place, but I don’t blame them. They followed the rules)
Since their visas were backed by Meta, and were only valid while they were employed, they’re now in violation of the immigration status and have to leave the United States ASAP. Technically, they should be on a plane out within 24 hours, but Immigration does provide a bit of leeway so they can close out their affairs. Still, they need to be gone within 30 days.
Recently Twitter laid off half their workforce. Now we see Faceplant. Other Big Tech companies are also looking at layoffs or hiring freezes. For most of the people affected, they are in shock. Welcome to the Real World snowflakes. Now you know how all those who lost their jobs on the KeystoneXL pipeline and other parts of the energy sector felt when your president* summarily killed their industry. You can always learn to shovel lithium for Tesla Batteries.
Thatisall
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