New Delhi: Mark Zuckerberg, who was once in the list of the top three richest people in the world, is facing increasing difficulties. Russia has placed Instagram and Facebook’s parent company Meta in the list of terrorist and extremist organizations. Russia banned Facebook and Instagram in March. Russia invaded Ukraine in February. Russian officials allege that these social media platforms are spreading propaganda against Russia. Instagram is especially popular in Russia. It was an important platform for advertising and sales.
- Russia placed META on its list of terrorist organizations
- This added to the company’s CEO Mark Zuckerberg’s woes
- The meta is facing a tough challenge
- The company is gearing up for layoffs for the first time
Facebook (now Meta Platform) is facing stiff competition from platforms like TikTok and YouTube. Users from this 18-year-old company have moved to TikTok and YouTube. Due to which the income of the company has been adversely affected. The company’s shares have fallen sharply this year. This has also affected the net worth of Meta CEO Zuckerberg. Zuckerberg, who has long been in the list of the top three richest people in the world, has now slipped to number 23. According to the Bloomberg Billionaires Index, his net worth is 50.3 billion. His net worth has fallen by $75.2 billion this year.
First time layoff
For many years this company has registered record growth and has given tremendous returns to investors. But the quarterly reports of the company this year have not been good. The situation has become such that Facebook is going to break up for the first time. Zuckerberg has hinted at layoffs. The company had stopped recruiting engineers and data scientists in May itself. In July, Zuckerberg told employees that the next 18 to 24 months could be challenging.
According to employees involved in a recent meeting with Zuckerberg, all managers have been asked to cut budgets. They have been asked not to make new recruitments or retrenchments. Facebook is aggressively promoting Metaverse products. This is the reason why the company’s finances have been affected. Along with this, Facebook is also facing tough competition from other companies. Due to this, the advertising revenue of the company has been affected.