Facebook (Meta) has announced large-scale layoffs this week of thousands of ‘woke’ employees amid a severe drop in revenue.
Meta currently has over 87,000 employees.
According to the WSJ:
Thegatewaypundit.com reports: META-Facebook shares were down more than 24% a couple weeks ago on a weak Q4 forecast and earnings collapse.
Mark Zuckerberg’s fortune took a huge hit.
“Mark Zuckerberg’s fortune plunged by $11 billion after his Meta Platforms Inc. reported a second-straight quarter of disappointing earnings, bringing his total wealth loss to more than $100 billion in just 13 months.” Bloomberg News reported.
Facebook (META) stock is down more than 73% over the year and has lost $800 billion of its market cap, CNBC reported.
Facebook fell from a 52-week high of $353 per share to $92 per share on Wednesday.
Last summer Facebook’s market capital was nearly $1 trillion dollars and now it is closer to $245 billion.