Meta might layoff 12k Employees

As much as this would be horrible for employees impacted, I wonder if this is an attempt to appease shareholders? Layoffs are a common tactic of large companies and do affect the bottom line, 12k employees could be $1.2B annually using a conservative $100k avg per person.

I've been wondering with Meta, and its business model shift, if at some point shareholders might request a change in management, although I think Zuckerberg is majority owner?

"Meta is hard hit and the poor staff is gonna take the fall, as the company is berserk with shrinking revenue and its numerous failures to curb controversies."

No, it's everything to do with the shrinking revenue, and nothing to do with the controversies.

"Meta" is a diversionary tactic. It's not the New New Thing. It's a diversion from the fact that FB proper and its subsidiaries are aging out of relevance to the younger generation.

"Better hold on to that FB->Meta stock though - they're building The Next Future over there and its going to be bigger than Facebook ever was!" - said the guy holding a big gigantic chunk of the stock and coincidentally running the company.

The layoffs puzzle me though - Facebook took great pride in Hiring Only The Very Best Talent From Top Tier Schools. Surely now that they're making a shift to an imaginary product they would want to hold onto every single one of those talented people that cost so much to recruit and retain, right? The article and Zuck are intentionally vague about where the cuts will be made of course; so if you were thinking about holding out and trying to continue to work from home you might be mindful of this.

At 134.39 as I type this, Meta stock is plain in the toilet - well down from a 9/2021 high of $376. Thats a big drop in a year and somebody knows why too.

TL;DR - "Meta" itself and the idea of the metaverse is a distraction from the reality that the things holding up the Facebook stock price are/have collapsed. This is a charade. Cuts will be made to keep the stock from falling further. The distraction isn't working and nobody is buying it.