It’s happening! Silicon Valley really seems to be imploding right before our very eyes. Meta, the parent company of Facebook is announcing that they’re slashing jobs AGAIN! They’re cutting another ten thousand jobs in addition to their layoffs just a couple of months back! We’re going to see what’s REALLY going on here and discover why this woke implosion appears to be just beginning!
-Meta has shrunk by 25%!!!
-This is just the beginning of the backlash against big tech
-Zuckerberg is no longer in the Top 10 Richest Americans!
It’s just been announced that Meta, the parent company of Facebook and Instagram, plans to lay off 10,000 more employees and close about 5,000 job openings that have not yet been filled. This is on top of the massive job losses back in November, when Meta announced they were laying off 11 thousand employees and cutting their workforce by 13 percent in response to shortfalls in revenue. With the latest announcement of layoffs, Meta’s workforce will be reduced by a total of over 25 percent; it is a stunning contraction in a company that was once considered unrivaled in its growth. Zerohedge is reporting that Meta’s downsizing comes as its social media platforms, including Instagram and WhatsApp, have been hit with a slowdown in advertising revenue, leading to the first-ever annual sales decline in 2022. We first reported on things looking rather bleak for Facebook, or Meta, its parent company, back in November; if you recall, Meta stock absolutely plummeted. It was so bad that only four stocks in the whole of the S&P 500 were performing worse than Meta! In a single year, Meta lost a colossal two-thirds of its market value!
As it turns out, millions upon millions of users in the United States and Canada have closed their accounts and dumped Facebook. In fact, Gen Zers and Millennials barely even acknowledge its existence! And as a result, advertisers are taking their business elsewhere and Meta’s revenue is evaporating! And so, needless to say, they’ve begun closing offices, they’ve just announced that they’ve terminated their lease for one of their Manhattan offices, other offices are shrinking as they transition to hybrid work from home, and to top it all off, back in November, Mark Zuckerberg ended up falling off the Forbes Top 10 list of richest Americans! Well, astonishingly, as of today, things have gotten even worse for the ultra-Woke Meta, and THAT seems to be the recurring refrain here; everything woke turns to dung, as we say in the King James English! And Ironically, even leftwing media has been seeing this degeneration within Facebook for some time now!
There have been a number of articles from the New York Times to the Wall Street Journal that have come out of late detailing the myriad of ways in which Facebook is really crumbling from within. I’m sure you remember several months back, a number of internal Facebook documents were anonymously leaked to the Wall Street Journal that detailed and described a number of controversial practices that Facebook executives were knowingly engaging in. From disregarding their own research into the harms of Instagram particularly for young girls, granting a form of ‘whitelisted’ favoritism to high profile leftwing celebrities, politicians, and organizations that were granted a certain level of immunity from being flagged for violating their TOS, as well as boosting incendiary content to increase their ad revenue! They’ve been called the Facebook Files, and they were bombshell revelations of just how poisonous Facebook was internally and that’s the conclusion of none other than the New York Times.
In a piece on the whole Facebook controversy, The Times concluded that the best way of understanding all of these leaks and what they entail, what they detail, is that Facebook is in major trouble! The reason Facebook is so prone to prey on young girls’ body image and ignore their own research is not because they’re indifferent, it’s not because they’re so big and powerful that they don’t care. It’s because they’re so desperate! It’s because Facebook is in trouble! Zuckerberg is really falling here; his company is on the verge of collapsing into irrelevance; but why? Why is Meta falling apart like this?
What we have to realize here is that Meta is in many ways experiencing the effects of a phenomenon known as Techlash, which involves an increasing animus and worldwide hostility towards Big Tech oligarchies such as Facebook! We have polling that shows a dramatic decline in approval of Big Tech companies among users! So for example, Gallup’s tracking of public sentiment toward Big Tech found that support for the Big Tech giants fell from a high of 60 percent approval back in 2015 down to just 43 percent approval in 2019. But, the latest Gallup poll taken in 2021 found that public approval of Big Tech
fell even further, from 46 percent in 2020 to now just 34 percent today! Astonishingly, 57 percent of those polled — nearly 60 percent – want more government regulation of Big Tech companies, up nine points from 2019! So needless to say, techlash is growing by the day!
There is a definite animus sweltering among the populace against Big Tech oligarchs like Zuckerberg, and we’re starting to see this manifested in imploding usership, and as a consequence, imploding advertising revenue! This, I would argue, is what makes what Elon Musk has been doing with Twitter so significant. He sees a serious need to shake up Big Tech and bring a whole different business model, one that’s rooted in free speech, to the fore here, and he’s being rewarded for it! Whereas Meta and Facebook appear to be suffering the ire of disgruntled FORMER users, an ire that may indeed spell the end of woke Big Tech once and for all!