Last year it was rumored that Facebook , not yet known as Meta , was developing wristwatches with a modular sporty design to highlight health features. In other words, at first glance it looked like the product would compete with the Apple Watch. Unfortunately, several setbacks that the firm suffered forced the cancellation of growth plans.
Half of its 11,000 employees were laid off in the surprise decision , along with Meta’s intentions to expand its line of smartwatches and screens , Reuters reported . The business has abruptly abandoned a potential alternative to the Apple Watch. According to chief technology officer Andrew Bosworth , who runs the company ‘s Reality Labs division, the wrist wearables division will now be tasked with building augmented reality glasses.
It has not yet been determined when these augmented reality glasses will be available, but Apple is also reportedly working on a pair that will be ready in a few years. According to the source, Meta officials are also revamping other divisions of the company by merging their phone and video call teams with other messaging teams. The executives want to achieve this by creating an entirely new subsidiary, Family Foundations.
Employees laid off from Meta make up 13% of the workforce. While Apple has also imposed a hiring lockdown due to the weakening economy, it is not known if any experienced engineers or software developers will leave for Apple. However, the California-based company will only hire under certain circumstances, so it won’t be a shock to learn that former Meta employees will soon be working on Apple’s augmented and mixed reality products.
Mark Zuckerberg , CEO of Meta, took credit for the layoffs and said they were due to his poor judgment. He also attributed some of the reasons to the macroeconomic downturn, increased competition and other problems. In order for many businesses to get off the ground in the current global economic downturn, layoffs are becoming inevitable.