The Reason For Meta’s Massive Layoffs?

The social media company’s failed projects required thousands of staffers who swelled the ranks and never left.

Remember Libra, Meta’s ambitious plan to enter the cryptocurrency market? Or Lasso, Meta’s ambitious attempt to outdo TikTok? Alongside projects like Shops, Meta’s ambitious plan to turn Instagram and Facebook into e-commerce giants; its podcast plans; Facebook Portal, and a Meta smartwatch to compete with the Apple Watch, they all failed.

In pursuit of becoming the everything platform, Meta CEO Mark Zuckerberg has thrown a lot of stuff at the wall. Precious little of it has stuck, except for the headcount brought to work on these projects.

Which makes some people wonder if CEO Mark Zuckerberg is building a metaverse that possibly no one else wants.


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