Wow, this is bad news and very bad timing after several major bank failures!
Let's see whether Mark Zuckerberg also intends to spend much less on the 2024 presidential election. In 2020, he spent about $400 million.
"The Facebook parent plans to conduct multiple rounds of layoffs in the coming months, as well as cancel some projects, CEO Mark Zuckerberg said in an email to staff. The company will also stop hiring for about 5,000 open positions. Meta laid off about 11,000 employees—or roughly 13% of its workforce—last fall, as tech giants have retrenched after swelling their ranks through the pandemic. Zuckerberg said Meta must cope with a longer term change in the economy, marked by the end of low interest rates, growing geopolitical tensions and costly new regulations."
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