The social media and technology business Meta, which switched its focus to metaverse technology, has launched a number of initiatives to support it in the event of a future market slump.
The organization’s founder and CEO, Mark Zuckerberg, reportedly said that the present economic climate will alter the company’s recruiting plans for this year.
In contrast to the previously projected 10,000 projected positions, Zuckerberg announced that the social media platform will now only hire between 6,000 and 7,000 engineers this year.
This implies that the corporation will actually cut back on recruiting by between 30 and 40 percent. Additionally, Zuckerberg stated that the firm would alter its expectations regarding how employees should behave, suggesting greater standards in this regard.
In response to this, Zuckerberg said, “Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn’t for you.”
In addition, Zuckerberg signaled that the social media platform would implement some layoffs when he said that, honestly, the company probably employs some people who shouldn’t be there.
Zuckerberg has previously acknowledged the firm will continue to lose money in the conceivable future due to its current concentration on the metaverse.
For its metaverse hardware section, which is in charge of developing more realistic gear for consumers to have a better alternate reality experience, the social media platform has significantly boosted the number of dollars allocated to R&D.
Nevertheless, Zuckerberg has high hopes for the metaverse and what it can mean for the business in the future.
In the past, he has said that he thinks the metaverse would be able to draw billions of users to the social media platform and that at that point, monetization services will be scalable.
Although monetization for the company’s created metaverse is still a work in progress, Meta recently introduced a virtual clothes store for its social network avatars.
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