There was a rumor going around last year that Facebook, which wasn’t yet known as Meta, was developing a wristwatch with a modular sport design to highlight health functions. In other words, it seemed like the product would compete with the Apple Watch at first appearance. Unfortunately, several setbacks the firm suffered have forced the cancellation of growth plans.
In an unexpected decision, according to Reuters, half of the 11,000 staff have been let go, along with Meta’s intentions to expand its line of smartwatches and screens. The business abruptly scrapped a potential alternative to the Apple Watch. According to Chief Technology Officer Andrew Bosworth, who runs the company’s Reality Labs branch, the wrist-mounted wearable division will now be entrusted with creating augmented reality spectacles.
It is still being determined when those glasses for augmented reality will be available, but Apple is also reported to be working on a pair that will be ready in a few years. According to the source, Meta officials are also revamping other company divisions, combining its phone and video calling teams with other messaging groups. The CEOs want to achieve this by establishing a brand-new Family Foundations subsidiary.
The employees who were let go from Meta account for 13% of the workforce. Although Apple has also implemented a hiring block because of a weakening economy, it is unknown if any skilled engineers or software developers would leave for Apple. However, the California-based company would only hire people in certain circumstances, so it won’t be shocking to learn that former Meta staffers will soon be working on Apple’s augmented reality and mixed reality products.
Mark Zuckerberg, the CEO of Meta, accepted responsibility for the layoffs and said they resulted from his bad judgments. He also ascribed part of the causes to the macroeconomic slump, greater competition, and other issues. In order for many businesses to get off the ground in the present global economic downturn, layoffs are becoming unavoidable.