Facebook Learns The Lesson: Go Woke, Go Broke!
Is Facebook’s “woke” stance finally costing Facebook more than they want to pay? Well, last Wednesday, Meta Platforms Inc. CEO Mark Zuckerberg announced that the company would be cutting more than 11,000 jobs. The layoffs come as the social media giant attempts to streamline its costs after several quarters of disappointing earnings and a slide in revenue. This is the first major round of layoffs in the company’s history. The job cuts will equal about 13% of the workforce and will be implemented over the next 12 months. The company has also extended its hiring freeze through at least mid-2019. The move comes after Meta’s stock has plunged 71% this year, making it one of the worst performers in the S&P 500 Index. For more information, Lars spoke with Jessica Melugin, with the Competitive Enterprise Institute.