He added that based on his life experience, transitioning to a four-day work week all the time would not be productive. He also encouraged exhausted employees to use their vacation days. The social media giant is thinking of extending existing three-day holiday weekends, Zuckerberg said, responding to a question on burnout. Meta is already talking about ways to retain staff amid the stock rout. Zuckerberg’s own wealth dropped by $31 billion. Others fretted about what a continued decline might mean for their net worth, according to people familiar with the matter. Some were discussing buying shares during the dip, believing in Zuckerberg’s long-term vision for the metaverse, an immersive version of the internet. Facebook lost a record $251 billion of value in a single day. Meta’s Instagram app has a copycat of TikTok called Reels, which the company is now prioritizing.Įmployees were glued to the stock price. Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an “unprecedented level of competition,” with the rise of TikTok, the rival viral-video platform. It is important to focus on growing Facebook’s short-video product, he said. Facebook owner Meta Platforms stock surges after Mark Zuckerberg signaled a pivot of his own - back to making profits and away from expensive bets on the Metaverse. Facebook owner Meta Platforms Inc shares plunged more than 18 percent after the bell on Wednesday as the social media company missed on Wall Street earnings estimates and posted a weaker forecast. laying off 13,000 employees, and announced it would shut down a distribution. The Associated Press contributed to this report.At a company-wide virtual meeting, Zuckerberg explained that the historic stock drop was a result of Meta’s weak forecast for revenue in the current quarter, according to a person who attended and was not authorized to speak about it. These common definitions would have dictated which food items, for example. This material may not be published, broadcast, rewritten, or redistributed. Meta will also cover the cost of health insurance for them and their families. Meta will offer laid-off workers the equivalent of 16 weeks of their base pay, plus two additional weeks for every year they've been with the company. "Fundamentally, we're making all these changes for two reasons: Our revenue outlook is lower than we expected at the beginning of this year, and we want to make sure we're operating efficiently across both Family of Apps and Reality Labs," Zuckerberg said in his message to employees. Competition from TikTok is also an a growing threat as younger people flock to the video sharing app over Instagram, which Meta also owns. There's also the challenge of Apple's privacy tools, which make it more difficult for social media platforms like Facebook, Instagram and Snap to track people without their consent and target ads to them. Meta and its advertisers are bracing for a potential recession. I got this wrong, and I take responsibility for that." "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. "Unfortunately, this did not play out the way I expected," Zuckerberg said in a prepared statement.
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