Currently, social media platforms’ CEOs are focusing on quality, not quantity. They believed that for business growth, it is not necessary to have a large quantity of employees, they just need a smaller number of employees who can bring profit to the company. Recently, Twitter and Snapchat, removed some of their employees to overcome the losses.
The most popular social media platform, which is mainly based on virtual and augmented reality, announced the removal of employees from its platform. Mark Zukerberg, CEO of Metaverse, stated that he is responsible for the decisions that he made on the platform. He said that this year Meta faced a 10% loss.
As per the report, Facebook and Instagram had more than 87,000 employees on the platform. Due to the losses to the company, Mark decided to remove some of the employees on the platform. In this competitive business world, the corporate owners always want profits to make their entity stand out. So the CEO of Meta decided to remove some of the employees for the company’s growth.
Recently, crypto firms have also announced layoffs to overcome the losses that they are facing. Mercado Bitcoin is laying off 15% of its employees, or nearly 100 members. Other crypto-related companies in Latin America announced layoffs, including crypto exchange Bitso, Mercando Bitcoin’s main competitor in Brazil, and Argentina-based exchange Buenbit.
It was the second round of job cuts for 2TM, with more than 80 workers being laid off in June. And the Argentine exchange, Buenbit, stated that the company had reduced its staff from 215 to 115 employees. Other crypto exchanges based in Latin America also let go of their employees, resulting in a downturn in the crypto market.
Recently, Elon Musk stated on Twitter that there is a loss of $4 million (USD) per day on Twitter. He noticed that popular corporate companies have stopped advertising on the platform, even though nothing has changed with content moderation on Twitter. As per the reports, the platform earns 90% of the company’s revenue from advertisers.
It led Musk to make the huge decision to remove half of the workforce from the platform. He removed 50% of the employees from the company for further growth. He noted some of the employees are unnecessary for the entity, so he sent mail to the employees who were terminated from their roles.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/11/10/another-social-media-platform-announced-layoffs/