Morale at Meta is suffering under layoffs, absentee leadership and "bad bets", reports the New York Times. The "year of efficiency", as Mark Zuckerberg euphemized, is sinking in.
Employees at Meta, which not long ago was one of the most desirable workplaces in Silicon Valley, face an increasingly precarious future. The company's stock price has dropped 43 percent from its peak 19 months ago. More layoffs, Mr. Zuckerberg has said on his Facebook page, are coming this month. And for the first time, some of those cuts could be in engineering groups, which would have been unthinkable before the trouble started last year, two employees said. …
While Meta's peers are chasing a wave of innovation in artificial intelligence, Mr. Zuckerberg has made a big bet on the metaverse, an immersive online world. But it is unclear if consumers will embrace his vision in the way he hopes. While the company has sold 20 million virtual reality headsets — more than any other company producing similar tech — it has struggled to keep customers returning regularly to use the product.
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