The Meta holding company (recognized as extremist in the Russian Federation) announced a reduction in staff from November 9th. The reason for the reduction is called a drop in the company's income along with high costs for the development of the Metaverse.

Mark Zuckerberg at a meeting with reporters noted that the company's shares fell by more than 70%. It is likely that this percentage may increase further by the end of the year.

The number of laid-off employees has not been announced yet. It is worth noting that the company had 87,000 jobs in September. Zuckerberg admitted that a couple of years ago, over-optimism led to the fact that the staff expanded too quickly, hiring new specialists. As a result, this number turned out to be excessive. It is possible that we are talking about the exclusion of thousands of workers at once now. 

The human resources department said that anyone who loses their jobs will receive a severance pay of at least four months' salary.

Earlier, it became known that Meta adds the function of NFT trading through the social network Instagram.