- by theguardian
- 01 Apr 2023
There are a lot of reasons why Mark Zuckerberg felt he had no choice but to institute a bruising wave of 11,000 redundancies at Meta.
Meta is shedding staff from its profit engines to fund a megabillion investment in an uncertain future. The baffling thing is, underneath it all, Meta remains a tremendously profitable company, with multiple megascale social networks, a best-in-class advertising business, while its upstart Chinese rival TikTok struggles into uncertain geopolitical headwinds.
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