Canadian staff also hit by Meta's layoffs

Source: Meta

The long-rumoured Meta layoff has happened, and several Canadian employees of the company were included. We don't have a specific number of how many were affected, but 11,000 people from the company were laid off globally. Meta announced this 13% workforce cut in hopes to become "leaner and more efficient." 

Canadian staff members in Meta's communications, client relations, human resources, and creative partnerships were among those who posted about their layoffs on LinkedIn. The cuts were a result of a miscalculation on the growth of e-commerce, which many tech companies have made. The initial surge during the pandemic had CEO Mark Zuckerberg and his team making growth predictions that didn't pan out. 

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Meta reportedly plans mass layoffs this week

Meta might be laying off several thousand of its employees this week. The Wall Street Journal cited unnamed sources familiar with the company's plans that an announcement might come as soon as Wednesday. If accurate, these layoffs will be the first large-scale workforce reduction in its 18-year history. Facebook's parent company is reportedly looking to slash its costs by at least 10% within the next few months.

These cost-cutting efforts show how companies, which make money through ads, are looking to rein in spending following the tech industry's rapid growth during the pandemic. Meta currently employs 87,000 people. And its CEO Mark Zuckerberg hinted during its third-quarter earnings call that job cuts might be imminent.

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Facebook's Professional Mode is now available to all creators

Source: Meta

Meta initially launched its Professional Mode with select creators in December 2021. But now, it's opening access to the feature globally to help creators build their presence in the app. Professional Mode is like Pages for businesses, allowing creators to separate their personal Facebook profiles from one where they can promote their work and build an audience. 

Professional Mode offers access to analytics, monetization tools, and, for regions where it's available, Meta's Reels Play bonus program and Stars for audience donations. Meta is also testing new in-stream ads for creator content, which you can access through this feature, and post-scheduling options, among others.

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Meta to shutdown its Substack competitor in early 2023

Source: Meta

Meta tried to go after Substack with its newsletter platform Bulletin. However, the company doesn't see a future for it, with plans to shut it down by "early 2023. Bulletin was announced back in June 2021, pitching it as a platform "focused on empowering independent writers, helping them reach new audiences and power their businesses." The idea was similar to Substack, where readers could subscribe to newsletters from the writers they liked, and the writers could charge money for their work and other perks.

Some writers Meta added to the service include Malcolm Gladwell and Tan France. The company promised it wouldn't take a cut from the subscriptions until 2023. Unfortunately, the service hasn't taken off as well as Meta liked. And now Bulletin joins some of the company's projects being shut down.

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