Meta's Future Uncertain as Zuckerberg Announces Layoffs

Meta CEO Mark Zuckerberg addressed employees after multiple rounds of layoffs, stating that he hopes the company will have more stability but less bureaucracy in the future. The latest round of layoffs affected mostly the company's business division, which includes teams that work on advertising, human resources, and policy initiatives. Zuckerberg has deemed 2023 "the year of efficiency" as the company seeks to unwind a culture and management system used to easy money and hyper workforce growth. The layoffs come as Meta battles threats to its business model, including competition from upstart apps and broader challenges in the digital advertising industry.