Early Edition with Kate Hawkesby

Kate Hawkesby: Is the social media bubble about to burst?

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Sinopsis

I see Meta is planning large scale layoffs for thousands of workers following a hiring freeze and a share price fall of 70 percent this year. 12,000 so called ‘underperforming’ employees could face the chop. Meta’s been under fire for a while now - Zuckerberg getting Metaverse obsessed hasn't helped. I have a hunch the only person really living in the Metaverse is Zuckerberg and I’m not sure why tech companies keep wanting to push us into a virtual existence, forgoing the real one we have right here. One media mogul questioned the decision to pivot towards a Metaverse too, he said, "If you change the name of your company to something that doesn't yet exist to bury what does wildly exist, successfully, something is quite odd in that.” And that sums it up. If it wasn’t broke, why fix it? Because it’s not just Meta encountering problems and rethinking staffing. A number of tech companies are announcing hiring freezes or job cuts which as one observer pointed out, is “a stunning shift for an industry sometimes th