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Meta part of one of the year’s biggest layoffs

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2 years ago

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Europe plans

Facebook, Instagram and WhatsApp owner will cut 13 per cent of its workforce

The first mass lay-offs in the firm’s history will result in 11,000 employees getting the sack, that’s one in eight losing their job at the company.

The lay-offs would affect its research lab focusing on the metaverse as well as its popular apps including insta and Facebook.

Meta boss Mark Zuckerberg says the cuts were “the most difficult changes we’ve made in Meta’s history”.

He took responsibility and blamed himself for expanding the social media company too quickly.

“I know this is tough for everyone, and I’m especially sorry to those impacted,” he wrote in a statement.

“Many people predicted this would be a permanent acceleration,” he said, “I did too, so I made the decision to significantly increase our investments.”

“I got this wrong, and I take responsibility for that.”

The news follows major lay-offs at Twitter, which cut about half its staff.

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ASX positioned for strong start after positive stock rebound

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2 days ago

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September 10, 2024

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The ASX is set for a solid opening today, bolstered by overnight gains in the banking, commodities, and energy sectors.

Despite these positive movements, analysts are suggesting that the stock rebound and bond decline appear to be technically driven, noting that it may not mark the beginning of a longer-term trend.

Market analyst David Scutt from StoneX joins to discuss the latest market movements. #featured #trending

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Elon Musk is projected to become the world’s first trillionaire

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3 days ago

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September 9, 2024

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Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, is projected to achieve an unprecedented financial milestone by becoming the world’s first trillionaire by 2027.

Currently the richest person alive, Musk holds a staggering net worth of $251 billion, with Tesla playing a major role in his fortune.

At this rate, experts predict his wealth could skyrocket, reaching the trillion-dollar milestone in just three years.

Tesla itself is growing at a remarkable pace, with a market value nearing $670 billion. #featured #trending

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Treasury Secretary believes the U.S. are on track for a “safe landing”

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3 days ago

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September 9, 2024

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Treasury Secretary Janet Yellen pointed to a “soft landing” for the economy, with unemployment slightly down despite slower job creation.

In a recent interview on Bloomberg, Yellen stated that “For the US, the kinds of metrics that we would monitor that would summarise risks — whether it’s asset valuations or a good degree of leverage — things look good, I don’t see red lights flashing”. #featured #trending

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