Facebook (META) to lay off significant percentage of work force, valuation down over 70% from the recent high

Image: Yahoo!Finance

According to recent reports, Facebook (META) is expected to lay off thousands of employees. This comes as its stock has dropped over 30%, to some 90 USD from the high of over 353 USD less than a year ago. Its valuation is down to about 245 billion USD from the height of about 1 trillion.

I feel bad for the people who are about to lose their jobs - but overall this is highly positive news. Yes, the wages of deception and hubris is failure - it is just a matter of time. Hopefully, this is a crisis Facebook never gets to recover from - unless, of course, it abandons its corrupt practices of censorship and manipulative data handling practices.

References

DEVELOPING: Facebook (META) to Begin Large-Scale Layoffs This Week – Thousands of Employees on Chopping Block
Cristina Laila, Gateway Pundit, 6 November 2022